Asian market participants anxiously monitoring the development in the Middle East following Iran’s aerial attacks on Israel that sparked heavy concerns over the impact on the supply from Iran and shipping security in the Strait of Hormuz.
After cutting import LDPE film offers to China earlier this week, a Saudi Arabia producer introduced a $30/ton reduction on LLDPE film the following day,
In the Chinese PVC market, rumours over ethylene supply issues at one of the PVC plants in Ningbo encouraged Chinese suppliers to lift their ethylene-based PVC export offers
Meanwhile, the Southeast Asian ethylene market surged above the $1000/ton threshold for the first time since late January 2022 on the back of an uptick in demand
The Vietnamese homo-PP market started the week on a strong note with local and international suppliers attempting to leverage the strong sentiment in China.
The price decision was strongly welcomed by Chinese suppliers, who are facing rising local supply following the weeklong Lunar New Year holiday and need export opportunities.
Trading sentiment remained sluggish, which is not surprising since Chinese manufacturers would usually ramp up operating rates after the Chap Goh Mei festival.
The Chinese PVC market tracked a diverged trajectory in the week ending 2 February 2024 with carbide-based PVC losing CNY100/ton while ethylene-based PVC added CNY50/ton.
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