As the Indian market embraces the preparation for Diwali demand, trading activities here have been improving. In addition, the implementation of Indian Standard (BIS) on the import of PE and EVA cargoes this October also scared buyers into restocking
Data from CommoPlast showed spot LDPE film traded in the local China market hit 2023’s all-time highs with market participants expecting the firming trend to persist in the near term.
Following months of trailing behind other grades, the Vietnamese LDPE film market started to pick up sharply, regaining its supposed premium over HDPE and LLDPE film offers.
Data from CommoPlast showed in the first six months of 2023, China added 14 new PP plants with a combined capacity of about 5 million tons per annum.
Supply tightness for this grade coupled with stable demand in the nearby Indian market gives regional and international suppliers leverage in price discussions.
A major Thailand producer kickstarted the week with a $20/ton hike on import PE offers to China. The price list showed spot HDPE and LLDPE film based on CFR China term is now well above the $1000/ton threshold.
A kneejerk reaction to the meeting results from the China Economic Work Conference in the late afternoon on Monday, 24 July helped local suppliers to deplete a considerable number of cargoes.
The Chinese PP and PE market showed a visible slowdown on the first trading day of the week as both sellers and buyers prefer to wait on the sidelines for a clearer market direction with the China Economic Work Conference taking place this week.
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