A pronounced disconnect between inflated auction floor prices and a softening paper market triggered a near-total transactional freeze on Thursday, as buyers bypassed rigid allocations in favour of flexible spot alternatives.
Deep baseline concessions sustained partial clearances across the PP complex on Thursday, while LLDPE allocations were completely ignored amid a softer macroeconomic tone and persistent seasonal headwinds.
US commercial crude oil inventories fell sharply by 4.3 million barrels in the week ended 8 May to 452.9 million barrels, as the Iran war roiled oil markets and buyers increasingly turned to US barrels for supply.
| PP | LLDPE | PVC | |
|---|---|---|---|
| Close (CNY/ton) | 8,686 -95 | 8,048 -165 | 5,056 -68 |
| Close (USD/ton) | 1,132 -14 | 1,048 -24 | 659 -10 |
| Volume | 542,619 -9006 | 396,889 +15192 | 1,053,538 +72771 |
| * All USD prices are excluding VAT basis Volume indicates number of contracts |
|||
| PX | PTA | MEG | |
|---|---|---|---|
| Close (CNY/ton) | 8,936 -174 | 6,288 -120 | 4,691 -146 |
| Close (USD/ton) | 1,165 -25 | 820 -18 | 611 -21 |
| Volume | 108,168 -2240 | 1,067,149 -18537 | 310,053 +11455 |
| * All USD prices are excluding VAT basis Volume indicates number of contracts |
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