The trigger was a sudden drop within the crude complex. Crude oil benchmarks opened the week at a 10-week low as markets priced in a potential resolution to the US-Iran conflict following last week’s US midterm elections.
Extended morning losses across Dalian Commodity Exchange (DCE) PP and LLDPE futures weighed heavily on physical sentiment during Shenhua Baotou Coal Chemical Co.'s Tuesday auction, keeping clearance rates restricted against a softened upstream crude oil backdrop.
Indonesia’s polyolefin value chain has entered a policy standoff as upstream producers and downstream converters petition competing ministries over import duties and trade barriers.
| PP | LLDPE | PVC | |
|---|---|---|---|
| Close (CNY/ton) | 8,912 -549 | 8,276 -395 | 4,840 -112 |
| Close (USD/ton) | 1,182 -82 | 1,098 -59 | 642 -17 |
| Volume | 559,592 -154 | 388,307 +8105 | 881,701 -7890 |
| * All USD prices are excluding VAT basis Volume indicates number of contracts |
|||
| PX | PTA | MEG | |
|---|---|---|---|
| Close (CNY/ton) | 8,264 -300 | 5,914 -196 | 4,782 -151 |
| Close (USD/ton) | 1,096 -45 | 785 -29 | 634 -23 |
| Volume | 104,738 +70454 | 888,965 -19126 | 298,551 +16114 |
| * All USD prices are excluding VAT basis Volume indicates number of contracts |
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