The persistent lackluster results from recent auctions have prompted Shenhua to intensify its efforts in the offline market. Industry sources indicate that the producer is now more amenable to negotiations in the spot market, aiming to expedite the movement of excess inventory.
A leading Malaysian producer has reduced its September PE shipment offers to Vietnam, reflecting the downtrend observed across Asia. Despite these cuts, the offers failed to attract immediate buying interest, with buyers criticizing the lack of competitiveness.
Chinese bidders showed heightened enthusiasm for the auction platform to secure additional coal-based PP and PE cargoes, driven by a robust rebound on the Dalian Commodity Exchange. This surge in interest led Shenhua to record a significant number of transactions during today’s auction session