Shenhua’s year-end auction demonstrated robust market appetite, with all lots achieving full sell-through. Stronger futures activity, coupled with rising spot prices, bolstered the competitiveness of coal-based PP and PE cargoes.
Market participants noted that much of the volume was absorbed by arbitrage traders exploiting favourable price differentials between trading venues, rather than by downstream converters. End-user demand, by contrast, stayed cautious and price-sensitive.