Speculation is building over whether Indian buyers will move to secure additional overseas shipments before the potential duties come into effect. However, many importers are reportedly holding back from panic buying
The Shenhua auction platform closed today with mixed results. Chinese buyers showed notable interest in PP, though purchases remained restricted to immediate needs, reflecting continued uncertainty about current market conditions.
Chinese buyers were notably active in today’s market, with Shenhua’s auction session ending on a strong note. This performance comes despite declining key futures contracts on the Dalian Commodity Exchange and a CNY 50/ton increase in coal-based LLDPE film cargo prices.
India remained the largest importer of Chinese PVC during this period, accounting for 54% of China’s total exports. Indian importers have steadily increased their purchases since anti-dumping duties were lifted in February 2022.
Among the affected currencies, the Malaysian Ringgit saw the steepest decline, falling by 6.3% against the dollar in October. In response, a prominent Malaysian producer raised November PP and PE offers