04 Sep 2023
Spot PP and PE offers in the domestic market track a stable trend following an abrupt surge recorded last Friday and interestingly, buyers continue to make small purchases.
Players here seem to be more bullish about the demand outlook in the coming weeks as the market enters the traditional manufacturing season in addition to the government’s latest measures to boost domestic consumption.
31 Aug 2023
Reduced availability stemming from Saudi Arabia’s voluntary oil production cuts starting July is partly responsible for the recent rally.
Naphtha-based producers across Asia have been struggling with squeezed margins for months due to strong upstream costs and weak demand, which force most plants to cut run rates to protect the bottom line.
Chinese traders shrugged off the weak manufacturing data released by the government this morning to place more bullish bets on news that a number of local banks will be lowering interest rates on existing mortgages and deposits starting 1 September.
Coupled with the strong sales results in the previous session, the coal-based producer confidently lifted deal prices by CNY40/ton for homo-PP and by a whooping CNY200/ton for LLDPE.
30 Aug 2023
Vietnamese customers believed that purchasing import homo-PP at the $950/ton mark or slightly lower would minimize the exposure to price risks citing the strong upstream costs that would prevent any major downfall.
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