31 Jan 2023
Zhongjing Petrochemical reportedly steps back on export PP offers by $15-20/ton just a day after implementing large increases as trading sentiment dims at home and overseas.
In fact, this is the first time since CommoPlast started to record the data in 2015, the stocks built up throughout the Lunar New Year holiday stood below the 1 million tons threshold.
The bullish sentiment observed on the first trading day of the week has evaporated. Chinese bidders quickly withdraw to the sidelines following the declines on Dalian Commodity Exchange that narrows the price gaps between the two trading platforms.
30 Jan 2023
There have been discussions over the past week that the current uptrend might be capped if Chinese suppliers become more active in exporting PP cargoes after the holiday.
Deals have been immediately achieved. Sources said that the maker’s latest offers remained highly attractive even after the hikes.
The latest hikes send a shockwave throughout the domestic market and motivate international suppliers to mimic the pricing movement.
Economic activities including travel and entertainment are recovering, further reinforcing the optimism about better demand conditions ahead.
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