08 Feb 2022
The price provides a benchmark against which Middle East sales of liquefied petroleum gas (LPG) to Asia are priced.
Coupled with the strong sentiment in China, it is expected that overseas suppliers would open March shipment offers with some increases instead of reductions as previously discussed.
Given the fact that arbitrage traders retreat to the sideline following the fall on Dalian Commodity Exchange, trading sentiment in the spot market has also dimmed
07 Feb 2022
Chinese bidders return to the market with strong replenishment appetite amid the rising energy complex.
Data from CommoPlast suggested that local PP productions have met 89.3% of the demand and with additional new plants coming online, China would be steadily transitioned to a net exporter.
However, it is expected that buyers in Southeast Asia might not be able to accept the new offers taking into account the also high shipping costs.
The surging local market has also been elevating the import market. In fact, import homo-PP yarn based on CIF Indonesia terms climb higher at a much quicker pace compared to other markets within the region, data from CommoPlast showed.
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