This significant drop in spot offers, along with adjustments in third-quarter 2024 contract pricing, has raised concerns among Indonesian buyers. Many have opted to delay purchases, citing uncertainty about the near-term price trajectory and supply availability.
The Chinese PVC market has plunged to unprecedented lows, with prices now beneath the levels witnessed during the pandemic lockdowns of April 2020. The primary driver of this decline is the persistently weak domestic demand, exacerbated by an extended downturn in China's property sector.
While the recent price cuts have provided temporary relief for Chinese PET bottle suppliers, the combination of weakening demand, oversupply in upstream markets, and buyer caution points to ongoing challenges for the sector.
Despite the typical holiday-induced slowdowns, China's LDPE film market continued its upward momentum for the sixth consecutive week, in stark contrast to the heavy downward pressure faced by the HDPE and LLDPE film sectors.
While LLDPE sales saw a boost, largely driven by a CNY 110/ton ($15/ton) reduction in auction prices, the company’s decision to raise the price of homo-PP by CNY 30/ton ($4/ton) backfired, resulting in a notable decline in transactions.