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Chinese buyers reported having received fresh mPE offers from a major Southeast Asian producer at $10-20/ton reduction week on week to $1330-135/ton CFR China, LC AS term. Persistently weak demand is blamed for dragging the market lower while sources believed this condition might persist in the near term.

“Our customers are not excited about making replenishment claiming comfortable supply. End product business is not strong while low LDPE film prices have given buyers a choice to reduce the proportion of mPE in production used,” a trader said. 

Players are hoping that the demand would pick up in the next few weeks, as the start of agricultural film season and the preparation for the Single Day sales would steer flexible packaging manufacturers back to the play.