North American PE has arrived in Asia months ahead of schedule, and the scale of the push is unmistakable. At least four international trading houses circulated US and Canadian-origin HDPE and LLDPE offers this week
This structural inversion, driven by a collapsing deep-sea import floor and highly divergent localised fundamentals, is starkly visible within domestic spot offers where prompt LLDPE film has dropped beneath the HDPE baseline.
A wave of competitively priced cargoes from Vietnam, Thailand, and soon Malaysia converges on the Indonesian market, forcing buyers into a defensive crouch just as crude markets face their own directional uncertainty tied to the Iran sanctions outlook.
A cascading deterioration across Dalian paper markets entirely neutralised Shenhua's aggressive pre-holiday baseline concessions on Thursday, leaving the physical polyolefin complex mired in a severe structural stalemate as downstream converters aggressively retreated ahead of the Dragon Boat Festival.