29 Jul 2023
It has been several weeks since key Middle Eastern suppliers are absent from the Vietnamese PP market as these sellers prefer to divert the tight allocations to higher margins export destinations, including India.
28 Jul 2023
Sources reported stable demand conditions in Malaysia amid improving market prospects, in line with the bullish sentiment surrounding the global economy outlook.
Nevertheless, within this week, the local inventories fell 17.2% or 115,000 tons to the the level last seen before Lunar New Year on 20 January 2023
Chinese bidders remain enthusiastic about making replenishment on the final trading day of the week after key PP contracts on Dalian Commodity Exchange hit the highest levels since April 2023
27 Jul 2023
Nevertheless, in the first six months of 2023, China imported a total of 2.4 million tons of HDPE – down 18% compared to the same period in 2022.
Domestic producers appear more conservative in introducing fresh hikes on spot PP and PE cargoes even though the local inventories are now at multi-month lows.
The firming trend is expected to persist in the near term as players latch on to the bullish outlook associated with the government’s push to stimulate the local economy.
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