22 Feb 2023
As expected, buyers are unable to accommodate the latest rise in spot PP and PE prices. Suppliers immediately step back on homo-PP offers
The price decision led to poor sales results, which once again, highlight the highly price-sensitive market.
21 Feb 2023
Chinese key PP producer – Zhongjing Petrochemical promptly responded to the surging Dalian Commodity Exchange on the second trading day of the week by lifting export offers by $5-10/ton, gaining back all the losses earlier this week.
Trading sentiment in the domestic spot market is boosted by the surging Dalian Commodity Exchange. Spot prices rose CNY100/ton ($15/ton) day-on-day
Thanks to the strong rebound on the Dalian Commodity Exchange, Chinese bidders actively secure coal-based cargoes on the Shenhua auction platform.
20 Feb 2023
On the other hand, Zhongjing Petrochemical and other PP producers are falling under rising cost pressure as both propane and propylene hit multi-month highs on supply tightness.
As discussed earlier, the twelve months uptrend has reached a plateau and likely to see minor corrections as sellers attempt to attract sales ahead of the fasting month and the Ramadan season.
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