23 Mar 2022
In the upstream market, both MEG and PTA rebounded slightly this week from the previous dip, following the upstream energy market.
Meanwhile, the availability of competitive Chinese PP cargoes draws buyers from higher-cost parcels.
Meanwhile, converters are showing no rush to secure large quantities, expecting the inventory pressure would force sellers to step back on the prices in the coming days.
22 Mar 2022
The Shenhua auction session concluded with a strong number of transactions signalling the revived risk appetite among Chinese bidders as the government waivers on ‘0 tolerance’ COVID-19 policies.
The producer has emphasized that the new price cuts are to reflect the demand condition in China market alone.
Indian customers initial expected the maker to lift offers to $1600/ton CIF India citing the availability of Chinese cargoes at the low $1500/ton levels.
Chinese suppliers reported having received small inquiries from buyers from non-lockdown areas. Apparently, the surging crude oil market does not seem to support the local trading sentiment.
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