16 Aug 2022
Chinese bidders remain on the sideline following the nosedive on the Dalian Commodity Exchange. Apparently, the CNY200/ton discount on LLDPE still failed to attract any buying interest.
September delivery contract for PP and LLDPE registered three-digit losses by the end of the morning session as investors remained concerned over the demand outlook.
15 Aug 2022
Despite the rebound in the futures market, Shenhua decided to keep deal prices on the auction platform largely unchanged from the previous session.
Most Chinese suppliers have been focusing on the domestic market for a couple of months now as the rapid price deterioration overseas contrast to the steady local ground keeps the export window closed.
In the meantime, Indonesian customers have mostly replenished the needed quantities in the previous week and prefer to maintain a cautious stance as end-product businesses have not improved significantly.
Chinese buyers prefer to hold a cautious stance during the early trading hours to process the latest economic data, which showed 2.7% growth in retail sales in July, down from 3.1% in June.
11 Aug 2022
After bumping into stiff resistance on the previous trading day, Shenhua decided to lower deal prices by CNY50/ton from the previous session to draw buyers back to the auction session.
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