14 Mar 2022
Sources said that the local PE market has been dwindling for too long while PP prices are now facing stiff resistance from the market, hence, the unsynchronized hikes.
The total PP and PE stocks at Sinopec and CNPC’s warehouses piled up 85,000 tons over the weekend to 1,010,000 tons as of 14 March 2022 – the highest level since 1 March.
This is the first time the stocks rose above the 1 million tons threshold since 1 March 2022.
11 Mar 2022
Transactions on the Shenhua auction platform remain sluggish on the final trading day of the week as the increasing number of COVID-19 infections in the mainland might trigger a widespread lockdown.
Market players worried that government might implement strict lockdown measures to contain the situation, which could cripple demand.
10 Mar 2022
Chinese bidders immediately suspended all purchases including on the Shenhua auction platform after the steep fall in crude oil prices.
Domestic spot market retreated sharply, reflecting the latest development on the Dalian Commodity Exchange.
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