20 Aug 2021
Local traders are confident that domestic PP and PE prices would be stable to firmer in September citing the resumptions at many sectors and the depreciating Ringgits against the US dollar.
The weakening futures market and the energy complex clouded the near-term market outlook and force local sellers to step back on the spot PP and PE prices.
Chinese buyers decided to slow down purchases for PE cargoes on the final auction session of the week following four consecutive days of active buying.
19 Aug 2021 PET Bottle
The government has been gradually lifting movement control measures, allowing markets and malls to reopen, easing the pressure on end product businesses.
19 Aug 2021
Meanwhile, the steep reductions in the futures market pushe arbitrage traders to redirect cargoes to the spot market at large discounts to deplete the on-hand stocks.
19 Aug 2021 Propylene
Tighter spot availability might elevate the propylene market slightly, however, any significant increases would face stiff resistance. Downstream PP market is not strong.
The number of transactions remains mediocre toward the end of the week, especially for homo-PP and LLDPE cargoes
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