There have been discussions that there are simply no other markets throughout Asia that can absorb the cargo at the moment, hence, sellers have very limited alternatives for attracting deals.
Bearing expectations for a cloudy outlook ahead, Chinese buyers prefer to approach new offers cautiously.
Pengerang Integrated Complex (PIC) houses the Pengerang Refining and Petrochemical (PRefChem), which has just started to offer on-spec PP and PE cargoes in recent weeks.
Malaysia’s PrefChem seems to have achieved on-spec HDPE cargoes from the newly started-up unit. New offers from the producers emerged all over the Southeast Asian market at relatively competitive levels.
The dreadful weight of the slowing local consumption, falling overseas demand, and weakening Yuan against the US dollar is just too much for buyers to bear.
Overseas market participants were monitoring the state of demand in China as the National Congress Meeting concluded over the weekend. Apparently, there is no good news to support either a strong or sustainable rebound.
As Indian market players started leaving for the Diwali holiday, purchasing activities for PVC following the November price announcement were subdued.
Local traders are shouldering double losses: the decline in selling price and the exchange rates, which significantly erode buying appetite for imported materials.
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