This week, with most Chinese market participants on holiday for National Day Golden Week, spot ethylene and propylene prices in Northeast Asia (NEA) slipped due to absent demand. Bearish sentiment, which had already persisted, was exacerbated by this week’s dried-up activity. Meanwhile, oversupply remains a key factor in Southeast Asia and China, where olefins supply has increased with the restart of multiple MTO and PDH plants. Additionally, surplus ethylene in South Korea has led to aggressive offers across SEA and China, pushing down bids and spot prices further...
Despite the official end of India’s Southwest monsoon, PP and PE import buyers remain cautious, holding back purchases as above-average rains are predicted to continue into October. At the same time, market players have noted slightly higher offers lately, on expectations of buying activity increasing in the post-monsoon season...
September was marked by turbulence in the oil market, with prices initially rising due to supply concerns in Libya and tensions in the Middle East. However, a nearly 5% decline by mid-month caused Brent to drop below $70/barrel, its lowest since December 2021. Subsequent gains fueled by U.S. Tropical Storm Francine and China’s economic stimulus were short-lived, as experts expressed skepticism about future fuel demand. Consequently, many analysts revised their price forecasts downward for 2024 and 2025...
Chinese polymer players are stepping away from their desks this week as the country observes the National Day holiday. Despite the seasonal optimism brought by ‘Golden September, Silver October,’ demand recovery across most polymer segments has fallen short of expectations. Prices have struggled to gain momentum due to persistent oversupply, weaker international demand, and a sluggish domestic economy...
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