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Traders say a series of shutdowns in India has provided an opportunity for Chinese PE exporters, at a time when China's surplus imports are awaiting new markets. . Chinese sellers have increased their focus on re-exporting PE to Southeast Asia to ease their inventory pressure.
Several regional and foreign suppliers have announced July PP and PE prices for China and Southeast Asia mostly at lower levels this week. Weak demand in China as uncertainty over the pandemic persists, has been a major factor pulling prices down in the region.
April's price spikes sent Europe's PS and ABS markets to unprecedented levels as the climb accelerated due to soaring costs, while Asian markets fell on weak demand. Since Europe has outperformed the global markets, especially Asia, the spread between the two regions has widened to a level large enough to set a new record.
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According to data from Statistical Instrumentation, China's total homo PP imports for the January-April 2022 period show the lowest figure since 2008.
Malaysia decided to end the anti-dumping investigation on plastic imports from Vietnam, China, Indonesia and Korea, and to end the provisional anti-dumping tax and release the deposited deposits.
PP, PVC and PE prices continued to decline as the end of May approached. Markets are poised to end the month on a bearish note, driven by weak demand due to inflationary pressures as well as tight liquidity. Meanwhile, market participants have begun to focus on the June outlook.
The decision of the Central Bank of Egypt to revoke a regulation requiring importers to obtain a letter of credit (L/C) has been welcomed by market participants in an effort to improve supply. However, most market participants remain cautious given the challenging macroeconomic environment in Egypt.
In the European styrene markets, the slight increase in the monthly styrene contract surprised market participants who had anticipated a marked drop in prices. The June styrene contract settled at a slight gain following a strong rally in the benzene settlement. Although PS and ABS market participants had previously predicted la...