A Shanghai-based trader adjusted local and localized PE offers and predicted buying sentiment in the country to shift following the traditional pattern. As of June 18, offers from the two leading Chinese polyolefins producers increased by CNY50-100/ton ($7-14/ton) from a day earlier. As informed to SSESSMENTS.COM, the trader adjusted up their local and localized Iranian PE offers by the same amount following the uptrend in the futures market coupled with low inventory level in the domestic market.
The trader opined that PE prices in the domestic market will most likely increase in the upcoming week when July shipment offers from most foreign suppliers come out. However, buying sentiment in July and August would not be positive since following the traditional pattern, July to August is the lean season for PE in China, as stated SSESSMENTS.COM.
