02 December 2011 07:37 [Source: ICIS news]
SINGAPORE (ICIS)--Chinese traders have reduced their offer prices for linear low density polyethylene (LLDPE) film imports by $10/tonne (€7/tonne) as market fundamentals remain weak, despite an announcement by the central bank on Wednesday night to ease credit controls, local traders and converters said on Friday.
Weak downstream demand, abundant LLDPE film supply and the eurozone’s poor macroeconomic climate hampering export opportunities of Chinese converters outstripped the possible uplift in sentiment on hopes that the credit crunch will ease, they added.
Traders were no longer able to conclude any deals at $1,200/tonne CFR China as converters’ confidence turned weak once again, along with a decrease in LLDPE futures on the Dalian Commodity Exchange.
“The buying mood is still not there, since the economic climate is not improving,” an importer based in east ?xml:namespace>
“Converters prefer to keep stock levels low, as the outlook [is] not optimistic,” said a southeast Asian producer, which sells product to
($1 = €0.74)
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