Asia HDPE: Low demand■ Rising interest rates dampen
consumption■ Malaysian PrefChem will open new units in
Q3According to market sources,
Asian high-density plastic ethylene prices dropped in the week ending June 29,
due to weak demand. The ICE Brent crude oil futures rose $7.6-8.5/b during the
week to $117.66-130.25/b, on June 29. The
resurgence of the Chinese pandemic and inflationary pressures led to market
sentiment falling over the week. Prices
rose in Southeast Asia due to tight supplies and increased offers. End-users in Southeast Asia stated that they are price
takers and sellers have more power to negotiate. One major converter admitted that current purchases may not
be sustainable due to uncertain macroeconomic conditions. As the short-term outlook is bearish, market participants in
Asia tried to sell off inventories. Some
traders stated that the outlook was not favorable as...