The“dual control of energy consumption” policy of the Chinese government has had a certain impact on the production capacity of some manufacturing companies. And the increased price of crude oil has added up to the feedstock costs. MEK price in China has been increasing in recent days, and the domestic demand is at a healthy status. From the beginning of the week, prices rise day by day, market price approaching a level of 1370-1385USD/MT FOB West China for isotank packaging. Regarding export demand end, the willingness to buy rockets intensively as many bulk ships delays and there hasn't been much stock in SEA market due to previous high prices and low local demands. For current bulk ships deals, the most that could be workable are FOB deals. Having been affected by loading issues in the Yangtze River of China, vessels are in seriously short, causing CIF term offered by suppliers hard to present.
MMA
Higher quotations are being provided since the end of last week, following the general market in China which is badly impacted by the dual control policy of China. With an increase of 60usd/mt appearing on Tuesday, Wednesday sees a slow-down. Producers and big distributors are not willing to offer normally with consideration of shortage in the soon future and prefer to stock up a bit.