The main driver behind the bearish sentiment was the pricing action taken by major producers. Qilu Petrochemical, a leading market participant, reportedly cut its *-EH offers by USD */MT, introducing larger volumes of lower-priced *-EH into the domestic market. This prompted sellers to follow suit, intensifying competition and accelerating the price downtrend.
From a demand perspective, the largest downstream sector, dioctyl phthalate (DOP), continued to underperform. Operating rates for DOP plants improved slightly to *** in July **** and rose by another percentage point in mid-August. However, DOP output in July was still down ** month-on-month, resulting in restrained *-EH consumption.
In Shandong, suppliers were reluctant to hold large stocks of *-EH, preferring to release material at lower prices to stimulate immediate sales. While plant operating rates for *-EH dipped only marginally by *.***, the market did face mild production...
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