The main driver behind the bearish sentiment was the pricing action taken by major producers. Qilu Petrochemical, a leading market participant, reportedly cut its x-EH offers by USD x/MT, introducing larger volumes of lower-priced x-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 xxx in July xxxx and rose by another percentage point in mid-August. However, DOP output in July was still down xx month-on-month, resulting in restrained x-EH consumption.
In Shandong, suppliers were reluctant to hold large stocks of x-EH, preferring to release material at lower prices to stimulate immediate sales. While plant operating rates for x-EH dipped only marginally by x.xxx, the market did face mild production...
