Prudent stance: Shoppers walk past an advertisement at a shopping centre in Beijing. Inflationary pressures in China are causing consumers to be more cautious on spending on bigger-ticket items. — Bloomberg
BEIJING: Asian plastic makers have been eagerly anticipating a post-lockdown pick-up in Chinese consumption but weak consumer demand and high inventories mean it could be a long time coming.
Petrochemicals has been the hardest hit segment of the oil market this year. Covid-19 restrictions in manufacturing giant China decimated demand over April and May, while the invasion of Ukraine upended fuel flows and raised costs for naphtha, a major feedstock.
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