As June is coming, the 18th. Shanghai Cooperation Organization(SCO) Summit will be held Qingdao from June 9th. to June 11th..
Soem manufacturers will perform maintenance while the summit is held. In total, the maintenance will last for about 10 days. It was recently reported that all construction sites within 100 kilometers of Qingdao City had been closed.
It seems that the entire province of Shangdong will go into a calm and trascendent state. This will deliver a clear sky and beautiful land to the people. Thus, full preparation has been made for the summit.
As the news came about shutting down facilities for maintenance, it seemed that the supply would become tight and thus push up the PO price. But as a matter of fact, the manufacturers are currently under high inventory pressure. And they have anticipated the summit and taken measures to prepare for it. Overall, the supply still exceeds the demand. So, with the high inventory level, the manufacturers have no difficulty in getting though the maintenance period.
According to market news, the downstream demand has been sluggish because of the slack season and the overal economic downturn.
Currently, orders are placed only to meet rigid demands. In addition, as the saying goes, buy when prices going up instead of coming down, now bearish sentiment is very strong on the market. market players are staying on the sideline, reluctant to make purchase. So trading is thin. Thus, there is little upward momentum for the price due to low downstream demands.
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