Seller were not able to pass on the increases in costs amid weak fundamentals.
Sellers tried to achieve increases, citing improving demand and higher costs. However, current market conditions failed to support any increases.
Demand is slowly moving in the right direction in most market segments. However, demand from the automotive sector failed to gain traction in August amid a persistent stocks overhang.
The summer slowdown also fuelled the downward pressure in August.
Meanwhile, players report an active spot market, which suggests oversupply.
Nevertheless, the rollovers in August marked an end to a prolonged downward trend that started since the end of 2018.