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China Morning Snapshot – 30 August 2021China Morning Snapshot – 30 August 2021 |
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Both PP and LLDPE contracts on Dalian Commodity ended the rocky morning session in the green, further support local suppliers to lift spot prices.
Details on the spot and futures prices are shown in the following table:
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30 August 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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Combined and reported by CommoPlast |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 2201 |
CNY 8192 |
USD 1120 |
+CNY 31 |
+USD 5 |
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LLDPE 2201 |
CNY 8245 |
USD 1128 |
+CNY 140 |
+USD 22 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8350-8450 |
USD 1142-1156 |
Stable |
Stable |
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LLDPE (North China) |
CNY 8200-8350 |
USD 1122-1142 |
+CNY 100 |
+USD 15 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses piled up 55,000 tons throughout the weekend to 725,000 tons as of 30 August 2021.
Chinese buyers are concerned over the potential impact of Hurricane Ida on the supply condition in the US and Latin American markets, which encourages some buyers to proceed with additional replenishment, although prices have moved higher. Meanwhile, the general sentiment remains slow due to the absence of several key producers in the market amid the month-end closing.
Chinese traders have expressed interest in diverting PP cargoes to the US market, however, booking spot vessels would be extremely challenging.
Country
China
