|
|
China Morning Snapshot – 22 April 2022China Morning Snapshot – 22 April 2022 |
|
September delivery contract extended the weakening trend on the final trading day of the week in spite of the loosening COVID-19 containment measures in Shanghai in recent days.
Details on the spot and futures prices are shown in the following table:
|
22 April 2022 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2209 |
CNY 8784 |
USD 1201 |
-CNY 69 |
-USD 11 |
|
LLDPE 2209 |
CNY 8902 |
USD 1218 |
-CNY 52 |
-USD 8 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8700-8850 |
USD 1190-1210 |
-CNY 50 |
-USD 8 |
|
LLDPE (North China) |
CNY 8850-9050 |
USD 1210-1238 |
-CNY 50 |
-USD 8 |
|
**All USD equivalent prices are exclusive of 13% VAT |
||||
The total PP and PE inventories fell another 35,000 tons from the previous day to 760,000 tons as of 22 April 2022.
Throughout the week, the local stocks digested 15.6% or 140,000 tons thanks to the easing logistic bottleneck that allows smoother inventories outflow.
The soft trading sentiment continues to dominate the domestic PP and PE market in China on the final trading day of the week. As reported earlier, all focuses are on the delivery of the previously dealt parcels. While new sales are slow, Chinese traders are hopeful of an uptick in purchasing activities in the coming week before the Labour Day.
“We have pre-sold some cargoes for post-holiday delivery at discounted prices. The government started to loosen the transportation restrictions, but the number of infection cases remains high. The lockdown might be extended and keep consumption low,” a trader added.
Country
China
