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China Morning Snapshot: 04 January 2018China Morning Snapshot: 04 January 2018 |
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Dalian Commodity Exchange loses steam as the week proceeds. May delivery contract for both PP and LLDPE on 4 January 2018 concluded the morning session at lower levels. PP contract reduced CNY28/ton ($4/ton) to CNY9458/ton ($1242/ton without VAT). LLDPE contract closed at CNY9700/ton ($1274/ton without VAT), a CNY25/ton ($4/ton) lower than the previous session.
Eastern China market remained stable to CNY50/ton ($8/ton) firmer day on day, with spot homo-PP stands in the range ($1221-1241/ton without VAT), EXW China, cash equivalent.
Similarly, LLDPE film offers in Northern China remained largely stable at CNY9800-9900/ton ($1287-1300/ton without VAT), with the same term.
Arbitrage traders seem to be more active in giving offers to spot buyers though there are little changes in term of pricing. Meanwhile, real demand from converters remains mediocre, as many are unable to accept the current market levels.