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Dalian Commodity Exchange cool off after a strong surge in the previous trading day, however, spot market remains relatively steady with spot homo-PP traded in Eastern China area added another CNY50/ton ($8/ton) day-on-day.

Details on the spot and futures prices are shown in the following table:

Domestic producers show little intention to offer any large discount claiming the lack of inventories pressure. However, another reason for such firm stance is the weakened Chinese Yuan against the US dollar that almost warrant a faded interest for import cargoes.

“The PP market is juggling the sluggish demand condition and tight availability. There might not be any major breakthrough in the near-term. We are now putting more attention on PE market, where purchasing interest is way better,” a trader informed.  

Total inventories at Sinopec and CNPC’s warehouses reduced 10,000 tons from yesterday at 685,000 tons as on 31 July 2018.