|
|
China Morning Snapshot – 04 March 2021China Morning Snapshot – 04 March 2021 |
|
Dalian Commodity Exchange for both PP and PE poses a strong range-bound throughout the morning session whereby LLDPE contract even hit a new high.
Details on the spot and futures prices are shown in the following table:
|
04 March 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2105 |
CNY 9338 |
USD 1279 |
+CNY 16 |
+USD 2 |
|
LLDPE 2105 |
CNY 9080 |
USD 1244 |
+CNY 115 |
+USD 18 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 9350-9450 |
USD 1281-1295 |
+CNY 50 |
+USD 8 |
|
LLDPE (North China) |
CNY 8950-9150 |
USD 1226-1253 |
+CNY 100-150 |
+USD 15-23 |
|
**All USD equivalent prices are exclusive of 13% VAT |
||||
Total inventories at Sinopec and CNPC’s warehouses reduced 30,000 tons day-on-day to 905,000 tons as of 04 March 2021. (Correction: Total stocks were at 935,000 tons on 3 March 2021. The previous Snapshot reported at 915,000 tons.)
Local producers implemented another round of price hike on both spot PP and PE cargoes to reflect the resilient futures market, however, real demand from manufacturers remains soft. BOPP converters, who have been enjoying good end product demand, begin to show resistance as the continuous price increment has eroded end profit margins.
In the distribution market, traders continue to focus on the export market. A number of lower costs cargoes are arriving at the market, which is being transacted between traders to re-export to the international market.
Country
China
