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China Morning Snapshot – 08 March 2021China Morning Snapshot – 08 March 2021 |
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Both PP and LLDPE contracts hit new high levels this morning on the back of the surging energy complex.
Details on the spot and futures prices are shown in the following table:
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08 March 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 2105 |
CNY 9576 |
USD 1306 |
+CNY 265 |
+USD 41 |
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LLDPE 2105 |
CNY 9140 |
USD 1246 |
+CNY 245 |
+USD 38 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9550-9600 |
USD 1302-1309 |
+CNY 200-250 |
+USD 31-39 |
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LLDPE (North China) |
CNY 9100-9300 |
USD 1241-1268 |
+CNY 250 |
+USD 39 |
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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 80,000 tons throughout the weekend to 975,000 tons as of 08 March 2021.
It appears that Chinese manufacturers have finally given in the continuous firming trend. More buyers become willing to accept the current market levels as there is no sign of a possible price correction in the near-term. Buying interest from BOPP and PE film converters is healthier than those from PP woven bag sector.
“Manufacturers are still reluctant but not strongly resisted as in the previous week. In the meantime, we continue to focus on the export market because the demand seems still better at higher prices,” a trader reported.
Country
China
