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China Morning Snapshot – 12 March 2021China Morning Snapshot – 12 March 2021 |
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Thanks to the strong rebound on the energy complex, trading sentiment on Dalian Commodity Exchange improved visibly this morning. Both PP and LLDPE contracts for May delivery rebounded.
Details on the spot and futures prices are shown in the following table:
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12 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 9375 |
USD 1274 |
+CNY 163 |
+USD 25 |
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LLDPE 2105 |
CNY 8995 |
USD 1223 |
+CNY 155 |
+USD 24 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9350-9450 |
USD 1271-1285 |
+CNY 100 |
+USD 15 |
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LLDPE (North China) |
CNY 8750-9100 |
USD 1189-1237 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s reduced 10,00 0 tons day-on-day to 895,000 tons as of 12 March 2021.
There is very limited movement in the domestic spot market compared to the previous trading day. Buyers continue to stay on the sideline as prices increase, claiming to have made sufficient replenishment over the past couple of days at lower price levels.
Local inventories have not been digested smoothly throughout the week and with the weekend approaching, players are expecting sellers to step back on the prices to smoothen the sales process.
Country
China
