|
|
China Morning Snapshot – 18 March 2021China Morning Snapshot – 18 March 2021 |
|
Major contracts on Dalian Commodity Exchange remain in the negative territory following the development in the energy complex.
Details on the spot and futures prices are shown in the following table:
|
18 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 9225 |
USD 1256 |
-CNY 100 |
-USD 35 |
|
LLDPE 2105 |
CNY 8830 |
USD 1202 |
-CNY 95 |
-USD 24 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 9350-9450 |
USD 1273-1287 |
Stable |
Stable |
|
LLDPE (North China) |
CNY 8850-9150 |
USD 1205-1246 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT |
||||
Total inventories at Sinopec and CNPC’s digested only 5,000 tons from the previous trading day to 865,000 tons as of 18 March 2021.
While local producers decided to maintain spot PP and PE prices unchanged, it is reported that traders are open to negotiation with serious buyers. Purchasing activities are thin. Spot traders find it difficult to compete with arbitrage traders, who are selling below market levels due to the weakening futures market.
“We are still having lower costs cargoes purchased previously on hand. At the moment, customers are not showing much interest, but we hope to see better demand moving forward,” a trader reported.
Country
China
