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China Morning Snapshot – 19 March 2021China Morning Snapshot – 19 March 2021 |
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Dalian Commodity Exchange concluded the first half of the trading day on negative notes due to the steep reduction in the energy market.
Details on the spot and futures prices are shown in the following table:
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19 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 9114 |
USD 1241 |
-CNY 140 |
-USD 22 |
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LLDPE 2105 |
CNY 8725 |
USD 1188 |
-CNY 120 |
-USD 18 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9250-9350 |
USD 1259-1266 |
-CNY 100 |
-USD 15 |
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LLDPE (North China) |
CNY 8750-9050 |
USD 1191-1232 |
-CNY 100 |
-USD 15 |
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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 5,000 tons day-on-day to 860,000 tons as of 19 March 2021.
With the futures market extended the weakening trend, major local producers also step back on spot PP and PE cargoes to entice demand. However, customers continue to source the needed quantity from arbitrage traders, whose offers remain below the producer’s price list.
“Customers are more active in making replenishment as we agreed to additional discount for April delivery cargoes. We think buyers are preparing materials for the coming months, in anticipation of reduced import arrivals,” a trader commented.
Country
China
