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China Morning Snapshot – 29 March 2021China Morning Snapshot – 29 March 2021 |
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Sentiment on the Dalian Commodity Exchange weakened slightly after news that the giant vessel that blocked the Suez Canal has been re-floated.
Details on the spot and futures prices are shown in the following table:
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26 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 8884 |
USD 1202 |
-CNY 38 |
-USD 6 |
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LLDPE 2105 |
CNY 8640 |
USD 1169 |
+CNY 65 |
+USD 10 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9050-9300 |
USD 1225-1258 |
+CNY 50-100 |
+USD 8-15 |
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LLDPE (North China) |
CNY 8600-8850 |
USD 1164-1198 |
+CNY 50-100 |
+USD 8-15 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s piled up 60,000 tons throughout the weekend to 880,000 tons as of 29 March 2021.
Although spot PP and PE prices have firmed, sources reported that sentiment in the local ground sees little changes compared to the previous week. Traders continue to face difficulties to conclude deals as buyers await further reports on the Suez Canal incident. “Once the traffic in the canal resumes, it is likely that crude oil would fall and affect the general sentiment. The latest increases in the local prices might not sustainable,” a buyer commented.
Country
China
