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China Morning Snapshot – 25 August 2021China Morning Snapshot – 25 August 2021 |
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Dalian Commodity Exchange concluded the morning session with little changes from the previous day as traders assess the reopening of the Zhoushan Port and the falling crude oil market.
Details on the spot and futures prices are shown in the following table:
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25 August 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 2201 |
CNY 8352 |
USD 1141 |
-CNY 12 |
-USD 2 |
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LLDPE 2201 |
CNY 8245 |
USD 1126 |
Stable |
Stable |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8450-8550 |
USD 1154-1168 |
Stable |
Stable |
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LLDPE (North China) |
CNY 8200-8400 |
USD 1120-1147 |
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 warehouses fell 60,000 tons in a single trading day – the largest drop in weeks. As of 25 August 2021, the stocks stand at 680,000 tons.
Chinese traders said that the drastic reductions in local inventories were mainly due to the fact that key producers are pushing cargoes to the distribution market ahead of the month-end closing. “Our customers still just buy hand-to-mouth basis. We hope to see stronger demand in September as the manufacturing season kickstarts,” a trader added.
The reopening of the Meishan terminal at the Ningbo-Zhoushan port – the world’s third busiest container port would allow buyers to unload parcels that were stuck at the port over the past two weeks. Buyers might withhold purchases to estimate the stock on hand.
Country
China
