[FREE] Price List: China’s Zhongjing Petrochemical lowers export PP offers

[CommoPlast] - Fujian Zhongjing Petrochemical has reportedly down-adjusted export homo-PP offers for the second time this week by another $35/ton, totaling the reductions compared last Friday to $70/ton amid the soft local demand and dwindling Dalian Commodity Exchange.

The latest offers from the producer and changes from the previous offers are as follows:

Market sources said the new offers from the producer are relatively competitive against other cargoes from the same origin. Several buyers in Southeast Asia have expressed the interest to negotiate with the maker to secure some quantities believing that the market might be nearing the bottom. 

Background:

Fujian Zhongjing Petrochemical is a subsidiary of China Soft Packaging Group Holdings Limited – a leading BOPP packaging products manufacturer in China. The company ventured into the upstream sector by building its first PP plant in 2012 and has been actively planning to expand the capacity since then.

Existing plants include two PP units with a combined capacity of 700,000 tons/year and a 600,000 tons/year propane dehydrogenation (PDH) unit based in Fujian, China. 

In 2018, the company signed a contract to use LyondellBasell’s 5th Generation Spheripol technology to build a new PP line with an estimated annual output of 600,000 tons/year. The new plant is scheduled to come online from late 2022 to early 2023.

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