Price List: China’s Zhongjing maintain weekly export PP offers stable

Zhongjing Petrochemical has decided to keep export homo-PP offers unchanged from the previous week despite the weak demand from overseas customers. The price decisions are to reflect the rebound on the Dalian Commodity Exchange on the first trading day of the week.

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

Most Chinese suppliers have been focusing on the domestic market for a couple of months now as the rapid price deterioration overseas contrast to the steady local ground keeps the export window closed. 

“The Southeast Asian homo-PP market started to rebound. There might be a chance for export in weeks ahead, but at the moment, we are still unable to compete with other sellers even though shipping costs have come down,” a source close to the producer added. 

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 lines with a nameplate capacity of 1 million tons/year and a 750,000 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 1.2 million tons/year. The new plant is scheduled to come online between late 2022 to early 2023. 

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