Price List: China’s Zhongjing raises export PP offers amid firming local market

After keeping export offers on a stable note at the start of the week, China’s Zhongjing decided to revise their export PP prices upward to reflect the reduced sales pressure amid the firming domestic ground. 

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

As reported earlier, this move comes as local PP prices this morning remain stable to CNY50/ton higher than previous day. The company claims they are not experiencing significant sales pressure, as local converters are willing to make purchases. In the near term, a representative stated, "If the overall trend continues to rebound, we might adjust our prices further based on the progress of market movements."

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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