China Morning Snapshot: 15 March 2018

Futures market on Dalian Commodity Exchange rebounded slightly in the morning session with PP contract remained unchanged at CNY8923/ton ($1209/ton without VAT), while LLDPE increased CNY15/ton ($2/ton) to CNY9310/ton ($1261/ton without VAT).

Domestic spot market remained largely unchanged compared to yesterday. Spot LLDPE film traded in Northern China rollover at CNY9100-9350/ton ($‎‎1233-1266/ton without VAT).

Homo-PP offers in Eastern China remain largely unchanged with some slight CNY50/ton ($8/ton) rebound from the previous day at CNY‎‎‎8750-8900/ton ($‎‎1185-1206/ton without VAT), EXW China, cash equivalent.  

Domestic inventories level reduced 20,000 tons from yesterday, reaching 960,000 tons. Market sentiment still did not show much improvements this morning, whereby traders informed that the overall buying interests are much weaker than yesterday, meanwhile players are still having low confidence level toward the outlook, claiming that it is approaching weekend, and most probably the hope for price rebound or market improvements will need to wait until next week.