Jul 08, 2025 2:57 p.m.

China Morning Snapshot – 02 July 2018

China Morning Snapshot – 02 July 2018

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Dalian Commodity Exchange remains strong throughout the first trading hours of the new week. September delivery contract for PP added CNY52/ton ($8/ton) from the previous session to CNY9250/ton ($1201/ton without VAT). LLDPE contract increased CNY45/ton ($7/ton) to CNY9230/ton ($1198/ton without VAT).  

At the time this report is published, spot homo-PP in Eastern China increased CNY50-100/ton ($8-16/ton) to CNY9200-9300/ton ($1194-1207/ton without VAT), EXW China, cash equivalent.

Spot LLDPE film in Northern China stays stable to CNY50/ton ($8/ton) softer than yesterday reaching CNY9200-9300/ton ($1194-1207/ton without VAT) with the same term.

Total inventories at Sinopec and CNPC’s warehouses piled up 105,000 tons from last Friday to approximate 755,000 tons as of 02 July 2018. Market sentiment remained slow as buyers are resisting firm price trend, mostly sourcing on need basis. 

Would the current demand condition persist in the near term, local suppliers in China might face difficult to deplete inventories, which is piling up at both in-land and port warehouses, sources said. “While it is bright on the futures market, there is a hidden concern on the spot ground. We are adopting a cautious stance,” a trader commented.