China Morning Snapshot - 15 August 2018

Dalian Commodity Exchange stepped back a little after recorded a strong hike in the previous session. However, spot ground holds steady with homo-PP cargoes remain above the CNY10,000/ton threshold.

Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses reduced 20,000 tons from yesterday at 720,000 tons as on 15 August 2018. 

A number of converters in the packaging sector claimed having received improved end product orders, and yet, remain cautious about large replenishment as high raw material prices are biting into profit margins. 

“To smoothen the sales process, we are open to negotiation. We are able to move quantity but not at the satisfactory level,” a trader commented.