China Morning Snapshot – 10 January 2019
China Morning Snapshot – 10 January 2019
LL C4 Film PPH Inj PPH Raf
Dalian Commodity Exchange remains soft throughout the morning session regardless of the progress that the Chinese and the USA governments have made during the meeting to resolve the trade issues.
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10 January 2019 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 1905 |
CNY 8685 |
USD 1103 |
-CNY 11 |
-USD2 |
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LLDPE 1905 |
CNY 8595 |
USD 1091 |
-CNY 25 |
-USD4 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9150-9250 |
USD 1162-1174 |
Stable |
Stable |
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LLDPE (North China) |
CNY 9000-9200 |
USD 1143-1168 |
-CNY 50 |
-USD7 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.79 |
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Total inventories at Sinopec and CNPC’s warehouses reduced 25,000 tons from yesterday to 555,000 tons as on 10 January 2019.
As expected, local producers offer a minor discount of CNY50/ton ($7/ton) on LLDPE film cargoes to deplete more quantity before the road-ban taking place. Buyers tend to show a buying-while-waiting attitude, hoping to obtain more discount in the near term.
“Anyway, we are purchasing for the post-holiday delivery and therefore, we have time to play with,” a buyer added.