China Morning Snapshot – 11 March 2021
China Morning Snapshot – 11 March 2021
Dalian Commodity Exchange for both PP and PE poses a weak range-bound throughout the morning session.
Details on the spot and futures prices are shown in the following table:
|
11 March 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2105 |
CNY 9216 |
USD 1253 |
-CNY 42 |
-USD 6 |
|
LLDPE 2105 |
CNY 8845 |
USD 1202 |
-CNY 65 |
-USD 10 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 9250-9350 |
USD 1257-1271 |
-CNY 50-100 |
-USD 8-15 |
|
LLDPE (North China) |
CNY 8750-9100 |
USD 1189-1237 |
-CNY 100 |
-USD 15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses piled up 5,000 tons from the previous trading day to 905,000 tons as of 11 March 2021.
Local producers decided to offer additional discounts to attract customers after Dalian Commodity Exchange registered losses by the end of the morning session. Players reported mediocre trading sentiment in the local ground and arbitrage traders continue selling both PP and PE cargoes below producer’s prices.
“Customers, who need cargoes urgently would procure from arbitrage traders for better pricing. Trading activities are very sluggish,” a trader added.