China Morning Snapshot – 22 March 2021
China Morning Snapshot – 22 March 2021
Dalian Commodity Exchange inched slightly higher by the end of the morning session, however, lacking support for a stronger rebound.
Details on the spot and futures prices are shown in the following table:
|
22 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 9094 |
USD 1238 |
+CNY 9 |
+USD 1 |
|
LLDPE 2105 |
CNY 8725 |
USD 1188 |
+CNY 20 |
+USD 3 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 9200-9350 |
USD 1253-1273 |
-CNY 50 |
-USD 8 |
|
LLDPE (North China) |
CNY 8750-8950 |
USD 1191-1219 |
-CNY 100 |
-USD 15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Throughout the weekend, total inventories at Sinopec and CNPC’s warehouses pile up 80,000 tons to 940,000 tons as of 22 March 2021.
The domestic sentiment is soft during the early trading hours of the week. Buyers are waiting for additional discounts to emerge citing the falling support from upstream costs and demand.
“Customers are not even asking for new offers. This could be due to comfortable replenishment in the previous week. Import market might fall if local prices continue to weaken,” a trader commented.