China Morning Snapshot – 26 March 2021
China Morning Snapshot – 26 March 2021
May 2021 delivery contracts on Dalian Commodity Exchange ended the morning session in the red, following the weakening trend in the crude oil market.
Details on the spot and futures prices are shown in the following table:
|
26 March 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
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|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2105 |
CNY 8900 |
USD 1205 |
-CNY 18 |
-USD 3 |
|
LLDPE 2105 |
CNY 8580 |
USD 1161 |
-CNY 10 |
-USD 2 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 9000-9200 |
USD 1218-1245 |
Stable |
Stable |
|
LLDPE (North China) |
CNY 8550-8750 |
USD 1157-1184 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s reduced 30,000 tons from the previous day to 820,000 tons as of 26 March 2021.
There are limited movements in the local ground. Suppliers claimed to have depleted a good number of cargoes over the past couple of days after conceding to discounts, easing inventory pressure to a certain extent before the month-end.
Sources said that customers are making small purchases at the lower end of the overall price range while hoping for additional reductions in the coming week.