China Morning Snapshot – 20 April 2021
China Morning Snapshot – 20 April 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:
|
20 April 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2109 |
CNY 8537 |
USD 1162 |
-CNY 51 |
-USD 8 |
|
LLDPE 2109 |
CNY 8320 |
USD 1133 |
-CNY 15 |
-USD 2 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8800-8900 |
USD 1198-1212 |
-CNY 50 |
-USD 8 |
|
LLDPE (North China) |
CNY 8300-8650 |
USD 1130-1178 |
-CNY 50 |
-USD 8 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses reduced 25,000 tons from the previous trading day to 880,000 tons as of 20 April 2021.
Chinese buyers are puzzled by the latest data from the Chinese Customs Department that showed larger than expected PE arrival for the month of March, at 1.65 million tons. “In addition to the slow down export market, suppliers would have to focus on the domestic ground to deplete the cargoes. This could add more pressure on the market,” a buyer commented.
Purchasing activities are stable, yet, buyers would only source small quantities to meet the immediate needs.