China Morning Snapshot – 22 April 2021
China Morning Snapshot – 22 April 2021
There are limited movements on the Dalian Commodity Exchange this morning, and though the PP contract for September delivery only inched slightly lower, market players are seeing a sane level of impact on the spot ground as the previous day.
Details on the spot and futures prices are shown in the following table:
|
22 April 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 2109 |
CNY 8352 |
USD 1139 |
-CNY 18 |
-USD 3 |
|
LLDPE 2109 |
CNY 8070 |
USD 1100 |
Stable |
Stable |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8650-8750 |
USD 1179-1193 |
Stable |
Stable |
|
LLDPE (North China) |
CNY 8150-8500 |
USD 1111-1159 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s reduced 5,000 tons day-on-day to 865,000 tons as of 22 April 2021.
Spot PP and PE offers hold largely stable toward the end of the week, yet, trading activities show little changes from the previous day. Several traders have expressed the readiness in reducing spot offers in the coming days with the aim to deplete more stocks ahead of the long Labor Day holiday.
“Customers do not seem interested in procuring additional cargoes. The market sentiment is not strong, hence, both local and import markets shall have to go down again,” a market source added.