China Morning Snapshot – 26 April 2021
China Morning Snapshot – 26 April 2021
September delivery contracts for PP and LLDPE settled the morning session in the green with support from a stronger energy complex.
Details on the spot and futures prices are shown in the following table:
|
26 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 8493 |
USD 1158 |
+CNY 119 |
+USD 18 |
|
LLDPE 2109 |
CNY 8190 |
USD 1117 |
+CNY 90 |
+USD 14 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8650-8750 |
USD 1179-1193 |
Stable |
Stable |
|
LLDPE (North China) |
CNY 8200-8500 |
USD 1118-1159 |
+CNY 50 |
+USD 8 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Compared to last Friday, the total PP and PE inventory digested 40,000 tons to 790,000 tons as of 26 April 2021. Some of the companies were working throughout the weekend to compensate for the long Labor Day holiday.
The sentiment in the domestic spot market is steady from the weekend with buyers return to make small purchases, which encourages sellers to maintain a firmer stance on the spot prices. While players are hoping for improving pre-holiday replenishment activities, the woven bag associations have advised their customers to take a longer holiday to ease the cost pressure, causing heavy concerns among local suppliers.