China Morning Snapshot – 26 August 2021
China Morning Snapshot – 26 August 2021
Dalian Commodity Exchange fell back to the negative territory on the revived concerns over the COVID-19 outbreak and the fully reopen of the Zhoushan port that would boost local supply.
Details on the spot and futures prices are shown in the following table:
|
26 August 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2201 |
CNY 8184 |
USD 1118 |
-CNY 172 |
-USD 27 |
|
LLDPE 2201 |
CNY 8130 |
USD 1110 |
-CNY 130 |
-USD 20 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8400-8500 |
USD 1147-1161 |
-CNY 50 |
-USD 8 |
|
LLDPE (North China) |
CNY 8100-8300 |
USD 1106-1134 |
-CNY 100 |
-USD 15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses fell only 5,000 tons day-on-day to 675,000 tons as of 26 August 2021.
Spot market is soft, however, players reported having sold satisfactory number of cargoes for future delivery at lower the current market levels. Meanwhile, the drops in both Dalian Commodity Exchange and spot prices once again reopen the export window, with traders reportedly received good inquiries from Bangladesh buyers in the range of $1187-1195/ton FOB China for homo-PP cargoes.
“Trading activities in the local ground are sluggish. We have to push for export in order to achieve the month end sales target,” a trader added.