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Price List: Zhongjing steps back on export PP offers for the second time this weekResponses from Southeast Asian buyers remained disappointing, however, Chinese sellers started seeing an uptick in inquiries from South American buyers. |
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The dwindling local demand coupled with the falling futures contracts on Dalian Commodity Exchange has encouraged Zhongjing Petrochemical to down-adjust export PP offers for the second time this week.
The latest offers from the producer and changes from the previous offers are as follows:
|
Grade |
Price List on 01 Jan. 23 |
Changes |
Term |
|
Homo-PP yarn |
$1090 |
-$5 |
FOB China, LC AS/TT |
|
Homo-PP injection |
$1105 |
-$5 |
FOB China, LC AS/TT |
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BOPP |
$1095 |
-$5 |
FOB China, LC AS/TT |
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PP fibre |
$1110-1120 |
-$5 |
FOB China, LC AS/TT |
|
PP thin-wall |
$1125 |
-$5 |
FOB China, LC AS/TT |
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*Loading port: Jiangyin Port, Fujian, China *LSD: 10 March 2023 |
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Zhongjing Petrochemical joins other Chinese suppliers to target the export market as purchasing activities in the domestic spot market have not fully recovered. Responses from Southeast Asian buyers remained disappointing, however, Chinese sellers started seeing an uptick in inquiries from South American buyers.
Background:
Fujian Zhongjing Petrochemical is a subsidiary of China Soft Packaging Group Holdings Limited – a leading BOPP packaging products manufacturer in China. The company ventured into the upstream sector by building its first PP plant in 2012 and has been actively planning to expand the capacity since then.
Existing plants include two PP lines with a nameplate capacity of 1 million tons/year and a 750,000 tons/year propane dehydrogenation (PDH) unit based in Fujian, China.
In 2018, the company signed a contract to use LyondellBasell’s 5th Generation Spheripol technology to build a new PP line with an estimated annual output of 1.2 million tons/year. The new plant is scheduled to come online between late 2022 to early 2023.
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