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Price List: Zhongjing rollovers export PP offers amid diverged local market.Although most traded PP contracts on the Dalian Commodity Exchange gathered a minor gain of CNY11/ton ($2/ton) on the first trading day of the week, investors seemed not motivated enough to participate in larger trading volumes. |
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Zhongjing Petrochemical announces export PP offers at unchanged levels compared to the previous week as diminishing demand conditions across the region overshadowed a minor uptick in futures contracts on the Dalian Commodity Exchange.
The latest offers from the producer and changes from the previous offers are as follows:
|
Grade |
Price List on 28 Aug. 2023 |
Changes |
Term |
|
Homo-PP yarn |
$955 |
Stable |
FOB China, LC AS/TT |
|
Homo-PP injection |
$975 |
Stable |
FOB China, LC AS/TT |
|
BOPP |
$960 |
Stable |
FOB China, LC AS/TT |
|
PP fibre |
$980 |
Stable |
FOB China, LC AS/TT |
|
PP random copo |
- |
- |
FOB China, LC AS/TT |
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*Loading port: Jiangyin Port, Fujian, China *LSD: 31 October 2023 |
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Although most traded PP contracts on the Dalian Commodity Exchange gathered a minor gain of CNY11/ton ($2/ton) on the first trading day of the week, investors seemed not motivated enough to participate in larger trading volumes. A slew of market support measures announced over the weekend by the government was deemed merely to ‘address the outflow and dilution of funds, rather than where the fresh liquidity will come from.’ As a result, little impact was observed in the domestic spot market in China.
“We continue to monitor the responses from buyers before making any necessary adjustments. We need to take into account the rising production costs instead of the futures market sentiment alone,” said, a source from the producer.
Also worth pointing out, for the second week on the bounce offers for PP fiber grade H39S and PP random copolymer are absent as the producer continues to focus production more on homo-PP yarn and BOPP.
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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Country
China
