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Ethylene prices in Asia posted a steep drop of $80/t yesterday on concern over the start up of Chandra Asri’s newly expanded naphtha cracker would increase the supply in the region. This morning, domestic PE market in China quickly responds to the changes in the upstream market with seller promptly adjusted their offers down CNY100-200/t ($15-30/t) compared to yesterday.

 A trader said, “Local supply for LLDPE film is still not sufficient, yet major producers have reduced their price list by CNY200/t ($30/t) today in line with the falling upstream value. We now move to the side-line until we see clearer market direction.”

Another trader in Ningbo added, “Import offers remained largely stable and our regular customers are bidding at very low price. So far, we have not achieved satisfactory number of deal.”

To have more details about local and import PE prices to China, kindly visit our Daily Price section on www.commoplast.com.