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China Morning Snapshot – 16 March 2021China Morning Snapshot – 16 March 2021 |
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Dalian Commodity Exchange for both PP and PE poses firm range-bound throughout the morning session.
Details on the spot and futures prices are shown in the following table:
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16 March 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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Combined and reported by CommoPlast |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 2105 |
CNY 9505 |
USD 1292 |
+CNY 63 |
+USD 10 |
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LLDPE 2105 |
CNY 9100 |
USD 1237 |
+CNY 45 |
+USD 7 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9500-9600 |
USD 1291-1305 |
+CNY 50 |
+USD 8 |
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LLDPE (North China) |
CNY 8950-9200 |
USD 1217-1251 |
+CNY 100 |
+USD 15 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s reduced 30,000 tons from the previous trading day to 905,000 tons as of 16 March 2021. (Correction: Total stocks were at 935,000 tons on 15 February 2021. The previous Snapshot reported at 945,000 tons.)
The local ground hold firm though real transactions remain thin, according to market sources. Arbitrage traders continue to drive the market movement, actively making purchases at the lower end of the overall price range.
More Chinese traders open new export offers for both PP and PE today, mostly at unchanged level week-on-week citing the lack of buying interest among international customers despite the firming local ground.
Country
China
