[FREE] Price List: China’s Zhongjing up-adjusted export PP offers on firmer DCE

Fujian Zhongjing Petrochemical has opened a fresh export price list for its PP cargoes on the first trading day of the week with $5-10/ton firmer than the last announcement citing the recent stabilizing Dalian Commodity Exchange that supports the local ground.

The latest offers from the producer and changes from the previous offers are as follows:

The minor adjustment reflects the producer’s cautious stance given the fact that overseas customers are also reluctant to proceed with large buys, fearing the uncertainty the Chinese market poses. 

“There are not many supports for a strong rebound yet. Hence, we prefer to maintain a conservative stance. Our target prices remain below $1300/ton CIF Vietnam mark,” a Vietnamese buyer responded. 

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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