Price List: Zhongjing Petrochemical rollovers export PP offers as export window shuts

Zhongjing Petrochemical reportedly rollovers their export PP offers from the previous week citing the rebound on Dalian Commodity Exchange while overseas demand deteriorates further.

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

A source from the producer complained about the shutting export opportunity window as prices overseas continue to fall. Indeed, Southeast Asian customers have been relatively firm on their buy ideas for homo-PP yarn and injection below the $1000/ton threshold based on CIF terms.

“We could not match the buy ideas at the moment. Our offers will face stiff resistance overseas, hence, we might focus on local sales this week,” added, the source.

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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