CommoPlast | Article - Shenhua Auction: Sell-through rates diverge on early futures movements

Shenhua Baotou Coal Chemical Co., China’s largest coal-based petrochemical producer, concluded its auction on 15 April 2025, with the results for prime grades as follows:

Product	Auction Volume	Deal Volume	Auction Prices		Deal Prices		Deal %
Product	Auction Volume	Deal Volume	CNY/ton	USD/ton	CNY/ton	USD/ton	Deal %
*Combined and reported by CommoPlast*
PPH Yarn	1250	1129	7080	$857	7110-7270	$861-880	90.3%
PPBC Inj	332	32	6900	$843	6960	$843	9.6%
LL Film	1070	469	7350	$890	7350-7440	$890-901	43.8%
Auction and Deal volumes are in tonnage All USD equivalent prices only exclude the 13% value-added tax (VAT). They have not taken into account other costs that might incur in the selling process, i.e. import duty, customs clearances.

Auction platform: https://www.e-chnenergy.com

Auction time: Monday – Friday, 10 AM – 12 PM

Key takeaways:

The Shenhua Auction Platform recorded mixed results, reflecting early-session fluctuations on the Dalian Commodity Exchange. However, buyer caution intensified as the auction progressed, with futures contracts ending in unanimous decline.

In the LLDPE segment, uptake dropped sharply from over 90% in the prior session to 43.8%, as a CNY50/ton price hike met with limited acceptance. The resistance was reinforced by a persistent downtrend in LLDPE futures throughout the morning.

Meanwhile, PP sales dwindled by a smaller margin, with volumes falling 9.6% from the previous session. While early buying interest was lifted by a strong start in PP contracts, momentum weakened later in the session, with futures ending in deeper losses than LLDPE.

Further weighing on sentiment, participants noted that the ongoing ChinaPlas and Canton Fair events had already curbed engagement—an effect that may persist until the conclusion of Labour Day in early May.

Written: Kat Yun Yun

Edited: Derek Yong

Country

China