Market Alerts: China

In China, futures price in the morning session continue to firm up CNY125/t ($19/t) for PP and CNY80/t ($12/t) for PE. It is reported that local PP and PE prices also gain CNY100 ($15/t) compared to yesterday.

Higher crude oil and monomer value has encouraged local buyers to replenish material this couple of days. In fact, players are reporting better deals in local market this morning. A trader added, "We elected to maintain our offer stable to attract buyers. We managed to close a satisfactory number of deals but compared to the previous years, we see trading activities have weakened considerably at this time of the year."

In the plant news, it is heard that the hydrocracking unit of Sinopec Guangzhou Petrochemical Company was caught on fire yesterday, 23 Dec 2015. However, it is more likely to impact the up-stream production, according to sources familiar with this matter. CommoPlast is still in the process of checking the actual status of this plant and will update again soon.

For further information, kindly contact our market analysts at commoplastinfo@gmail.com.