China Morning Snapshot – 08 April 2021
China Morning Snapshot – 08 April 2021
The falling trend extended to this morning from last night session, with major contracts for both PP and LLDPE settled with three-digits losses by the break time.
Details on the spot and futures prices are shown in the following table:
|
08 April 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2105 |
CNY 8873 |
USD 1200 |
-CNY 139 |
-USD 21 |
|
LLDPE 2105 |
CNY 8665 |
USD 1172 |
-CNY 135 |
-USD 21 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 9000-9200 |
USD 1218-1245 |
-CNY 50-100 |
-USD 8-15 |
|
LLDPE (North China) |
CNY 8600-8850 |
USD 1163-1198 |
-CNY 50-100 |
-USD 8-15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s reduced 25,000 tons day-on-day to 870,000 tons as of 08 April 2021.
The falling futures market further hampers the already sluggish spot trading toward the end of the week, from which traders reported having achieved very limited transactions even at lower price levels.
Sources said that inquiries from the export market are also weakening. “There are some orders from the European region. Other than that, the market is very quiet,” a market source added.