China Morning Snapshot – 18 May 2021
China Morning Snapshot – 18 May 2021
Dalian Commodity Exchange slips into the negative territory this morning after news on the falling manufacturing activities in China in April.
Details on the spot and futures prices are shown in the following table:
|
18 May 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
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|
Dalian Commodity Exchange (Mid-day closing) |
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|
PP 2109 |
CNY 8748 |
USD 1204 |
-CNY 62 |
-USD 10 |
|
LLDPE 2109 |
CNY 8050 |
USD 1108 |
-CNY 80 |
-USD 12 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
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|
PPH (East China) |
CNY 8750-8900 |
USD 1204-1225 |
-CNY 50 |
-USD 8 |
|
LLDPE (North China) |
CNY 8100-8450 |
USD 1115-1163 |
-CNY 100 |
-USD 15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses digested 15,000 tons from the previous day to 765,000 tons as of 18 May 2021. (Correction: Total stocks were at 780,000 tons on 17 May 2021. The previous Snapshot reported at 800,000 tons.)
Sentiment in the domestic spot market remains sluggish, which encourages sellers to step back on both PP and PE prices. Sources informed that the local LDPE film market is under tremendous pressure due to comfortable supply amid the continuous arrival of Iranian cargoes. Chinese buyers are generally not optimistic about the near-term outlook.