- In the upcoming weeks, a local trader in China foresees that futures market and spot PP prices will continue to head south due to the influx of imported cargoes by next week. Moreover, the trader pointed out that a large number of local producers have switched back to producing PP Yarn and Injection grades after previously focusing on PP Fiber, amid a spike in global demand for surgical masks and personal protective equipment. This situation will exert downward pressure on domestic PP prices. In line with the downward movements in the futures market at the beginning of the week, a local trader applied a price reduction of CNY200/ton ($28/ton) on PP Homo Raffia grades on a week-on-week comparison, available at CNY7,300/ton ($1,030/ton) on cash, EXW China basis and including 13% VAT. From the import market, the availability of fresh import offers is limited this week.
- Following the downtrend in the futures market in the last two days, another local trader in China has adjusted down its offer further. As stated to SSESSMENTS.COM, the trader initiated a price reduction of CNY100/ton ($14/ton) for PP Homo Raffia compared to Monday’s level in response to the softer futures prices by Tuesday settlement
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WeeklySSESSMENTS: SEA PE Prices W/C May 4
WeeklySSESSMENTS: China PE Prices W/C May 4
| Product | Price (USD) | Terms | Changes From Previous Trading Day (USD) |
|---|
| Brent | 29.98 | July Settlement | 0.35 |
| NYMEX | 25.78 | June Settlement | 1.64 |
| Naphtha | 237 | CFR Japan | -3 |
| Ethylene | 502-510 | CFR NEA | 50 |
| Ethylene | 457-465 | CFR SEA | 25 |
| Propylene | 743-749 | CFR China | No Changes |
| Propylene | 698-704 | FOB Korea | No Changes |
Futures Price on Dalian Commodity Exchange (DCE)
| Dalian Futures September 2020 | Today’s Open (CNY/ton) | Previous Trading Day’s Settlement (CNY/ton) | Today’s Settlement (CNY/ton) |
|---|
| PP Raffia | 6,856 | 6,802 | 6,855 |
PP Homo Raffia, on cash, EXW China basis, including 13% VAT
| Origin | Previous Trading Day’s Range (CNY/ton) | Today’s Range (CNY/ton) |
|---|
| China | 7,800-7,850 | 7,300-7,600 |
Import PP Homo Raffia on LC at sight, CIF China main port basis
| Origin | Previous Trading Day’s Range (USD/ton) | Today’s Range (USD/ton) |
|---|
| Middle East | 820-830 | 820-830 |
Tags: Asia Pacific,China,Daily,English,NEA,PP
Published on May 13, 2020 3:01 PM (GMT+8)
Last Updated on May 13, 2020 3:01 PM (GMT+8)
