- A Xiamen-based trader revealed to SSESSMENTS.COM that this week, most converters in China are not actively seeking import cargoes, deeming current offers from suppliers too high to be workable. According to the trader, some buyers voiced out their buy idea for Middle Eastern PP Homo Raffia cargoes between $900-920/ton on LC at sight, CIF China Main Port basis, which is much lower than traders’ price list. Looking ahead, the trader believes that PP prices will fluctuate within a relatively small range in the near term, backed by rising propylene prices and relatively tight supply in the market.
- On the supply side, market sources in China shared with SSESSMENTS.COM on the latest updates of the inventory level of the two leading polyolefins producers in the country. As of Tuesday, July 21, the inventory level of polyolefins at both producers recorded at 760,000 tons, posting a reduction of 20,000 tons as compared to Monday’s level.
| Product | Price (USD) | Terms | Changes From Previous Trading Day (USD) |
|---|
| Brent | 43.28 | September Settlement | 0.14 |
| NYMEX | 40.81 | August Settlement | 0.22 |
| Naphtha | 387 | CFR Japan | 3 |
| Ethylene | 798-804 | CFR NEA | No Changes |
| Ethylene | 712-720 | CFR SEA | No Changes |
| Propylene | 823-829 | CFR China | 5 |
| Propylene | 783-789 | FOB Korea | 5 |
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 | 7,487 | 7,467 | 7,490 |
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 | 7,800-7,950 | 7,650-8,000 |
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 | 940-950 | 950 |
Tags: Asia Pacific,China,Daily,English,NEA,PP
Published on July 21, 2020 2:38 PM (GMT+8)
Last Updated on July 21, 2020 2:38 PM (GMT+8)
