- According to a local trader, China’s domestic PP market has gained some strength from firmer futures market and limited supply. However, the trader voiced out that the uptrend in the market will be short-lived considering the current production rate of the two leading polyolefins producers in the country and influx of imported cargoes in the days to come. Due to these circumstances, most buyers are expecting lower prices in May; hence, most buyers are reluctant to replenish inventory at the moment. On the post-Labour Day holiday, the possibility of PP prices to move lower remains high as supply will continue to pile up, coupled with many uncertainties in the market.
- From the import market, a South Korean producer has sold out May shipment PP allocation to the China market since last week. SSESSMENTS.COM noted that deals for PP Homo Raffia were concluded at $810/ton on LC at sight, CIF China Main Ports basis, or $40/ton lower than the initial offer level.
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| Product | Price (USD) | Terms | Changes From Previous Trading Day (USD) |
|---|
| Brent | 20.46 | June Settlement | 0.47 |
| NYMEX | 12.34 | June Settlement | -0.44 |
| Naphtha | 192 | CFR Japan | -1 |
| Ethylene | 362-370 | CFR NEA | 10 |
| Ethylene | 328-334 | CFR SEA | No Changes |
| Propylene | 682-690 | CFR China | 4 to 6 |
| Propylene | 632-640 | FOB Korea | 4 to 6 |
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 | 6,960 | 6,893 | 6,870 |
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 | 7,400-7,650 | 7,650-7,700 |
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 | 770-800 | 770-800 |
Tags: Asia Pacific,China,Daily,English,NEA,PP
Published on April 29, 2020 2:51 PM (GMT+8)
Last Updated on April 29, 2020 4:06 PM (GMT+8)
