On April 22, a global trading house revealed to SSESSMENTS.COM that local PE and PP offers in China have retreated below the threshold level. In East China, local LLDPE Film C4 offers have fallen below the psychological mark of CNY6,000/ton, available between CNY5,800-6,200/ton ($820-876/ton). As for PP, local PP Homo Raffia offers in the East China market have broken back below CNY7,000/ton-level, captured between CNY6,950-7,200/ton ($982-1,018/ton). All offers are on cash, EXW basis and including 13% VAT.
Since Monday, April 20, SSESSMENTS.COM was told that local prices in China continue to head south as crude oil prices turned negative for the first time in history, which led to downward movement in the futures market. On Wednesday, April 22, September 2020 PP prices on the Dalian Commodity Exchange settled below CNY7,000/ton-threshold, at CNY6,436/ton ($910/ton), decreased by CNY197/ton ($28/ton) from Tuesday settlement. Similarly, September 2020 LLDPE prices on the Dalian Commodity Exchange breached a psychological level of CNY6,000/ton, settled at CNY5,715/ton ($808/ton) on April 22, edged down by CNY155/ton ($22/ton) from Tuesday settlement.
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Local PE, PP offers on cash, EXW basis (CNY term including 13% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Offers (CNY/ton) | Equivalent in USD/ton | Delivery Location |
|---|
| China | LLDPE Film C4 | Offer Given | 5,800-6,200 | 725-776 | East China |
| China | LLDPE Film C4 | Offer Given | 6,200-6,300 | 776-788 | South China |
| China | PP Homo Raffia | Offer Given | 6,950-7,200 | 869-901 | East China |
| China | PP Homo Raffia | Offer Given | 7,100-7,200 | 888-901 | South China |
September 2020 Futures Prices On Dalian Commodity Exchange
| Date | Dalian LLDPE Settlement (CNY/ton) | Dalian PP Settlement (CNY/ton) |
|---|
| 1-Apr-2020 | 5,515 | 5,803 |
| 2-Apr-2020 | 5,695 | 6,006 |
| 3-Apr-2020 | 5,830 | 6,247 |
| 7-Apr-2020 | 6,060 | 6,569 |
| 8-Apr-2020 | 6,005 | 6,598 |
| 9-Apr-2020 | 6,00 | 6,679 |
| 10-Apr-2020 | 6,13 | 6,820 |
| 13-Apr-2020 | 6,395 | 7,164 |
| 14-Apr-2020 | 6,215 | 6,869 |
| 15-Apr-2020 | 6,185 | 6,737 |
| 16-Apr-2020 | 6,190 | 6,715 |
| 17-Apr-2020 | 6,240 | 6,882 |
| 20-Apr-2020 | 6,080 | 6,798 |
| 21-Apr-2020 | 5,870 | 6,633 |
| 22-Apr-2020 | 5,715 | 6,436 |
Tags: Asia Pacific,China,English,NEA,News,PE,PP
Published on April 22, 2020 6:50 PM (GMT+8)
Last Updated on April 22, 2020 6:50 PM (GMT+8)
