China’s Feb homo PP imports from US hit more than 5-year high
This was in line with Chinese players’ reports of the arrival of deep-sea cargoes in the post-holiday period in February.
Despite the players’ expectations of seeing a rebound after the Chinese New Year Holidays in China, the PP market opened the post-holiday period on a soft note given weak demand and ample supply levels. In addition, softer PP futures on Dalian Commodity Exchange also weighed down on buying interest and players mostly preferred local materials due to their competitiveness over the imported cargoes.
A trader commented, “Import supply is quite sufficient as the disrupted availability from the Middle East is counterbalanced by the continuous arrival of deep-sea cargoes.”
In February, China’s total homo PP imports reached 331,157 tons, up around 26% from 261,897 tons in January. However, during the same period India’s PP exports to China declined by 55.4% to 3,825 tons from 8,581 tons in January despite the fact that shipments from most countries indicated higher volumes.
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