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China’s import PP, PE markets see further reductions

by ChemOrbis Editorial Team - content@chemorbis.com
  • 21/08/2015 (17:55)
Players in China report that the import PP and PE markets witnessed further decreases at the end of the week as upstream costs continued to slide while demand remained disappointing. In economic news, a Purchasing Managers’ Index (PMI) compiled by Caixin China and Markit Economics dropped to a 77-month low of 47.1 for August, suggesting that the Chinese economy might struggle to achieve the government’s 2015 growth target of 7%.

A trader reported receiving $10-30/ton decreases for homo-PP compared with earlier in the week at $1050/ton CIF, 90 days for Brazilian raffia, at $1070/ton CIF, 90 days for Indian raffia and at $1050/ton CIF, cash for Saudi Arabian injection. “Import PP prices witnessed further declines at the end of the week owing to subdued market activity. Most buyers are proceeding cautiously with their purchases these days,” the trader commented.

In the PE market, another trader said that they received $10/ton lower offers for LDPE film at $1240/ton CIF, 90 days for Iranian material and at $1220/ton CIF, cash for a Saudi Arabian origin. The same trader also reported receiving an offer for Middle Eastern LLDPE film with a $20/ton reduction at $1170/ton CIF, 90 days. “It is difficult to conclude deals these days as most buyers are keeping to the sidelines. We hear that many sellers are willing to negotiate with buyers placing firm bids,” the trader stated.

Import prices for both dutiable and non-dutiable PE cargoes were reported at $1170-1280/ton for LDPE film, $1150-1230/ton for LLDPE film and at $1210-1270/ton for HDPE film, all on a CFR China, cash equivalent basis. In the PP market, import homo-PP injection and raffia prices stand at $1030-1100/ton with the same terms.
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