China’s local PP market hits 3-month high
The recent firming was mainly attributed to two major producers’ low overall supply levels since demand remained limited to buyers’ needs, although PP futures on the Dalian Commodity Exchange posted a slight weekly decrease of $15/ton as of December 8.
As can be seen from the below graph created by ChemOrbis Price Wizard, weekly average local homo-PP prices in China have recently hit a three-month high after following a mostly stable to firmer trend since early November.
A trader commented, “Two major local producers’ supplies are reported below average and pulled local prices up this week. We expect prices to find further support from low supplies in the remaining part of December.”
Another trader said, “Local prices have firmed up so far this week. There are deals albeit for limited quantities. We think prices will depend on the movements of the futures market.”
On a weekly basis, local homo PP raffia prices in China have increased by CNY100-150/ton ($15-23/ton) so far to be currently quoted at CNY9000-9200/ton ex-warehouse China, cash including VAT ($1163-1189/ton without VAT).
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian PET markets in limbo between high costs and tepid demand
- India PVC sentiment improves further despite lower Aug offers from Taiwan
- Asian ethylene, propylene prices remain bullish but caution lingers
- African PP, PE markets offer mixed bag for July
- European PVC suppliers seek hikes for 14th straight month in July
- Turkey’s PP markets rise around 10% in a month
- India PVC sees first hike attempts after weeks of declines
- Import PE increases lose momentum in China, except for LDPE
- Downtrend continues into July in Mid-Eastern PP, PE markets
- Pace of PS drops in Asia slackens; ABS downtrend in full swing