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China’s local PP market rises in response to firmer futures

by ChemOrbis Editorial Team -
  • 07/07/2020 (14:27)
Rising PP futures as well as domestic producers’ firmer pricing have paved the way for hikes in China’s local polypropylene market so far this week. The market has been on a mostly stable to firmer note since mid-May.

Apart from the aforementioned factors, the steady gains in import markets, improving demand since the country’s emergence from COVID-19 related lockdowns in late April as well as two major producers’ lower inventory levels have also supported the sentiment.

According to market sources, the two major domestic producers’ overall polyolefin supplies are standing at 685.000 tons as of July 7, down by 20.000 tons when compared to late June levels.

A trader said, “Domestic PP prices have increased further so far this week in line with firmer futures on the Dalian Commodity Exchange.”

On July 7, September PP futures were CNY73/ton ($10/ton) higher to settle at CNY7714/ton ($971/ton without VAT).

Latest offer levels in the spot market, meanwhile, are quoted at CNY7750-7850/ton ($971-983/ton without VAT) for homo-PP raffia and at CNY8000-8100/ton ($1000-1015/ton without VAT) for PPBC inj., all on ex-warehouse China, cash including VAT basis.

On a weekly basis, local PPBC inj. and homo-PP raffia prices have been up by CNY50-150/ton ($7-21/ton).

“The ongoing firmness across import prices, the ongoing turnarounds at several plants and China’s positive economic data are expected to keep local PP prices on the firm side in the days to come,” the trader also opined.
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