Irregular HDPE origins show up in China at competitive prices
In line with the emergence of competitive offers for different origins, some players have started to question if China’s import HDPE market is nearing its peak level. Data from ChemOrbis Price Index show that the weekly average of import HDPE prices is currently standing at its highest level since August 2015 if the recent competitive offer levels are excluded.
A trader based in Shanghai received a Spanish HDPE film offer at $1250/ton CIF, cash while he offered Egyptian HDPE film at $1230-1250/ton with the same terms. “Demand is likely to fade in line with the start of the winter season while the emergence of competitive offers for irregular origins may reverse the sentiment for HDPE,” commented the trader.
The overall range for import HDPE film prices, which is formed by Iranian, Middle Eastern and Southeast Asian origins, currently stand at $1280-1355/ton CIF China, cash.
Meanwhile, an Indian producer revealed its January HDPE film offer at $1210/ton CIF China, cash, which stands even below the offers for Egyptian and Spanish HDPE.
“We are cautious about the PE outlook as we think prices may undergo a correction given a possible recovery in HDPE supplies,” a trader noted.
In statistics news, China’s HDPE imports decreased 6.7% in October when compared to the previous month to reach around 530,000 tons. On a yearly basis, however, HDPE imports surged 44%. Saudi Arabia was the top HDPE supplier to China with 130,326 tons, the largest volume since March 2015.
In the first ten months of 2017, China’s cumulative HDPE imports reached 5,247,362 tons, hitting a record high.
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