Local PP, PE markets firm up after the holidays in China
“Domestic PP prices are up around CNY300-400/ton ($49-65/ton) since the end of the holidays while prices for homo-PP injecition and fibre have been comparatively firmer than other PP products. We attribute the recent firmness in prices to stronger upstream costs as it is still too early to get a firm idea of the demand outlook as many buyers will not return to the market until later this week,” a distributor stated.
Another distributor added, “Local PP prices gained around CNY50-100/ton ($8-16/ton) at the start of the week while PE prices are up by CNY200/ton ($32/ton). Major domestic producers appear to be feeling comfortable with their stock levels and we believe that prices will remain firm until at least mid-March, although the longer term outlook will depend on the strenght of demand.”
Domestic prices currently stand at CNY8500-8900/ton ($1183-1239/ton without VAT) for homo-PP injection, at CNY10000-10050/ton ($1392-1399/ton without VAT) for LDPE and HDPE film and at CNY9500-9700/ton ($1322-1350/ton wihtout VAT) for LLDPE film, all on an ex-warehouse China, cash equivalent basis.
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