Local PP, PE prices move lower in China
“Local prices declined CNY100-200/ton ($16-32/ton) at the start of the week as sentiment is still not encouraging. In addition to sluggish buying interest, we think that prices may also see further reductions in the near term as most producers will try to clear their inventories before the new year. China’s local markets are likely to remain on the softer side as long as crude oil prices continue to fall,” a Shanghai-based trader stated.
A second trader in Shanghai commented, “Buyers are postponing their purchases as they expect to see lower prices in line with weakening upstream markets. We think that further reductions are possible until the end of the year.”
In China, local PP prices currently stand at CNY9600-9800/ton ($1338-1366/ton without VAT) for PP block copolymer, at CNY9450-9900/ton ($1317-1380/ton without VAT) for homo-PP raffia and at CNY9600-10300/ton ($1338-1436/ton without VAT) for injection, all on an ex-warehouse China, cash equivalent basis.
In the local PE market, prices are reported at CNY10200-10900/ton ($1422-1519/ton without VAT) for LDPE film, at CNY9600-9800/ton ($1338-1366 without VAT) for LLDPE film, at CNY11400/ton ($1589/ton without VAT) for HDPE film and at CNY9200-10100/ton ($1282-1408/ton without VAT) for HDPE injection with the same terms.
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