Local PP, PE prices soften in China
The recent drop in future prices and weak demand were blamed for these decreases. Homo PP prices retreated by CNY130-200/ton ($20-30/ton) when compared to two weeks ago to CNY7900-8450/ton ($1180-1262/ton) ex-warehouse, cash inc VAT.
Local PE prices also followed suit. According to ChemOrbis Price Index, LDPE prices fell by CNY133/ton ($20/ton) when compared to two weeks ago to CNY9200-10300/ton ($1374-1538/ton). This indicates the largest drop with respect to other products while LLDPE and HDPE film prices recorded smaller drops of CNY73/ton ($11/ton) on average respectively to CNY9050-9800/ton ($1351-1463/ton) and CNY9300-10000/ton ($1389-1493/ton), all ex-warehouse, cash inc VAT.
A trader in China attributed these drops to the lower future prices and weaker demand. “CNPC and Sinopec reduced their prices as a result of these factors. Due to the low season for manufacturing activities, there are not many done deals. We plan to do back to back business” said the trader.
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