Stats: China’s cumulative PP imports in Jan-July 2020 reach record-high
The country’s cumulative PP imports hit a new record of more than 3.6 million tons in the first seven months of 2020, climbing 32% when compared to the same period of last year.
The record-high import volumes suggest that the country has continued to recover from the negative impacts of COVID-19 pandemic over its economy.
Monthly volumes in June made the largest contribution to PP imports with a total volume of 794,000 tons, generating the 22% of the overall imports within this period.
PP copolymer imports in Jan-July rise above 1 million tons for first time
China’s cumulative PP copolymer imports in the January-July period were slightly above 1 million tons for the first time in the past 20 years, ChemOrbis data also reveal. When compared to the same period of 2019, meanwhile, they jumped 23%.
Except for decreases in March and July, the country’s PP copolymer imports posted steady gains on a month over month basis since 2020 started. In July 2020 alone, PP copolymer imports fell 22% month over month in July to be reported at 169,426 tons.
During the first seven months of 2020, Taiwan was the top PP copolymer supplier of China’s imports with 248,301 tons, followed by South Korea (221,074 tons) and Singapore (190,664 tons).
Total homo-PP imports in Jan-July jump 36% on year
China’s total PP homo-polymer imports in the January-July period slightly exceeded 2.5 million tons, marking a 36% increase on a year on year comparison.
Meanwhile, the country’s PP homo-polymer imports gradually increased on a monthly basis from the beginning of the year until a slight monthly loss in July. Imports for homo-PP decreased 20% from a month earlier in July to be reported at 459,780 tons.
During the first seven months of 2020, South Korea was the top PP homo-polymer supplier of China’s imports with 497,158 tons, followed by Saudi Arabia (276,247 tons) and India (263,542 tons).
New PP capacities in China may affect conditions for imports
More than 1.5 million tons/year of brand new PP capacity is scheduled to be added to China’s production during 2020.
China’s greater self-sufficiency in terms of PP production may lead to a weaker performance for imports when compared to the previous years.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian PET markets in limbo between high costs and tepid demand
- India PVC sentiment improves further despite lower Aug offers from Taiwan
- Asian ethylene, propylene prices remain bullish but caution lingers
- African PP, PE markets offer mixed bag for July
- European PVC suppliers seek hikes for 14th straight month in July
- Turkey’s PP markets rise around 10% in a month
- India PVC sees first hike attempts after weeks of declines
- Import PE increases lose momentum in China, except for LDPE
- Downtrend continues into July in Mid-Eastern PP, PE markets
- Pace of PS drops in Asia slackens; ABS downtrend in full swing