China Morning Snapshot – 11 March 2019
China Morning Snapshot – 11 March 2019
LL C4 Film PPH Inj PPH Raf
Dalian Commodity Exchange tumbled during the early trading hours on the first trading day of the week, but managed to recover most of the loses by the break time.
Details on the spot and futures prices are shown in the following table:
|
11 March 2019 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
|
Dalian Commodity Exchange (Mid-day closing) |
|
||||
|
PP 1905 |
CNY 8745 |
USD 1122 |
0 |
0 |
|
|
LLDPE 1905 |
CNY 8630 |
USD 1107 |
-CNY 30 |
-USD 4 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
|||
|
PPH (East China) |
CNY 8750-8800 |
USD 1122-1129 |
Stable |
Stable |
|
|
LLDPE (North China) |
CNY 8650-8850 |
USD 1110-1135 |
-CNY 50 |
-USD 7 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
|
|
|
||
|
Exchange rate: USD 1 = CNY 6.72 |
|||||
Total inventories at Sinopec and CNPC’s warehouses piled up 90,000 tons from last Friday to 1,010,000 tons as on 11 March 2019.
Domestic market remains steady and deals for both PP and PE continue to materialize at the lower end of the overall price range. However, customers are rather concern about the surging inventories levels in major producers’ warehouses and hoping to obtain more discount in the coming days.
“On the other hand, local homo-PP prices are very competitive at the moment. We think this might cap the firming trend that is forming in the import ground,” a buyer said.