- Following the decreases in the futures market, a trader decided to reduce the company’s offers for local PP Homo Raffia cargoes by CNY200/ton ($28/ton) from Thursday’s level. The trader is facing difficulties to move cargoes as most buyers think that PP prices have not bottomed out yet. Hence, the market sentiment remains bearish at the moment, SSESSMENTS.COM was told.
- A global trading house reported to SSESSMENTS.COM that import offers for PP Homo Raffia of India origin to China decreased further by another $40/ton within this week, currently available at $780/ton on LC at sight, CIF China Main Port basis. Although the operating rate at downstream factories gradually increasing, demand for PP resins remains soft as the converters’ finished products demand is still sluggish. Moreover, some orders from the export market have been cancelled due to the intensified Coronavirus outbreak globally. As such, buyers are expecting a lower price and prefer the sideline position at the moment.
| Product | Price (USD) | Terms | Changes From Previous Trading Day (USD) |
|---|
| Brent | 26.34 | May Settlement | -1.05 |
| NYMEX | 22.60 | May Settlement | -1.89 |
| Naphtha | 292 | CFR Japan | No Changes |
| Ethylene | 547-555 | CFR NEA | No Changes |
| Ethylene | 528-534 | CFR SEA | No Changes |
| Propylene | 693-699 | CFR China | No Changes |
| Propylene | 668-674 | FOB Korea | -5 |
Futures Price on Dalian Commodity Exchange (DCE)
| Dalian Futures May 2020 | Today’s Open (CNY/ton) | Previous Trading Day’s Settlement (CNY/ton) | Today’s Settlement (CNY/ton) |
|---|
| PP Raffia | 6,146 | 6,227 | 5,972 |
PP Homo Raffia, on cash, EXW China basis, including 13% VAT
| Origin | Previous Trading Day’s Range (CNY/ton) | Today’s Range(CNY/ton) |
|---|
| China | 6,400-6,800 | 6,400-6,800 |
Import PP Homo Raffia on LC at sight, CIF China main port basis
| Origin | Previous Trading Day’s Range (CNY/ton) | Today’s Range (CNY/ton) |
|---|
| Far East Asia | 920 | 920 |
| Middle East | 840-880 | 840-880 |
Tags: Asia Pacific,China,Daily,English,NEA,PP
Published on March 27, 2020 6:40 PM (GMT+8)
Last Updated on March 27, 2020 7:45 PM (GMT+8)
