- As of Monday, June 1, September 2020 PP prices on the Dalian Commodity Exchange increased by CNY137/ton ($19/ton) as observed at 2PM (GMT+8), open at CNY7,193/ton ($1,008/ton) during morning trading session. Following an uptrend in the futures market, a Chinese trader initiated a price increase of CNY100/ton ($14/ton) on local PP Homo Raffia cargoes as compared to last Friday’s level, available in the market between CNY7,700-7,900/ton ($1,079-1,107/ton) on cash, EXW China basis and including 13% VAT. According to the trader, after the upward price adjustment, converters have shown resistance to higher prices; hence prefer to purchase the materials on a hand-to-mouth basis. Overall, demand for PP resins is still better than PE.
- On the supply front, market sources in China revealed to SSESSMENTS.COM on the latest updates of inventory level of the two leading Chinese polyolefins producers. As of Monday morning, total inventory level at both producers recorded an increase of 135,000 tons from last Friday’s level, stood at 825,000 tons.
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