On Tuesday, April 7, SSESSMENTS.COM noted that China PE and PP market has started to rebound following the better sentiment after Tomb-Sweeping Day (Qingming Festival). In the futures market, settlement for LLDPE and PP on Tuesday increased by CNY230/ton ($32/ton) and CNY322/ton ($45/ton) respectively compared to the settlement on Friday, April 3.
For PE, a Chinese trader informed SSESSMENTS.COM that the company adjusted up offers for local PE cargoes across all grades. Local HDPE Film and LDPE Film prices were adjusted up by CNY100-200/ton ($14-28/ton) and CNY100/ton ($14/ton) respectively. Significant price increment captured on local LLDPE Film C4 cargoes, with an increase of between CNY400-450/ton ($56-63/ton), all compared to Thursday, April 2.
For PP, following the increases in the futures market as well as the import prices, traders adjusted up the offers for local PP Homo Raffia between CNY200-500/ton ($28-70/ton) from the last trading day, SSESSMENTS.COM was told. During the same timeframe, the highest increment captured on local PP Homo Fiber prices with an increase of CNY700/ton ($99/ton). While for the other PP grades, the offers increased between CNY300-400/ton ($42-56/ton). However, Chinese market players are unsure of the sustainability of the current price trend. Some players opined that the uptrend in PE and PP prices would not last long considering the high polyolefins inventory level in the domestic market.
