A Chinese trader is cautious about adjustment for import PE cargoes and revealed to SSESSMENTS.COM regarding the localized offers that moved in-line with the futures market prices. This week, import offers for HDPE grades and LLDPE Film C4 of US origin emerged with an increment of $20-30/ton on a weekly comparison. Such a level is quite high and the trader feels cautious about the upward adjustment amid lots of uncertainties in the market coupled with lack of support from demand. Currently, the offers for US cargoes are available at above $700/ton on LC 90 days, CIF China Main Port basis, and the last shipping date is on July 31, 2020.
For localized cargoes, the trader has managed to sell some Iranian cargoes on May 6. Deals for both HDPE Film and HDPE Injection increased by CNY100/ton ($14/ton) compared to last Friday. Currently, the trader is mulling over another upward adjustment for the cargoes between CNY50-100/ton ($7-14/ton) from a day earlier considering the firmer futures market.
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