A Chinese trader revealed to SSESSMENTS.COM on the price adjustment for import PE cargoes from the US along with the localized offers that is moving in line with the futures market prices. As reported, this week, import offers for PE grades of US origin surfaced with an increment of $10/ton on a weekly comparison. Currently offers for HDPE Injection are available at $710-720/ton, HDPE Film captured at $755/ton, and LLDPE Film C4 at $730-740/ton. All offers are on LC 90 days, CIF China Main Port basis. According to the trader, the price hikes are primarily due to satisfactory sales for US cargoes, hence, the suppliers do not have inventory pressure. However, the trader does not have any intention to procure some volume considering the slow demand following softer futures market. As such, the trader believes that current offers for US PE cargoes will be eventually revised down within this week.
As the buying sentiment in the local market is not that positive following the softer futures prices, the offers for localized Iranian HDPE Film and HDPE Injection reportedly dropped between CNY100-150/ton ($14-21/ton) from last week, SSESSMENTS.COM was told. As noted, September 2020 LLDPE prices in the Dalian Commodity Exchange decreased by CNY70/ton ($10/ton) day-on-day, settling at CNY6,230/ton ($878/ton) by Tuesday (May 12) settlement.
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