A source from a Saudi producer informed SSESSMENTS.COM that the company’s PE cargoes for April allocation to China market are already sold out. According to the source, the company already began selling for May shipment since last week, which also well-received by customers. The offers for HDPE Film at $780/ton, HDPE Blow Molding at $760/ton, and LLDPE Film C4 at $770/ton. All offers on LC at sight, CIF China main ports basis. Further added, cargoes will be shipped from Singapore.
The producer source also told SSESSMENTS.COM that prices in China domestic market have softened since yesterday, April 15. The uptrend seen since the end of last week could not sustain given the weak demand upon converters still observing the situation. “Our customers are mainly producing for export, predominantly marketed in the US. Production is then postponed when orders been cancelled as the US currently in the middle of COVID-19 outbreak,” according to the producer. The PE market then is expected to remain weak for the foreseeable future, as supply remains ample while demand not yet fully reviving.
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