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SunSirs: PE Spot Market Continued to Decline
April 02 2020 10:50:30SunSirs(Daisy)

This week the overall trend of the domestic PE market is continuing to decline, and the overall market transaction atmosphere did not improve. By March 24, the ex-factory average price of LLDPE 7042 in east China was 6,400 RMB/ton, down 3.52% from the beginning of the week. The average ex-factory price of LDPE 2426H in east China is about 7412.5 RMB/ton, down 2.31% from the beginning of the week. The average ex-factory price of HDPE 5000S in east China was 6,883.33 RMB per ton, down 3.5% from the beginning of the week. This week, the three PE varieties decreased by 0-400 RMB/ton.

This week, the PE market as a whole continued to decline, petrochemical factory prices continue to decline, and the market cost support has weakened. This week, the plastic futures market fell sharply, the market mentality pressure is obvious, merchants continue to be blocked shipment, pessimistic mentality, and the overall decline of the offer. The downstream side continues the wait-and-see attitude. In addition to some factories fill in on demand, into-the-market inquiry is less, and the current market atmosphere continues to be weak.

This week plastic overall decline, with a larger range. On March 27, the opening price of polyethylene futures L2005 was 5795, the highest price was 5820, the lowest price was 5560, the closing price was 5650, the settlement price was 5890, the settlement price was 5685, down 240, down 4.07%, the trading volume was 418489, the holding quantity was 152270, the daily increase was 18223 (Quotation unit: RMB/ton). 

As of February 27, the total output of domestic polyethylene enterprises was 1.41 million tons, 252,300 tons less than that of January. The output of HDPE is 578,900 tons, LDPE 206,800 tons and LLDPE 624,300 tons.

Market Forecast: International crude oil trend is weak, and futures fell sharply, with pressure on the market mentality. The majority of petrochemical side cut off factory price, and market cost support is weakened. The downstream is currently cautious. In addition, the factory just needs to take goods to wait and see. At present, petrochemical inventory is at a high level, and sales pressure is still on. It is expected that market will continue to be weak in the future. 

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