SunSirs: China PE Market Saw a slight Increase Last Week (January 1-5)
January 08 2024 10:46:55 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LLDPE (7042) was 8,237 RMB/ton on January 1st, and the average price on January 5th was 8,242 RMB/ton, with a 0.07% increase in quotation during this period.
According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LDPE (2426H) was 9,082 RMB/ton on January 1st, and the average price on January 5th was 9,105 RMB/ton, with a price increase of 0.25% during the period.
According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of HDPE (5000S) was 8,500 RMB/ton on January 1st, and the average price on January 5th was 8,512 RMB/ton, with a price increase of 0.15% during the period.
In the first week of 2024, the PE market showed a slight upward trend. Oil prices have slightly increased, and the cost side has to some extent supported the PE market. At the end of 2023, temporary parking facilities for enterprises increased, resulting in a decline in capacity utilization. However, during the New Year holiday, inventory accumulation was significant, and supply side pressure remained. The operating rate of downstream products is showing a downward trend, with limited follow-up on new orders. The demand for greenhouse film is light, and the demand for plastic film is gradually releasing, but the follow-up of new orders is slow. The support for packaging film orders is strong.
On January 5th, the opening price of the PE l2405 contract on the Dalian Commodity Exchange was 8,148 RMB, and the closing price was 8,127 RMB, a decrease of 45 RMB. The highest price was 8,151 RMB, and the lowest was 8,108 RMB, a decrease of 0.55%. This week, the PE futures market weakened, dragging down the spot market, and there is a downward trend in spot prices towards the weekend.
The overall change in downstream demand is not significant, and it is in the off-season of demand, lacking effective benefits on the market; It is expected that the upward space of PE will be limited or it will continue to operate in a narrow and weak range.
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