SunSirs: China PE Market is Weak
January 15 2024 13:45:09 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LLDPE (7042) was 8,250 RMB/ton on January 4th, and the average price on January 11th was 8,168 RMB/ton, with a 0.99% decrease in quotation during this period.
According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LDPE (2426H) was 9,112 RMB/ton on January 4th, and the average price on January 11th was 9,082 RMB/ton, with a price drop of 0.33% during the period.
According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of HDPE (5000S) was 8,512 RMB/ton on January 4th, and the average price on January 11th was 8,487 RMB/ton, with a decrease of 0.29% in the quotation during this period.
Recently, the PE market has been operating in a narrow and weak range. On January 8th, international crude oil futures fell. Saudi Arabia's price reduction has sparked demand concerns, with oil prices plummeting by over 4% and cost side support weakening. The pressure on the supply side remains. The demand for greenhouse film has entered the off-season, and the demand for plastic film has started. However, there are limited new orders, and we need to maintain the replenishment of essential stock. Downstream trading is average, with a strong pessimistic atmosphere. Petrochemical companies are lowering prices to sell in order to reduce inventory before the Spring Festival.
On January 11th, the opening price of the PE l2405 contract on the Dalian Commodity Exchange was 7,970 RMB/ton, and the closing price was 8,007 RMB/ton, up 3 RMB/ton. The highest price was 8,019 RMB/ton, and the lowest was 7,957 RMB/ton, up 0.04%. The recent weak trend of PE futures has dragged down the spot market.
In the off-season of demand, it is expected that there may be a stock market before the Spring Festival, and the downward trend of PE is limited; Lack of effective and favorable PE on site may lead to narrow and weak operation.
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