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SunSirs: Limited Demand Hinders the Rise of China PE

February 26 2024 14:12:05     SunSirs (Selena)

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LLDPE (7042) was 8,188 RMB/ton on February 18, and the average price on February 23 was 8,214 RMB/ton, with a price increase of 0.31% during the period.

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LDPE (2426H) was 9,245 RMB/ton on February 18th, and the average price on February 23rd was 9,262 RMB/ton, with a price increase of 0.19% during the period.

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of HDPE (5000S) was 8,375 RMB/ton on February 18th, and the average price on February 23rd was 8,375 RMB/ton. During this period, the quotation remained stable.

Last week, there was limited room for PE to rise, with LLDPE experiencing a slight increase followed by a slight decrease, while LDPE remained largely stable after a slight increase. HDPE quotation is weak and stable. The tense geopolitical situation in the Middle East has affected the international oil price trend during the Spring Festival, which is relatively strong and supports the PE market on the cost side; After the Spring Festival, downstream factories have gradually resumed operations, and there has been a situation of replenishing inventory in the market, leading to a slight increase in prices. However, overall demand transactions are limited, and prices have seen a downward adjustment and consolidation, with sustained lack of upward momentum. Traders are expected to deposit and release profits for shipment. PE inventory pressure is relatively high, which to some extent limits its upward potential.

On February 23rd, the PE l2405 contract on the Dalian Commodity Exchange opened at 8167 RMB and closed at 8,199 RMB, up 32 RMB, with a maximum of 8,236 RMB and a minimum of 8,166 RMB, up 0.39%.

In February, there were fewer maintenance facilities for enterprises, and during the holiday period, petrochemical enterprises accumulated inventory, resulting in continued pressure on PE supply; Downstream factories are gradually resuming production, and demand may slowly increase, depending on the situation of new downstream orders. Oil prices tend to fluctuate strongly, with some support for costs. It is expected that PE may experience a narrow adjustment in operation in the short term.

 

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