SunSirs: China PE Fluctuated in a Narrow Range Last Week (March 11-15)
March 19 2024 15:21:55 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LLDPE (7042) was 8,207 RMB/ton on March 11, and the average price on March 15 was 8,195 RMB/ton, with a decrease of 0.14% in the quotation during this period.
According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LDPE (2426H) was 9,237 RMB/ton on March 11th, and the average price on March 15th was 9,237 RMB/ton, with prices remaining unchanged during the period.
According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of HDPE (5000S) was 8,475 RMB/ton on March 11th, and the average price on March 15th was 8,450 RMB/ton, with a decrease of 0.29% in the quotation during this period.
Last week, PE underwent a narrow adjustment with relatively small fluctuations. The international oil price fluctuates strongly, and the cost side supports the PE market; Domestic PE inventory supply is sufficient, and there is significant pressure on the supply side, causing petrochemical enterprises to face pressure to destock. Downstream factories are gradually increasing their production, but they are mainly focused on rigid demand, with insufficient procurement efforts, limited new orders, and insufficient boost in demand.
On March 15th, the PE l2405 contract on the Dalian Commodity Exchange opened at 8,172 RMB and closed at 8,280 RMB, up 135 RMB, with a maximum of 8,290 RMB and a minimum of 8,172 RMB, up 1.66%.
PE supply is loose, and currently there is insufficient support on the demand side. As the peak season for plastic film production approaches, there is a positive expectation on the demand side. In the short term, it is expected that PE will fluctuate and rise narrowly.
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