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SunSirs: China PE Market Fluctuated in a Narrow Range in March

April 02 2024 10:33:41     SunSirs (Selena)

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LLDPE (7042) was 8,231 RMB/ton on March 1, and the average price on March 29 was 8,210 RMB/ton, with a decrease of 0.26% 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 1st, and the average price on March 29th was 9,250 RMB/ton, with a price increase of 0.14% during the period.

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of HDPE (5000S) was 8,407 RMB/ton on March 1st, and the average price on March 29th was 8,475 RMB/ton, with a price increase of 0.80% during the period.

The price of PE fluctuated narrowly in March,. At the beginning of the month, the trend of PE futures market was weak, and LLDPE prices were significantly affected by it. In the first half of the month, there was sufficient domestic PE inventory supply, and there was significant pressure on the supply side. Petrochemical enterprises were facing pressure to destock, and the inventory on site was mainly consumed, with prices showing a downward trend. Subsequently, some PE companies had maintenance plans, resulting in reduced pressure on the supply side. Downstream plastic enterprises are gradually increasing their production and demand is increasing. The market is mainly based on rigid demand, and procurement efforts are insufficient. However, plastic film is in the peak season of demand, and order accumulation is increasing. There are positive expectations for demand, and prices are slightly increasing. Downstream consumers are more resistant to high prices, and merchants are willing to offer discounts and lower their prices slightly. On the cost side, the overall trend of crude oil in March was volatile and strong, supporting the PE market at the bottom.

On March 29th, the PE l2405 contract on the Dalian Commodity Exchange opened at 8,247 RMB and closed at 8,225 RMB, up 18 RMB, with a maximum of 8,248 RMB and a minimum of 8,203 RMB, up 0.22%. In the first half of March, the PE futures market fluctuated weakly, followed by a weak decline after a volatile rise in the second half.

In April, the maintenance of PE plants increased, and the supply side showed an expected decrease; The demand for plastic film began to weaken in late April, with limited improvement in demand from other downstream industries; Positive domestic policies have boosted market sentiment, and there are still expectations of an increase in international crude oil prices in April; It is expected that PE will have a narrow and strong trend in the first half of the month, but the upward space is limited.

 

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