SunSirs: Negative Pressure, China PE Market is Weak Downward

https://www.chemnet.com   Jul 17,2024 SunSirs

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LLDPE (7042) was 8,591 RMB/ton on July 8th, and the average price was 8,485 RMB/ton on July 16th, with a price drop of 1.23% during this period.

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LDPE (2426H) was 10,537 RMB/ton on July 8th, and the average price was 10,237 RMB/ton on July 16th, with a price drop of 2.85% during this period.

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of HDPE (5000S) was 8,450 RMB/ton on July 8th, and the average price was 8,275 RMB/ton on July 16th, with a price drop of 2.07% during this period.

Recently, the overall trend of PE is weak, and the quotation continues to decline. Among them, the decline in high-voltage products is significant, with a strong trend in the early stage and a continuous decline in prices recently. The willingness of production enterprises to raise prices is gradually weakening. Part of the maintenance equipment has restarted, and there is an expected increase in the supply side, coupled with an increase in imports. PE demand is in the off-season, downstream production is low, and market order follow-up is limited; The quotations of production enterprises have declined, and the trading market has followed suit. We are cautious in offering discounts for shipments.

On July 16th, the Dalian Commodity Exchange PE L2409 contract opened at 8,370 RMB and closed at 8,379 RMB, a decrease of 1 RMB, with a maximum of 8,396 RMB and a minimum of 8,351 RMB, a decrease of 0.01%. Recently, the PE futures market has been weak and declining, which is bearish for the spot market.

There is an expectation of an increase on the supply side; The demand side is in the off-season, and the trend of PE futures market is weak. Last week, oil prices fluctuated weakly, and under the pressure of multiple negative factors, it is expected that PE may mainly fluctuate weakly.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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