SunSirs: Dominated by Negative Factors, China PE Declines

https://www.chemnet.com   Oct 23,2024 SunSirs

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LLDPE (7042) was 8,463 RMB/ton on October 15th, and the average price was 8450 RMB/ton on October 22nd, with a price drop of 0.16% during this period.

According to the monitoring of the commodity market analysis system of SunSirs, the domestic price of LDPE (2426H) was 11,150 RMB/ton on October 15th, and the average price was 11,000 RMB/ton on October 22nd, during which the quotation fell by 1.35%.

On October 22nd, the Dalian Commodity Exchange PE L2501 contract opened at 8,086 RMB and closed at 8,096 RMB, up 1 RMB, with a maximum of 8,120 RMB and a minimum of 8,077 RMB, up 0.01%.

Recently, the decline in oil prices has been negative for the PE market. On the supply side, the maintenance equipment has been restarted, and the supply has increased compared to the previous period. There is an expectation of an increase in the supply of LDPE products. Recently, the LDPE equipment of Shanghai Petrochemical and Maoming Petrochemical has been restarted, which has significantly lowered the price of high-pressure products. On the demand side, market demand fell short of expectations, downstream enthusiasm for receiving goods was not high, and most of the essential needs were mainly purchased at low prices, with limited support on the demand side. Negative factors dominate, and the PE market is weak and declining.

On October 22nd, the Dalian Commodity Exchange PE L2501 contract opened at 8,086 RMB and closed at 8,096 RMB, up 1 RMB, with a maximum of 8,120 RMB and a minimum of 8,077 RMB, up 0.01%. The recent trend of futures market is weak, which is suppressing the spot market.

International oil prices may experience a slight decline, with insufficient cost support; On the demand side, there is not much change in the production of agricultural film, and the demand follow-up during peak season is slow. The support from the demand side is limited, and it is expected that PE may have a weak trend.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.

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