A Chinese trader reported to SSESSMENTS.COM that import Thai PE prices were adjusted in contrast with the domestic market trend. As of Friday, April 3, a Thai PE producer made a further downward adjustment for HDPE grades. In comparison to Monday’s level, the offers for HDPE Film and HDPE Yarn were trimmed by $25/ton and by $65/ton, respectively. In the local market, since some producers raised their offers following the firmer futures prices, most traders follow suit. From the trader’s end, the offers for local HDPE Film and LDPE Film went up by CNY100/ton ($14/ton), while for LLDPE Film C4, the offers increased between CNY100-200/ton ($14-28/ton). All compared to Thursday’s levels.
Recently, buying sentiment in the China market is improving as stimulated by the rebound in futures prices. Today, the sentiment is even better as crude oil prices were captured firmer with Brent for June settlement increased by $5.20/barrel to $29.94/barrel by Thursday settlement. However, considering the Coronavirus outbreak outside China, the chance for crude oil prices to drop again remains wide-open, SSESSMENTS.COM was told. As such, the trader wants to utilize this momentum to sell as much as possible. Besides, the trader also believes that local LLDPE Film C4 prices will break a new threshold of CNY5,000/ton-level in the near future.
