Domestic producers raise PP, PE prices in China

Post-holiday, two domestic producers in China have elected to raise their PP prices for raffia, injection and block copolymer injection grades, pointing to the bullish crude oil prices along with the expectations of a stronger market sentiment, as per Chemorbis. A similar pricing policy has been followed in the PE market. One of these producers elected to raise their PP raffia, injection and block copolymer offers by CNY200 to CNY10900/ton for PP raffia and injection and to CNY11250/ton for PP block copolymer injection on ex-warehouse East China, cash including VAT basis. Now, the producer’s new offer levels correspond to US$1363/ton and US$1407/ton without VAT. A second producer issued the same amount of hike on their PP raffia, injection and block copolymer offers to US$1376-1382/ton, US$1413-1438/ton and US$1469/ton without VAT in the same order. The producer holds an optimistic view regarding the market sentiment in expectation of a recovery in demand. In the PE market, a producer has issued a CNY50/ton (US$7/ton) hike on LLDPE c4 film offers to US$1438/ton without VAT and CNY100/ton (US$14/ton) hike on their HDPE yarn offers to US$1426/ton without VAT ex-Shanghai, cash inc VAT basis. The other producer raised LLDPE c4 film and HDPE injection prices by CNY200/ton ($29/ton) to US$1463-1476/ton without VAT and US$1488/ton without VAT, ex-Guangzhou, cash including VAT basis. Producers point to the higher energy and LLDPE c4 film futures prices along with stronger market sentiment for their hike decision.
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