Poorer than expected demand, weakening ethylene markets pull down PE prices in China’s domestic market

Domestic polyethylene prices are facing downward pressure in China as a result of poorer than expected demand and weakening ethylene markets. As per Chemorbis, a major producer in the East reduced offers for LLDPE film by CNY300/ton (US$44/ton) and by CNY200/ton (US$29/ton) for HDPE film, alluding to poor demand and rising stock levels. Fresh offers stand at CNY11400/ton ex-warehouse East China, cash inc VAT (US$1427/ton without VAT) for LLDPE film and at CNY10300/ton with the same terms (US$1289/ton without VAT) for HDPE film. Another major producer in the East announced a price reduction of CNY350/ton (US$51/ton) for LDPE film, and reduced HDPE and LLDPE film offers by CNY200/ton (US$29/ton), reducing offers to CNY12800-12900/ton (US$1602-1615/ton without VAT) for LDPE film, CNY11900-11950/ton (US$1490-1496/ton without VAT) for LLDPE film and to CNY10400/ton (US$1302/ton without VAT) for HDPE film, all on an ex-warehouse East China, cash inc VAT basis. The producer attributed their price reductions to their mounting inventory levels.
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