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Plastic rose stagnation
The ex-factory price of polyethylene (LLDPE) has been increased, which aligns with market expectations. However, the rise is relatively modest, typically ranging between 100 to 150 yuan per ton. After the price adjustment, many regional prices are hovering around 12,000 yuan, which is considered a key psychological level in the market. Whether the overall price can surpass this level depends largely on the demand from downstream industries—whether they are willing to buy or remain cautious.
For example, Fujian United’s 7042 LLDPE price was increased by 100 yuan/ton, now quoted at 11,900 yuan/ton. Guangzhou Petrochemical raised its 7042 price by 150 yuan/ton, reaching 12,050 yuan/ton. Maoming Petrochemical and Qilu Petrochemical both increased their 7042 prices by 100 yuan/ton, bringing them to 11,900 yuan/ton. Yangzi Petrochemical also raised its 7042 price by 150 yuan/ton, now at 12,050 yuan/ton, while PetroChina East China quoted its 7042 at 11,950 yuan/ton.
Similarly, the ex-factory price of polypropylene (PP) has also seen a slight increase, though the overall rise is not as significant as that of PE. Daqing Refinery’s T30S price rose by 100 yuan/ton to 11,450 yuan/ton. Fujian Joint’s T30S increased by 100 yuan/ton, now at 11,600 yuan/ton. Maoming Petrochemical’s T30S was raised by 100 yuan/ton to 11,650 yuan/ton, and Qilu Petrochemical’s T30S increased by 150 yuan/ton to 11,450 yuan/ton. CNPC East China also quoted its T30S at 11,450 yuan/ton.
With the ex-factory price increases, spot market prices have also risen. However, transaction volumes remain moderate, with most traders adopting a cautious approach. As the market approaches the 12,000 yuan level, downstream buyers are not showing strong interest in purchasing at current levels.
The plastics market has shown some reaction to the rising spot prices, but today’s trading activity remains weak, with trading volumes continuing to shrink. The market lacks strong sentiment, and the current price difference is less than 200 yuan. This narrow spread limits the potential for futures price growth. It is still expected that the plastics market may experience a correction. However, the market price is likely to reach 12,000 yuan, with the first support level still anticipated. If there is a pullback, the price is unlikely to fall back to 11,650–11,700 yuan. Therefore, it is not advisable to bet against the trend. Instead, it is recommended to maintain long positions and take profits while waiting for a better entry point during a pullback.
In the afternoon, PP prices showed a slight easing, with traders cashing in on previous gains. If the PP price pulls back, the first support level to watch is 11,180 yuan.
Jiuzhi Plastics Network
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