China's LLDPE prices fall to lowest since 2008
Prices of linear low-density polyethylene (LLDPE) film in China have fallen close to a 12-year low on the back of weak demand amid the coronavirus pandemic.
Argus data showed that LLDPE film prices in China, on a midpoint basis, were at $780/t, the lowest since 28 November 2008.
Low crude oil prices are weighing on buying sentiment for polymer resins.
Polymer plants in China are increasing production to 80-90pc after weeks of reduced operations.
The coronavirus pandemic is coming under control in China, but people remain wary of resuming social activities.
Inventories at state-controlled Sinopec and PetroChina edged up to 1.285mn t on 18 March from 1.27mn t a week earlier, reflecting continued lower consumption.
By Muhamad Fadhil
source: Argus Media
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