China’s polymer futures test new lows
Polymer futures on China's Dalian Commodity Exchange (DCE) rebounded slightly today after hitting fresh 16-year lows yesterday, hit by the global spread of the coronavirus and slumping crude prices.
The May-delivery linear low-density polyethylene (LLDPE) contract settled at 5,370 yuan/t yesterday, down by 5.4pc or Yn315/t from the previous session. This is the lowest level since 2004. Prices rallied today, gaining by 2.2pc.
The May polypropylene (PP) contract on the DCE settled at Yn5,711/t yesterday, a drop of Yn261/t or 4.4pc to hit the lowest level since end of 2015. Prices rebounded by 3.2pc today.
Multiple factors are depressing the polymers market. The rapid spread of the coronavirus outside China has hit global economies and caused panic selling in the market. Global demand has weakened and spot trading has been sluggish. Inventories at state-controlled producers Sinopec and PetroChina remain high at 1.175mn t, indicating that downstream demand in China has not yet fully recovered. And upstream crude prices are continuing to touch new lows.
source: Argus Media
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