The PP (Polypropylene) market of Nanjing City of Jiangsu province of eastern China registered price drops this week, razed by the announcement of the official prices by Sinopec's eastern China sales branch.
At press time, the offers for PP yarn grade F401 and S1004 were marked lower at approximately RMB 10400/mt and RMB 10300/mt respectively.
Benefits of PP copolymer grade were tight therefore, offers were marked higher with PP K8003 and J340 offered at approximately RMB 11900/mt. The market offers for PP raffia grade S700 were RMB 10500/mt however at these prices, market was spiritless.
Nearly all traders observed immediate market changes as negative, and this triggered a wave of warning across China's buyers including converters.
The PP market of Taizhou City of Zhejiang, eastern China, assumed a flat to slumping mood. Downstream, converters didn't show any interest in lifting up PP cargoes for the moment, as they anticipated price drops in the days ahead.
The offers for PP grade T30S made by Chinese local manufacturers plunged to the level of RMB 10400/mt while the mainstream prices for PP powder materials were in the range of RMB 9500-9600/mt (tax not included).
PP copolymer grade EPS30R produced by Sinopec Qilu Petrochemical Co, Ltd. stood at RMB 12100/mt. Advantages of PP grade K7726 from Sinopec Beijing Yanhua Petrochemical Co., Ltd. were finite however, regardless of the tightness, prices reduced in the local market due to the lack of buying backing.
