19 April 2012 17:47 [Source: ICIS news]
PE imports in March dropped to 630,000 tonnes and PP imports to 410,000 tonnes, the source added on the sidelines of the four-day Chinaplas 2012 exhibition, which closes on 21 April.
China Customs has yet to release its imports data for March. According to its earlier numbers, China imported 719,900 tonnes of PE in February and 470,400 tonnes of PP.
Fewer imports flowed into China in March/April because of uncompetitive domestic PE and PP prices, a source in the sales department of a US company said.
Meanwhile, traders in east China are understood to have shown buying resistance citing weak downstream demand and high import prices.
Many buyers have no confidence in the outlook after a cut in polyolefins output by state-controlled Sinopec had little upward impact on prices.
And they are not taking the initiative to purchase import cargoes, a source in the sales department of a Japanese corporation said.
Some traders are holding only limited stocks of imported material because of the gloomy outlook for the China economy.
Read John Richardson and Malini Hariharan's Asian Chemical Connections blog
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