China PE, PP retail prices rebound on stronger crude, LLDPE futures

22 May 2012 12:10  [Source: ICIS news]

SINGAPORE (ICIS)--China’s polyethylene (PE) and polypropylene (PP) retail prices have rebounded on improved buyer sentiment, supported by stronger international crude futures and local linear low density PE (LLDPE) futures prices, industry sources said on Tuesday.

Many local distributors tested the market with higher price offers amid the more positive market sentiment, the industry sources added.

The retail prices of locally produced and imported PE grades were at yuan (CNY) 9,600-11,000/tonne ($1,517-1,738/tonne) ex-warehouse on Tuesday, up by CNY50-150/tonne from last Friday, according to Chemease, an ICIS service in China.

The retail prices of locally and imported PE and PP grades had been falling over the past four weeks because of weak domestic demand and concerns over the ongoing eurozone sovereign debt crisis, the sources said.

($1 = CNY6.33)

Additional reporting by Rain Dong, Lizzie Yu, Chow Bee Lin

By: Doreen Zhao

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