10 September 2013 11:54 [Source: ICIS news]
SINGAPORE (ICIS)--China’s domestic polyethylene (PE) prices increased by yuan (CNY) 100-200/tonne ($25-33/tonne) this week, following price hikes by major sellers Sinopec and PetroChina, industry sources said.
Local traders in east China are offering low density polyethylene (LDPE) at CNY12,700-12,750/tonne; linear low density PE (LLDPE) film at CNY11,850-11,900/tonne on 10 September, both up by CNY150-200/tonne from the assessed prices on 6 September.
High-density PE (HDPE) film, on the other hand, is being quoted at CNY11,500-11,600/tonne, up by CNY100/tonne from last week.
PetroChina and Sinopec hiked their LDPE, LLDPE and HDPE offers in the week by CNY100-300/tonne compared with the previous week, local traders said.
Sinopec’s offers for LDPE are now at CNY12,500-12,800/tonne; for LLDPE at CNY 11600-11850/tonne; and for HDPE at CNY11,300-11,400/tonne.
PetroChina’s offers, on the other hand, now stand at CNY12,600-12,800/tonne for LDPE; CNY11,800-11,850/tonne for LLDPE; and CNY11,100-11,500/tonne for HDPE film.
The two companies raised their prices as they are holding comfortable inventories, local traders said.
PE supply in China is tight amid ongoing turnarounds at domestic facilities, market sources said.
Fushun Petrochemical‘s 940,000tonne/year PE units and Daqing Petrochemical’s 33,500tonne/year PE units are undergoing maintenance this month, while Fujian Refining & Petrochemical’s 800,000tonne/year HDPE/LLDPE unit is due to shut for a 60-day maintenance in October.
($1 = CNY6.12)
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