24 October 2013 05:06 [Source: ICIS news]
SINGAPORE (ICIS)--China polyethylene (PE) and polypropylene (PP) imports volume increased in September and the trend may continue in October as domestic demand improves in the short term, industry sources said on Thursday.
Short-term demand is seen improving due to bullish sentiments about Chinese economy, the sources said, citing China’s purchase Management Index (PMI) by HSBC, which rose to 50.9 in October 2013. The index hit a seven-month high, up from a final reading of 50.2 in September.
China’s combined imports of polyethylene (PE) and polypropylene (PP) in September totaled 1.27m tonnes, up by 4.6% from the previous month, official data showed on 22 October.
On a year-on-year basis though, the country took in 2.8% less PP and PE volumes in September, according to China Customs data.
PP imports in September increased 11.6% month on month to 453,100 tonnes, but 13% lower from the same period last year.
Similarly PE imports stood at 813,400 tonnes, up 1% from the previous month and 4% higher compared with the same period last year.
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