March 12 Plastics Market Forecast

After the World Health Organization

(WHO) said the COVID-19 outbreak had become a global pandemic, stock markets extended their losses, and plans announced by major oil producers escalated the just-started price war, sending international oil prices down 4% on Wednesday, with the decline accelerating before the close. The April WTI crude futures contract fell $1.38, or 4.02%, to settle at $32.98 per barrel. May Brent crude futures fell $1.43, or 3.84%, to settle at $35.79 per barrel.

Yesterday the market changed little, with prices broadly stable and minor moves. LLDPE futures fluctuated slightly higher, petrochemical ex-works prices were partly adjusted, sellers stayed on the sidelines and adjusted offers according to their own inventories. Downstream buying sentiment was acceptable, but actual deals remained less than ideal. Market reference: Chengdu consolidated in a narrow range, Maoming

2426H at 7,900-8,000 yuan/tonne; Dongguan consolidated in a narrow range, with Guangzhou 7042 at 6,600-6,650 yuan/tonne excluding tax; Shunde consolidated in a narrow range, with Daqing 5000S at 7,100 yuan/tonne excluding tax.

Today's forecast: market prices are expected to adjust within a narrow range today.

Yesterday the market broadly stabilized, with individual prices edging up slightly. PP futures fluctuated at high levels and petrochemical producers held prices firm, giving the market a slight boost, sellers generally raised offers to varying degrees, downstream buying was fairly cautious with obvious wait-and-see sentiment, and trading sentiment was average. Market reference: Xiamen rose in places, with Zhongjiang Petrochemical

V30G at 7,300 yuan/tonne; Chongqing followed slightly higher, with Baofeng K8003 at 7,800 yuan/tonne; Lanzhou was broadly stable with minor moves, with Ningxia T30S at 7,000 yuan/tonne.

Today's forecast: the market is expected to consolidate in a choppy range today.

PVC market:

Yesterday the market fluctuated slightly higher. On the upstream production side, some producers offered preferential prices to certain customers to ease sales pressure. However, as downstream recovery was only moderate, restarted plants ran at low operating rates, and some downstream buyers placed orders without taking delivery, upstream producers still faced considerable pressure to ship out inventory. Market reference: Changzhou edged up, with

Type 5 carbide-process mainstream prices at around 6,080-6,250 yuan/tonne; Guangzhou quotes were raised, with ordinary carbide material mainstream quotes at 6,060-6,100 yuan/tonne; Shantou quotes were raised, with Type 5 mainstream quotes at 6,080-6,150 yuan/tonne.

Today's forecast: the market is expected to be broadly stable with minor moves today.

Yesterday the market was narrowly weaker. Although crude oil and styrene recently stopped falling and rebounded, buyers saw a wide spread versus feedstock and showed limited interest in restocking, with on-floor buying mainly for essential needs. Traders held goods at relatively high cost and offered small discounts. Market reference: Dongguan quotes eased, with Zhenjiang Chi Mei

PG33 at 8,260 yuan/tonne, excluding tax; Shantou quotes were choppy but stable, with Xinghui 118 at 7,700 yuan/tonne, excluding tax.

Today's forecast: the market is expected to be stable with declines today.

ABS market:

Yesterday market quotes were mainly consolidated in a narrow range. Affected mainly by macro factors, feedstock trends were stable, seller sentiment was acceptable, trading sentiment was relatively cautious, and end-user demand was recovering. Market reference: Dongguan quotes consolidated in a choppy range, with Ningbo Formosa Chemicals

15E1 at 10,100 yuan/tonne, excluding tax; Shantou reference quotes rose, with Jilin Petrochemical 150 at 10,100 yuan/tonne, excluding tax.

Today's forecast: the market may stay in narrow-range consolidation today.

Yesterday the market rose within a narrow range. As investors covered short positions and international oil prices rebounded strongly,

PTA and ethylene glycol both recovered, cost-side support was firm, some bottle chip producers tested higher prices by 50-100 yuan/tonne, and the center of market negotiations rose slightly. Downstream enterprises watched cautiously and followed with moderate restocking, with overall trading thin. Market reference: water bottle chip prices at 5,650-5,800 in East China; water bottle chip prices at 5,700-5,800 self-pickup in South China; water bottle chip prices at 5,650-5,800 self-pickup in North China.

Today's forecast: prices are expected to move within a range today.

PET recycled materials

Yesterday the market was weak and deadlocked. Raw bottle collection was limited, washing plants ran at low rates, and recycled bottle flake supply was tight. End demand was poor, chemical fiber plants faced considerable production and sales pressure and mainly pressed prices when buying feedstock, pessimism prevailed on the floor, and participants watched the market cautiously. Market reference: white flakes for spinning in the imitation large-plant chemical fiber segment in East China at

around 4,900 yuan/tonne.

Today's forecast: the market is expected to consolidate within a narrow range today.

——This article is reprinted from China Packaging Network (pack.cn). Original link: http://news.pack.cn/show-354761.html