March 16 Plastics Market Forecast

International oil prices rose on Friday after the United States and other countries said they would introduce plans to support the weak economy, but posted their worst

weekly performance since the 2008 global financial crisis, as the COVID-19 pandemic weighed and major exporter Saudi Arabia and its allies planned to pump record volumes of oil into the market. The April WTI crude futures contract rose $0.23, or 0.73%, to settle at $31.73 per barrel. May Brent crude rose $0.63, or 1.90%, to settle at $33.85 per barrel.

The market performed poorly last Friday, with some prices extending declines. Linear low-density polyethylene (LLDPE) futures opened lower and fluctuated, traders were at a loss and widely reported that the outlook was hard to gauge, and no obvious change emerged in actual trading. End users were difficult to motivate to purchase, factories bought cautiously, and actual market business was thin. Market reference: Dongguan saw local adjustments, Guangzhou

7042 at 6,580-6,600 yuan/tonne excluding tax; Xi'an offers softened, with Lanzhou Petrochemical 2426H at 7,650 yuan/tonne; Panjin offers softened, with Jilin Petrochemical 7042 at 6,900 yuan/tonne.

Today's forecast: market prices are expected to fluctuate slightly today.

Last Friday the market softened amid stability. Polypropylene (PP) futures fluctuated lower, petrochemical inventories rose slightly, sellers came under pressure on offers and focused on moving goods at discounts. Downstream demand follow-through was not obvious, factories mainly bought for essential needs, and trading sentiment was flat. Market reference: Chongqing continued to slide, Dushanzi

EPS30R at 7,850-7,900 yuan/tonne; Qilu Chemical City edged down, with Baofeng K8003 at 7,550 yuan/tonne; Nanjing moved lower, with Zhong'an T03 at 6,800 yuan/tonne.

Today's forecast: the market may still move lower today.

PVC market:

Last Friday the market adjusted within a narrow range. Upstream inventories fell faster and some producers increased pre-sales. Downstream resumption of work and production gradually accelerated. Overall demand remained weak, however, with downstream buyers seeking low prices. Market reference: Hebei offers changed little, carbide-process

Type 5 material referenced at around 6,080-6,130 yuan/tonne delivered; Guangzhou quotes were stable, with Dagu 800 bulk-packed at 6,500 yuan/tonne; Hangzhou was quiet and stable, with Tianye Type 3 at 6,500 yuan/tonne.

Today's forecast: the market is expected to be mostly quiet and stable today.

Last Friday the market consolidated weakly, with some prices continuing to edge down by

50 yuan/tonne. Weighed by bearish factors including continued declines in the stock market, futures and feedstock styrene, market sentiment was fairly pessimistic and sellers actively moved goods. Buyers entered cautiously and mainly purchased for essential needs, with deals at low levels. Market reference: Shantou quotes partly fell, with Renxin 525B at 7,450 yuan/tonne; Dongguan quotes softened, with Taiwan's Formosa Chemicals 5250 at 7,800 yuan/tonne.

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

ABS market:

Last Friday the market consolidated weakly, with some prices drifting lower. Trading sentiment was fairly cautious, downstream buying interest was low, and actual deals were thin. Market reference: Dongguan quotes continued to fall, with Taiwan's Formosa Chemicals

15A1 at 10,200 yuan/tonne; Shantou continued to cut prices to move goods, with Daqing 750A at 9,950 yuan/tonne.

Today's forecast: the market may extend its decline in some regions today.

Last Friday market prices fell slightly. Crude oil continued to fall, and

PTA and ethylene glycol both declined, cost-side support was weak, and some bottle chip producers cut offers by a further 50-100 yuan/tonne. Sentiment among sellers was average as they mainly followed the market, downstream demand showed no improvement, and overall on-floor trading was thin. Market reference: water bottle chip prices at 5,550-5,700 in East China; water bottle chip prices at 5,550-5,700 self-pickup in South China; water bottle chip prices at 5,600-5,700 self-pickup in North China.

Today's forecast: there is limited downside for the market today.

PET recycled materials

Last Friday prices moved sideways around the center of the range, with overall sentiment on the weak side. The virgin material market stayed at low levels, the recycled market followed downward, on-site raw bottle collection was slow, washing plants operated at low rates, and recycled bottle flake volumes were limited. Downstream chemical fiber plants saw sluggish production and sales, bought feedstock cautiously and mainly on dips. 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 stay on the weak side today.

——This article is reprinted from China Packaging Network (pack.cn). Original link: http://news.pack.cn/show-354805.html