March 9 Plastics Market Forecast

International crude oil futures plunged on Friday, posting their worst performance since the financial crisis, after the world's two largest oil producers failed to reach agreement on whether to reduce global supply.

The April WTI crude oil futures contract fell $4.62, or 10.1%, to settle at $41.28. That was the largest single-day decline since November 2014 and the lowest settlement since August 2016. May Brent crude oil futures fell $4.72, or 9.4%, to settle at $45.27 per barrel, the largest single-day percentage drop since December 2008.

Last Friday, market offers were largely stable with only minor changes. Linear futures fluctuated downward, the spot market traded in a poor atmosphere, and traders mostly adjusted their offers according to resource supply and demand, with some making slight concessions to spur deals. Downstream factories have limited absorption capacity, demand conditions are less than ideal, and there is insufficient momentum to drive the market higher. Market reference: prices in the Suzhou market consolidated within a narrow range, and Yangzi-BASF

2426H was quoted at 8,050-8,100 yuan/tonne on a short-supply basis; prices in the Dongguan market moved up, with Guangzhou 7042 at 6,650-6,700 yuan/tonne excluding tax; offers in the Hangzhou market probed higher, with Lanzhou Petrochemical 5000S quoted at 7,500 yuan/tonne.

Today's forecast: the market is expected to fluctuate slightly today.

Last Friday, the market saw minor consolidation. Polypropylene futures moved downward, traders were cautious, and transactions were mainly small orders or volume moved on a need-to-buy basis. Downstream inquiry activity was moderate, with the strategy of purchasing on demand continuing; the overall trading atmosphere was weak, and any upward move in the market still faces a test. Market reference: prices in the Hebei market moved higher, and North China Petrochemical

T30S was quoted at 7,200 yuan/tonne; the Chengdu market adjusted slightly, with China Coal V30G quoted at 7,100 yuan/tonne; some prices in the Nanjing market moved higher, with Yangzi K8003 quoted at 8,350 yuan/tonne.

Today's forecast: the market is expected to remain in a consolidation pattern today.

PVC market:

Last Friday, the market continued to consolidate at a steady level, with transaction prices mainly at the low end. This week, the circulation of market supply improved, and inventories at upstream producers were flat or lower than last week as the rising trend came to an end, but overall shipment pressure on producers remained considerable; downstream operating rates improved somewhat, yet end-user demand was weak. Market reference: offers in the Zhengzhou market edged up, and calcium carbide process

grade 5 material was mainly quoted at around 5,700-5,800 yuan/tonne excluding tax; the Changzhou market saw few changes, with mainstream prices for calcium carbide process grade 5 material at around 6,150-6,320 yuan/tonne; the Hebei market changed little, with calcium carbide process grade 5 material quoted at around 6,120-6,150 yuan/tonne delivered.

Today's forecast: the market is expected to move sideways today, with quotations broadly stable.

Last Friday, the market consolidated at a steady level. External news was unsettled, market sentiment was largely wait-and-see, and traders negotiated actual deals according to inventory conditions. Market reference: quotations in the Shantou market consolidated at a steady level, and Xinghui

118 was quoted at 7,880 yuan/tonne; quotations in the Dongguan market trended lower at a steady level, with Zhenjiang Chi Mei PG33 quoted at 8,740 yuan/tonne.

Today's forecast: the market is expected to adjust marginally today.

ABS market:

Last Friday, the market edged up at a steady level, with a few declines. Traders raised their offers as cost support strengthened. End-user purchasing activity increased, and traders generally reported good shipments. Market reference: quotations in the Dongguan market fluctuated within a range, and Ningbo Formosa

15E1 was quoted at 10,220 yuan/tonne; quotations in the Shantou market were mixed, with Jilin Chemical 150 rising 10 yuan to 10,230 yuan/tonne.

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

Last Friday, the market was slightly weak within a narrow range. Both polyester raw materials trended weakly, cost-side support was insufficient, and some bottle chip producers lowered their offers

by 50 yuan/tonne, and the focus of market negotiations edged down. Downstream demand is recovering slowly, market participants lack confidence, and trading activity in the market is limited. Market reference: water bottle material in the East China market was referenced at 6,100-6,150; water bottle material in the South China market was referenced at 6,100-6,200 self-pickup; water bottle material in the North China market was referenced at 6,100-6,200 self-pickup.

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

PET waste recycling

Last Friday, the market ran weak. At present, most small and medium-sized bottle chip plants have yet to resume production and are mainly selling earlier inventory, so the volume of recycled bottle chips available on the market is limited. End-user demand has yet to recover, production and sales in the recycled chemical fiber market are mediocre, chemical fiber plants show little interest in purchasing raw materials and resist high-priced supply, and the overall trading atmosphere is sluggish. Market reference: machine-processed white flakes imitating large chemical fiber in the East China market stood at

around 5,200 yuan/tonne.

Today's forecast: the market is expected to remain in a stalemate and consolidate today.

(Author: Fubao Plastics Research Team)

——This article is reprinted from China Packaging Network (pack.cn). Original link: http://news.pack.cn/show-354726.html