March 10 Plastics Market Forecast

As Saudi Arabia and Russia launched an oil price war, international oil prices

crashed 25% on the 9th. The April WTI crude futures contract plunged $10.15, or 24.59%, to settle at $31.13 per barrel. May Brent crude futures plunged $10.91, or 24.1%, to settle at $34.36 per barrel.

Yesterday the market consolidated in a narrow range, with some prices falling. Crude oil plunged and LLDPE futures hit the limit down; spot market sellers were cautious, most offers moved lower, and the actual trading atmosphere was poor. Downstream factories bought moderate volumes on dips, and market trading sentiment was average. Market reference: Zhengzhou offers consolidated, with Lanzhou

5000S at 7,200-7,250 yuan/tonne; Shanghai quotes consolidated, with Shanghai Petrochemical Q281 at 8,000 yuan/tonne; Wuhan offers were stable, with Shenhua 2426H at 7,500-7,550 yuan/tonne.

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

Yesterday mainstream prices moved lower within a narrow range. Both crude oil and futures fell noticeably, weakening support for market sentiment, pessimism was fairly heavy on the floor, sellers followed the market with discounts, and the trading atmosphere was poor. Downstream demand was sluggish, inquiries were thin, and factories mostly stayed on the sidelines. Market reference: Xiamen prices were adjusted slightly, with Dushanzi Petrochemical

K8003 at 8,350 yuan/tonne; Lanzhou offers consolidated, with Lanzhou Petrochemical T30S at 7,150 yuan/tonne; Hangzhou offers consolidated, with Sanyuan T30S at 7,250 yuan/tonne.

Today's forecast: prices are expected to be choppy and weak today.

PVC market:

Yesterday prices continued to consolidate amid stability, with actual deals mainly at low prices. At present producers still faced considerable shipping pressure, and although downstream

operating rates rose somewhat, end demand was weak and overall poor trading continued to constrain the market. Market reference: Changzhou quotes were negotiable, with carbide Type 5 material mainstream quotes at

6,150-6,280 yuan/tonne; Hangzhou quotes were stable, with mainstream quotes at 6,150-6,400 yuan/tonne; Shanghai mainstream quotes were stable, with mainstream prices at 6,200-6,400 yuan/tonne on a cash self-pickup basis.

Today's forecast: prices may ease slightly today.

Yesterday the market showed a stable-to-lower trend. Weighed by bearish sentiment from the steep crude oil decline and limit-down moves in the commodity plastics sector, risk-averse wait-and-see sentiment was strong. Sellers waited for guidance from ex-works prices and also lacked interest in quoting, with few deals. Market reference: Dongguan quotes fell across the board, with Zhenjiang Chi Mei

PG33 at 8,370 yuan/tonne, excluding tax; Shantou quotes consolidated amid stability, with SECCO 123P at 8,000 yuan/tonne, excluding tax.

Today's forecast: the market is expected to weaken and stabilize today.

ABS market:

Yesterday the market was lackluster, with local offers extending a stable-to-lower trend. Fresh positives were scarce in market news, and hit again by the sharp declines in crude oil and futures, market participants wavered. Traders actively offered discounts to move goods, on-floor trading sentiment was on the weak side, and actual deals were negotiated. Market reference: Shantou quotes fell broadly, with Jilin Petrochemical

150 at 10,130 yuan/tonne, excluding tax; Dongguan quotes fell broadly, with Ningbo Formosa Chemicals 15E1 at 10,040 yuan/tonne, excluding tax.

Today's forecast: the market is expected to consolidate weakly today.

Yesterday prices fell sharply. International oil prices plunged and both polyester feedstocks declined, and under this bearish influence pessimism spread through the market, with most bottle chip producers cutting offers by

300 yuan/tonne and sellers also following with lower offers. Downstream demand was gradually recovering, market deals were limited, and trading was thin. Market reference: water bottle chip prices at 5,750-5,850 in East China; water bottle chip prices at 5,800-5,900 self-pickup in South China; water bottle chip prices at 5,750-5,850 self-pickup in North China.

Today's forecast: the market is expected to be narrowly weak today.

PET recycled materials

Yesterday prices fell by

100-200 yuan/tonne in some markets in North, East and South China. Crude oil plunged and the virgin material market fell sharply, weighing on the recycled market. At present washing plants had not fully resumed production and recycled bottle flake supply was moderate. End demand recovered slowly, the recycled chemical fiber market saw sluggish production and sales and mainly pressed prices when buying, and overall on-floor trading was slack. Market reference: white flakes for spinning in the imitation large-plant chemical fiber segment in East China at around 5,150 yuan/tonne.

Today's forecast: the market is expected to run mainly weak today.

——This article is reprinted from China Packaging Network (pack.cn). Original link: http://news.pack.cn/show-354735.html