China PE Market: Inventory Drop, Price Rise
Domestic petrochemical inventory: The inventory of polyolefins of the two oils is 785,000 tons, down 15,000 tons from yesterday.
PE spot market analysis: Today, the domestic PE market price is mainly upward. Among them, the price of low-pressure wire drawing in East China and the price of high-pressure, low-pressure film materials and low-pressure wire drawing in South China continue to remain stable, and the market prices in other regions have risen, ranging from 30 to 150 yuan/ton. The crude oil market on the cost side is affected by the instability of the geopolitical situation, and its concerns about potential supply risks have increased. The wide rise in international oil prices continues to support the upward trend of the PE market. However, the changes in the PE devices on the field are not large, and the supply of goods is relatively stable. In addition, downstream factories maintain rigid demand purchases, which to a certain extent limits the upward space of the market price center of gravity.
PE spot trend forecast: In terms of raw materials, in the short term, the crude oil market may be affected by the instability of the geopolitical situation, the peak travel season in the summer in the United States, and the negative factors such as OPEC+ maintaining an increase in production and the poor global economy. It is also necessary to pay attention to the relevant impact of related changes on international oil prices. In terms of supply, the overall supply in the market may show a sufficient trend this week. At present, there is no obvious positive guidance for the PE maintenance equipment in the market, and the new production capacity is gradually put into use. It is expected that the supply of goods may continue to increase. In terms of demand, most downstream factories are in the traditional off-season, and most of them purchase on demand, which has limited support for the PE market. Overall, the polyethylene market is expected to fluctuate in the short term.
Mainstream PE market quotes:
PE futures analysis: L2509 opening price on June 18: 7333, highest price: 7430, lowest price: 7333, position: 476259, settlement price: 7391, yesterday's settlement: 7294, increase: 97, daily trading volume: 431735 lots, deposited funds: 2.473 billion, capital outflow: 17.4 million.
Domestic PE index: According to Tuduoduo data, the domestic HDPE spot index was 7766 on June 18, down 55; the LDPE film spot index was 9871, up 103; the LLDPE spot index was 7513, up 54.
Shenhua auction statistics: Linear today's auction volume is 200 tons, and today's transaction volume is 200 tons. High pressure today's auction volume is 118.225 tons, and today's transaction volume is 38.775 tons. Low pressure today's auction volume is 100 tons, and today's transaction volume is 99 tons.
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