PE Spot Prices Weaken, Cost Support Wanes
Domestic petrochemical inventory: The inventory of polyolefins of the two oils is 805,000 tons, down 10,000 tons from the previous day.
PE spot market analysis: Today, the domestic PE market as a whole showed a slightly weak trend. Except for the small increase in the price of low-pressure membrane materials in East China, the market prices in other regions were stable and weak, with a decline of 10-100 yuan/ton. The crude oil market's concerns about the geopolitical situation have eased, international oil prices have fallen narrowly, and some PE manufacturers have lowered their ex-factory prices. The cost support of the PE market has weakened, and the supply of spot goods in the market is sufficient. Coupled with the poor enthusiasm of downstream procurement, traders continue to make concessions and ship mainly.
PE spot trend forecast: In terms of raw materials, the crude oil market may be affected by the instability of the geopolitical situation, the reduction of trade risk concerns and other favorable factors, as well as the expectation of OPEC+ production increase and weak crude oil demand.
It is also necessary to pay attention to the impact of related changes on international oil prices. On the supply side, the number of PE units planned for maintenance in the short term is limited, and there are plans to resume the operation of PE units of Shanghai Petrochemical and Zhejiang Petrochemical.
It is expected that the supply side will have limited support for the PE market. On the demand side, downstream demand is still in the off-season, and there is no expectation of improvement in the short term. Overall, the polyethylene market is expected to consolidate weakly in the short term.
Mainstream PE market quotes:
Today's Market Prices of Polyethylene (PE) (Unit: Yuan/ton)
PE futures analysis: L2509 opening price on May 21: 7229, highest price: 7265, lowest price: 7204, position: 517489, settlement price: 7232, yesterday's settlement: 7242, drop: 10, daily trading volume: 321016 lots, deposited funds: 2.616 billion, capital inflow: 27.86 million.
Domestic PE index: According to Tuduoduo data, the domestic HDPE spot index was 7793 on May 21, down 8; the LDPE film spot index was 9237, down 26; the LLDPE spot index was 7518, down 5.
Shenhua auction statistics: Linear today's auction volume is 470 tons, and today's transaction volume is 196 tons. High pressure today's auction volume is 0 tons, and today's transaction volume is 0 tons. Low pressure today's auction volume is 0 tons, and today's transaction volume is 0 tons.
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