PP Inventory at Producers Declined in End-April
1. China Total PP Inventory Declined
According to SCI, China’s PP inventory on April 30, 2021 dropped by 13.62% from April 23, 2021. Therein, the PP inventory at major PP producers declined, while that at sample traders and ports increased.
Remarks: Total PP inventory involves PP inventory at major producers (Sinopec and PetroChina), PP inventory at ports and PP inventory at trading companies.
2. China PP Inventory at Sinopec and PetroChina Increased
On April 30, 2021, PP inventory at Sinopec and PetroChina decreased by 17.38% W-O-W. More and more PP powder units were stopped recently because of negative production profits. Deficient supply of PP powder contributed to increasing demand for PP granule. Besides, agencies raised purchases to finish procurement tasks near the end of the month. Inventory consumption at producers speeded up. Some of producers’ inventories were transferred to traders and downstream users. The weekly output of PP was around 517.9kt, down 2.16% W-O-W.
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