China PP Imports Climb 33% on Intensive Delivery in Mar 2024
Highlights: SCI Plastic leads you into polypropylene (PP) import data by origin, trade mode and import cost, to clearly present China’s PP import market change in March 2024.
1. China PP Import Volume Trend
China’s PP import volume rose by 33.26% M-O-M to 214.03kt in March, as imported cargoes arrived in China intensively after the Spring Festival holiday, but it declined by 8.39% Y-O-Y to 214.03kt in March 2024 with higher self-sufficiency in China. PP import volume was 589.5kt in Q1, 2024, down 24.33%. In February, there were reduced quotations from overseas markets, affected by the Spring Festival holiday. The working days were fewer in the month when PP import volume touched the lowest level in Q1, 2024. In March, imports moved up. However, compared with the same period of last year, overseas suppliers provided limited quotations to China’s buyers this year. The PP import volume in Q1, 2024 declined by 24.33% Y-O-Y accordingly.
2. Mar 2024 China PP Import Data by Origin
China’s PP imports in primary forms mainly came from Asia and the Middle East and were partially from Europe. The total import volume grew notably, and imports from various origins realized an uptick. High-end and specific-purpose materials were mainly imported from South Korea and Singapore that have mature technology. A lot of previous orders were delivered and arrived in China intensively in March, pushing up the overall PP import volume. Imports from Kazakhstan took up a small proportion of the total and dipped a little in March as downstream users maintained hand-to-mouth purchases.
3. Mar 2024 China PP Import Data by Trade Mode
China’s PP import volume via general trade mode was about 137.5kt and took up 64.25% of the total in March, ranking first and up 2 percentage points M-O-M. The import volume via processing trade with imported materials was about 41.3kt, ranking second. That occupied 19.29% of total imports, up 2 percentage points M-O-M. Besides, the import volume of logistics goods in areas under special customs supervision was about 31.8kt and occupied around 14.87% of the total, which declined by 5 percentage points M-O-M. Import volume based on other trade modes changed limitedly.
4. Mar 2024 China PP Import Data by Import Cost
The overall import cost shed in March 2024 and mainly hovered around $800-1,200/mt. Therein, import volume with import costs of $900-1,000/mt ranked first and was 52.9kt, and major origins were the U.A.E., Saudi Arabia and Singapore. Imports with costs of $800/mt were 45.8kt and ranked second, and origins were mainly Japan, Malaysia and Kazakhstan. Imports with costs of $1,100-1,200/mt were 30.5kt and took the third place, and origins were mainly South Korea, Taiwan of China and Saudi Arabia. Imports with costs of $1,000-1,100/mt were 29.6kt and ranked fourth, and main origins were Singapore, Thailand and South Korea. Generally, China’s PP prices stood at a global low, hardly driving up import cost.
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