Stable Exports & Improved Deals Cutting PP Port Inventory
1. China Total PP Inventory Ramped Up.
According to SCI, China’s PP inventory on November 19, 2021 increased by 0.75% from November 12, 2021. Therein, the PP inventory at major PP producers inched up, while that at sample trading companies and sample ports saw a draw.
Remarks: Total PP inventory involves PP inventory at major producers, PP inventory at sample ports and PP inventory at sample trading companies.
2. China PP Inventory at Sinopec and PetroChina Climbed.
On November 19, 2021, PP inventory at major local producers registered a growth rate of 1.57% W-O-W. The PP inventory at major producers climbed up marginally because of soft deals and increasing output. As PP prices were range-bound after falling, buyers adopted a cautious approach and purchased limitedly to cover the rigid demand. Besides, PP output registered a growth this week with less maintenance. As of now, producers’ inventory pressure is not much heavy, which stands at a medium level.
3. China PP Inventory at Sample Ports Dropped.
On November 19, 2021, PP inventory at China main ports experienced a drop of 1.39% W-O-W. This week, overall PP port inventory edged down on favorable exports and domestic deals. Arrivals of import goods decreased compared to last week. China’s PP export market performed favorably, and there were increasing inquiries for export goods. Meanwhile, China’s domestic market enjoyed passable deals as end-users engaged in bargain hunting.
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