PP Port Inventory Inching Up with Limited Deals
According to SCI, China’s PP inventory on March 26, 2021 decreased by 2.26% from March 19, 2021. Therein, the PP inventory at major PP producers and sample traders declined, while that at 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.
On March 26, 2021, PP inventory at Sinopec and PetroChina increased by 2.81% W-O-W. Inventory at major producers dropped marginally in the week, but inventory consumption slowed down. The weekly output fell by 3.59% W-O-W to 531.9kt, but deals failed to improve greatly, as downstream users merely purchased at low prices amid cautious sentiment.
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