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China PE Market: Weekly Update — LLDPE Firms on Restocking Demand

March 5, 20264 분 소요
ChinaPELLDPEpolymer prices

핵심 요약

China LLDPE up 1.8% WoW on spring agricultural demand pull-forward. Restocking momentum expected to sustain through mid-March.

Chinese LLDPE markets firmed this week as downstream demand picked up ahead of the spring agricultural film season.

Key Drivers

  • Agricultural film season demand pulling forward
  • Inventory levels at converters remain below seasonal average
  • Import arbitrage window narrowing on stronger domestic prices
  • Two large crackers in Shandong province returning from maintenance

    • Price Movement

    LLDPE film grade settled at CNY 8,450/t ex-works, up CNY 150/t from last week. The gain was supported by active restocking from film converters, particularly in Shandong and Guangdong provinces.

    Outlook

    Prices expected to remain supported through mid-March as agricultural demand peaks. Watch for new capacity from Zhejiang Petrochemical's Phase 3 coming online in Q2 which could cap upside.

    데이터 출처

    CPCIF, SCI99, Platts China, converter surveys

    영향

    Film converters should lock in near-term supply. Higher China PE may reduce export pressure on European markets.