China's polymer inventories fell this week as the country gradually returns to normal work patterns after months disrupted by its coronavirus outbreak.
Polymer inventories at key producers Sinopec and PetroChina fell to 1.125mn t yesterday from 1.28mn t a week earlier. But inventories still remain high compared with typical 700,000t levels, according to Asian traders.
The outbreak is coming under control in China but downstream operations remain limited. Small to medium-size downstream converters are yet to fully restart because of worker shortages.
Chinese polymer prices have continued to fall amid global weakness as the coronavirus disruptions cut demand. Chinese linear low-density polyethylene (LLDPE) film prices were assessed by Argus yesterday at $690-710/t cfr, while polypropylene (PP) raffia prices were at $750-790/t cfr. This compares with LLDPE film at $770-790/t cfr and PP raffia at $800-830/t cfr a week earlier.
