China PE import prices rise on easing pressure from high inventory

China’s polyethylene (PE) import prices are expected to increase this month after fluctuating at a narrow range in March, on likelihood of reduced May-cargo arrivals which should ease market pressure arising from high inventory. On 4 April, LLDPE import cargoes were offered at $1,030-1,040/tonne CFR (cost & freight) China, up by $5/tonne compared the weekly assessment on 29 March, according to ICIS data. Scheduled turnarounds of facilities in Asia and the Middle East from March to June would mean lower availability of May spot cargoes to the Chinese market. Qatar Petrochemical (QAPCO) shut part of its LDPE and LLDPE plants in Masaieed in mid-March; while Reliance Industries’ LDPE unit in Jamnagar, India, was taken off line in end-February, and will restart in early April.