Weekly Plastics Futures Market Report — July 23, 2026
China's plastics futures market exhibited notable divergence this week (week 3 of July). Key price indices from Jinchuang are as follows:
- PE Index: 9,096 pts, down 1.33% WoW
- LLDPE Index: 8,355 pts, down 1.44% WoW
- PP Index: 9,245 pts, up 1.86% WoW
- PVC Index: 4,720 pts, up 2.54% WoW
- ABS Index: 10,470 pts, up 2.69% WoW
Crude Oil: WTI futures fluctuated in the $70-75/bbl range this week, hitting a high of $74.62/bbl on July 8 (up 5.60% in a single session), before retreating on global demand concerns. The uncertain crude direction continues to weigh on downstream plastics costs.
PE Market: LDPE/LLDPE spot prices edged lower, with 7042 LLDPE in East China quoted at RMB 8,500-8,950/ton. Supply pressures increased as restarted maintenance units raised inventory levels, while downstream restocking remained subdued. PE is expected to remain range-bound to weak in the near term.
PP Market: PP price index bucked the trend with gains, supported by easing US-Iran geopolitical tensions and slower-than-expected new capacity ramp-up. T30S Homiao was quoted at RMB 9,020-9,120/ton in South China. Upside remains limited given sluggish demand.
PVC Market: PVC gained 2.54% on higher Shandong caustic soda prices supporting cost sentiment, though demand from end-users failed to pick up meaningfully, capping further upside. Short-term PVC is expected to hold at elevated levels.
Outlook: With crude oil direction uncertain and fundamentals diverging across products, market participants should closely monitor upstream operating rates and downstream restocking activity.
(Sources: Jinchuang, SCI99, Sumibuy — as of July 22, 2026)
