PE CFR China market rebound may be short lived

The PE CFR China market has been amazing enough in the first half of 2019. After four or five months of consolidation, it has plunged for two whole months, hitting at least the five-year lowest. At present, the price of LLDPE is basically around $900-920/mt, and LDPE is about $950-1000/mt, HDPE film price around $990-1030/mt, with several higher rates above $1050/mt.

Basically, the current CFR market has stopped falling, since the national leader of China and the US made a phone call on last weekend and stimulated the overall commodity market. In the case of this absolute low price and the eased pessimism in external market, is there room for bargain-hunting? The author believes that: may consider appropriate purchase, but there is no strong rebound opportunity in terms of fundamentals.