China's methanol price continued rising by 2.1%, and polyethylene price ticked up 0.8% in mid-July from the previous session. The polypropylene price fell by 1.2% in mid-July, showed the latest data from the National Bureau of Statistics.

The price of premium methanol was 1,574.8 yuan/t in mid-July, rising by 32.0 yuan/t or 2.1% from early July, 1.3 percentage points wider from the growth in the previous session.

The price of polyethylene was 7,463.5 yuan/t, an increase of 62.6 yuan/t or 0.8% from the previous period, 4.4 percentage points narrower than the growth in the previous period.

The price of polypropylene was 8,363.9 yuan/t in mid-July, down 99.9 yuan/t or 1.2% from early July.

After methanol price has approached the cost line after four-successive-session declines, producers increased maintenance of production lines or voluntarily cut production, easing the contradiction between supply and demand in methanol market.

Meanwhile, the pressure on coal-based methanol plants has relieved after international crude oil price rebounded to around $40/barrel, and producers revised upward methanol price to seek bigger margins.

(Writing by Shengnan Liu  Editing by Jessie Jia)
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