4 October 2022 - Morning Briefing
CommoPlast
Morning Briefing
04 October 2022
Brent: $88.86 (+$3.72）
WTI: $83.63 (+$4.14）
……………………………………………………………….
Import offers are limited on the first trading day of the week in Southeast Asia amid the absence of Chinese and South Korean suppliers. However, the tightening supply condition seems to lend sufficient support to the PE market, encouraging suppliers to lift selling prices even though buyers are gradually withdrawing to the sidelines.
Besides the drastic hikes in the local PE market in Indonesia reported earlier, In Vietnam, several traders reportedly lifted locally held Saudi LLDPE film offers to VND30,000,000/ton including VAT. No immediate deals are reported at the new prices, but the hikes reflected the depreciation of the local currency and the lingering fear of lacking supply ahead.
……………………………………………………………….
In the PVC market, a major Indonesian producer unexpectedly slashed October PVC offers by $60/ton from the previous month despite the stabilizing trend observed across the Asia region.
Market talks are that the downward adjustment could be a result of the appreciation of the US dollar as the maker priced their cargoes in this currency and This could depict the potential price trend in the import market in the near term.
______________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
Your Empowering Market Insight Site.