Morning Briefing - 31 October 2022
CommoPlast
Morning Briefing
31 October 2022
Brent: $95.77 (- $1.19）
WTI: $87.90 (- $1.18)
Naphtha CFR Japan: 693 (+ $6)
Ethylene CFR NEA: 870 (Stable)
Ethylene CFR SEA: 880 (Stable)
Propylene FOB Korea: 850 (Stable)
Propylene CFR China: 860 (- $10)
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According to an official statement posted on its website, Malaysia’s PETRONAS confirmed a fire and explosion that took place at one of the interconnecting pipes at the Pengerang Integrated Complex (PIC), Johor.
Pengerang Integrated Complex (PIC) houses the Pengerang Refining and Petrochemical (PRefChem), which has just started to offer on-spec PP and PE cargoes in recent weeks.
It is reported that PrefChem has taken the petrochemical complex offline for safety inspections, though sources close to the company confirmed that the fire did not cause any damage to the plant. At the moment, there has not been any information on the restart schedule.
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In Vietnam, a major international supplier has agreed last Friday to conclude homo-PP cargoes originating from South Korea at $910/ton and from Saudi Arabia at $900/ton, all based on CIF Vietnam terms. These price levels are the lowest in the open market at the moment.
Buyers cautiously made just small purchases while waiting for other suppliers to make adjustments accordingly.
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