Morning Briefing - 1 November 2022
CommoPlast
Morning Briefing
01 November 2022
Brent: $94.83 (- $0.94）
WTI: $86.53 (- $1.37)
Naphtha CFR Japan: 684 (- $9)
Ethylene CFR NEA: 880 (+ $10)
Ethylene CFR SEA: 880 (Stable)
Propylene FOB Korea: 850 (Stable)
Propylene CFR China: 860 (Stable)
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The Chinese PE market kickstarts the new month on a rather weak note. New import offers from a major Qatari producer fell $10-20/ton on LLDPE film, $40/ton on LDPE film, and $20/ton on HDPE blow moulding. Responses were soft. Bearing expectations for a cloudy outlook ahead, Chinese buyers prefer to approach new offers cautiously.
At the time of this report, USA LLDPE C4 film has fallen to below the $900/ton threshold, to $890/ton for post-Lunar New Year arrival. Other suppliers might fall under pressure to make adjustments in order to attract buying interest.
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The Indian market deteriorated sharply after the Diwali festival, which could be an effect of the general downtrend observed across Southeast Asia and China. A major local producer here opened a new price list for November with reductions of INR 3000/ton ($36/ton) on all PP, HDPE and LLDPE grades. The new PVC offers plunged INR 4000/ton ($48/ton) compared to the previous price announcement.
Market participants remain bearish about the outlook for PVC, and currently, the offtake rate in both local and import markets is so weak, players said it is very likely that December shipment offers will be announced with additional declines.
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