Morning Briefing - 14 November 2022
CommoPlast
Morning Briefing
14 November 2022
Brent: $95.99 (+ $2.32)
WTI: $88.96 (+ $2.49)
Naphtha CFR Japan: $714 (+ $24)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $880 (Stable)
Propylene FOB Korea: $820 (Stable)
Propylene CFR China: $845 (Stable)
*Data represent closing prices of the previous trading day
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Import homo-PP to China started to show stabilizing trend and some non-dutiable origins even registered $20-30/ton hikes as of late last week. There are growing expectations that the Chinese government would gradually ease COVID-19 control measures, which would allow the market to recover at a much quicker pace in the coming months.
However, buyers are selective about the shipment time, fearing the clashing with the Lunar New Year in January 2023.
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The PP market is not the only sector enjoying the cheers from the latest lockdown easing in China. Apparently, deals for import LLDPE film based on CFR China terms also registered some increases. As of last Friday, the only LLDPE film cargo priced below the $900/ton threshold at $890/ton, was from a major US producer. And even for this deep-sea parcel, the offers jumped $40-60/ton from the last deals.
Expectations are that the PP and PE market might have reached the cyclical bottom and likely to track stable to firmer trend. Southeast Asian buyers remained calm to monitor further development.
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