Morning Briefing - 16 November 2022
CommoPlast
Morning Briefing
16 November 2022
Brent: $93.86 (+ $0.72）
WTI: $86.92 (+ $1.05)
Naphtha CFR Japan: $716 (- $12)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $880 (Stable)
Propylene FOB Korea: $825 (Stable)
Propylene CFR China: $855 (Stable)
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While international suppliers are attempting to increase import homo-PP offers to Indonesia to reflect the recent firming trend in the nearby China market, the sustainability of the increases remains a big question mark among Indonesian buyers for two main reasons:
1. The rising number of COVID-19 infection cases in China might prompt authorities to tighten control measures moving forward. The price acceptance among Chinese buyers has also softened this week.
2. Domestic suppliers in Indonesia continue to cut selling prices regardless of the recent production issues, underlining the weak demand condition in this market.
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Similar to the PP market, import PE offers to China are tracking the upward trajectory with a good number of deals for non-dutiable LLDPE film recorded in the range of $980-1000/ton CFR China.
Sources expected international sellers to divert more allocation to China this month given the persistently sluggish purchasing interest in the nearby Southeast Asia market.
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