Morning Briefing - 21 November 2022
CommoPlast
Morning Briefing
21 November 2022
Brent: $87.62 (- $2.16）
WTI: $80.08 (- $1.56)
Naphtha CFR Japan: $722 (+ $2)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $880 (Stable)
Propylene FOB Korea: $835 (+ $10)
Propylene CFR China: $865 (+ $10)
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Regardless of the firming trend in the import market, the local Indonesian homo-PP market extended the weakening trend last week, with yarn and injection prices breached below the IDR 16,000,000/ton threshold ($1000/ton) for the first time since September 2020.
The good news is customers are coming back to make replenishment as the current prices are way more competitive than imported materials even from non-dutiable origins.
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The China market's primary focus on the final trading day of last week was the list of companies the US put under secondary sanction for dealing with Iranian cargoes. Market participants said that Iran is the largest LDPE supplier to China and the latest embargo might cause a temporary slowdown of purchases from this origin, leading other suppliers to increase prices.
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