Morning Briefing - 24 November 2022
CommoPlast
Morning Briefing
24 November 2022
Brent: $85.41 (- $2.95）
WTI: $77.94 (- $3.01)
Naphtha CFR Japan: $704 (- $6)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $880 (Stable)
Propylene FOB Korea: $835 (Stable)
Propylene CFR China: $870 (Stable)
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Apparently, Chinese customers are becoming more selective in terms of pricing for import LLDPE film even though the buying interest is still there. A Saudi Arabia producer attempted to lift import offers by $20/ton from last week to $970/ton CFR China, which faces stiff resistance.
Buy ideas are similar to deal levels done last week or even lower. Players cited the changes in the market situation (particularly the worsening COVID-19 outbreak) and the renewed depreciation of the Yuan as reasons for being more cautious.
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In related plant news, it is reported that Vietnam’s Long Son Petrochemical has reached on-spec PP cargoes after starting up the 400,000 tons/year unit on 15 November 2022.
This is the second unit Long Son brought online in 2022. The remaining units, including the LLDPE line and the cracker, are expected to start up in the coming months.
Commercial production at the entire petrochemical complex is scheduled for the first quarter of 2023.
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