Morning Briefing - 30 November 2022
CommoPlast
Morning Briefing
30 November 2022
Brent: $83.03 (- $0.16）
WTI: $78.2 (+ $0.96)
Naphtha CFR Japan: $674 (+ $4)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $880 (Stable)
Propylene FOB Korea: $850 (+ $10)
Propylene CFR China: $885 (+ $5)
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While propylene costs rose for the second trading day in a row, import homo-PP offers to China simultaneously breach below the $900/ton threshold to return to the levels last observed at the beginning of November.
The softening trend is eye-opening, but the good news is that Chinese customers actually find the latest prices attractive, resulting in a strong number of transactions in the range of $870-890/ton CFR China for dutiable origins. All of these cargoes are for January loading, which means the shipments would arrive in the post-Lunar New Year period.
With this round of depletion, international sellers might be free from inventory pressure in the next several weeks
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In related plant status news, Thailand’s IRPC is mulling over a brief maintenance shutdown at its PP, HDPE, and ABS plants in the first quarter of 2023.
Meanwhile, Kuwait’s Equate Petrochemical Company might carry out an annual overhaul at its PE complex this January, during which the company would only be able to supply the minimum quantity of its obligations.
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