Morning Briefing - 01 December 2022
CommoPlast
Morning Briefing
01 December 2022
Brent: $85.43 (+ $2.40）
WTI: $80.55 (+ $2.35)
Naphtha CFR Japan: $667 (- $7)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $880 (Stable)
Propylene FOB Korea: $850 (Stable)
Propylene CFR China: $885 (Stable)
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Following the lifting of COVID-19-lockdown measures in the manufacturing hub of Guangzhou, Chinese buyers once again rush to the import market to secure additional PP cargoes.
A good number of transactions for non-dutiable Vietnamese homo-PP yarn and injections have been concluded yesterday evening. At the time of this report, several large-scale buyers are still inquiring about additional quantities.
Although Chinese buyers continue to implement the same strategy: Buy quickly and withdraw quickly, the latest development helps overseas suppliers to deplete additional on-hand stocks, which might allow them to maintain a firm stance or limit discounts in other markets.
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In Vietnam, a key Saudi Arabia producer set final PE prices with sharp reductions of $60-80/ton on HDPE and LLDPE film and $180/ton on LDPE film from the initial price list.
Buyers here are still reluctant to proceed with additional purchases as the adjusted prices are still far from their buy ideas. “Because the domestic LLDPE film market is facing cut-throat competition from a Russian producer, who is now selling at local term. We were hoping to achieve deals at $900/ton for Saudi LLDPE film also because we have secured Qatari cargoes at the same level,” said, a Vietnamese trader.
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