Morning Briefing - 5 December 2022
CommoPlast
Morning Briefing
05 December 2022
Brent: $85.57 (- $1.31）
WTI: $79.98 (- $1.24)
Naphtha CFR Japan: $670 (- $16)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $880 (Stable)
Propylene FOB Korea: $850 (Stable)
Propylene CFR China: $885 (Stable)
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Over the weekend, China continued to lift COVID-19 restrictions in several other cities across the country, including Shanghai, further fueling the bullish expectations for a better demand outlook ahead.
By the end of last week, deals for non-dutiable homo-PP yarn and injection were concluded at $960/ton CFR China while dutiable cargoes at $900/ton with the same term, both levels faced stiff resistance initially. Overseas sellers also attempted to limit the selling quantities in anticipation of better price acceptance in the coming days.
Market participants are watching out for a similar upward movement in the PE sector at the moment.
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The demand for PVC in India remained strong in the previous week and buyers here had even paid a premium to secure Chinese ethylene-based PVC in the range of $770-800/ton CIF India.
A survey by CommoPlast showed that five Chinese producers managed to sell nearly 79,000 tons of ethylene-based PVC to the Indian market within the last week alone.
It is clear that the Asian PVC market has rebounded, but the bigger question at the moment is how sustainable is the current upswing?
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