Morning Briefing - 14 December 2022
CommoPlast
Morning Briefing
14 December 2022
Brent: $80.68 (+ $2.69)
WTI: $75.39 (+ $2.22)
Naphtha CFR Japan: $639 (+ $20)
Ethylene CFR NEA: $890 (Stable)
Ethylene CFR SEA: $920 (Stable)
Propylene FOB Korea: $855 (Stable)
Propylene CFR China: $890 (Stable)
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While many international suppliers have not opened new offers, several others decided to increase import homo-PP offers to Vietnam sharply, reflecting the reduced inventory pressure and brightening demand outlook as China accelerates the reopening from COVID-19 lockdowns.
The latest price list from a major Thailand producer and a South Korean producer jumped $50/ton week-on-week.
Responses from Vietnamese customers were unavoidably weak. Many converters in the country are operating at substantially lower rates due to the lack of end-product orders, which coupled with the gloomy global economic outlook, encouraged buyers to adopt a more cautious stance.
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The Indian PVC market takes a breather this week from the recent rally, with Chinese suppliers stepping back on the offers by $20-30/ton week-on-week, indicating a possibility that the market has established a ceiling over the uptrend.
Market participants are watching out for February shipment offers, expecting only moderate increases from a key Taiwanese producer.
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Thailand’s IRPC is planning the second phase of major maintenance at its Map Ta Phut petrochemical complex between February to March 2023, according to the official letter to customers.
Both HDPE and PP units are scheduled to shut down for around 3 weeks.
IRPC has just completed the first phase of the overhaul that took place from late September to December 2022.
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