Morning Briefing - 15 December 2022
CommoPlast
Morning Briefing
15 December 2022
Brent: $82.70 (+ $2.02)
WTI: $77.28 (+ $1.89)
Naphtha CFR Japan: $640 (+ $1)
Ethylene CFR NEA: $895 (+ $5)
Ethylene CFR SEA: $920 (Stable)
Propylene FOB Korea: $855 (Stable)
Propylene CFR China: $890 (Stable)
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Several international suppliers opened new import PE offers to China at the stable to $10-20/ton increased from the previous week, once again highlighting the reduced inventory pressure and brighter market outlook.
Thailand HDPE film has been immediately concluded for 500 tons while buyers are attempting to negotiate for some discounts with other sellers.
With import offers to China extended the firming trend, Southeast Asian customers expect similar pricing movement from overseas suppliers in the coming week. However, the lack of end-product demand encourages customers in this region to maintain a conservative stance.
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In related industry news, Chinese business delegations from export-oriented regions such as Zhejiang, Guangdong, and Jiangsu have started a trade campaign to support manufacturers by organising meetings and visits to overseas customers and investors to secure export orders for 2023 as the country exits Zero-Covid policy.
Zhejiang province - where 50% of the total trade are exports, has sent representatives to Germany and France to carry out business negotiations. Jiangsu Province organized business delegations to visit customers in Japan.
Local governments across China are accelerating efforts to secure new overseas orders amid the weakening global economic outlook due to the energy crisis and the rising interest rates in major Western economies.
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