Morning Briefing - 21 December 2022
CommoPlast
Morning Briefing
21 December 2022
Brent: $79.99 (+ $0.19)
WTI: $76.09 (+ $0.90)
Naphtha CFR Japan: $624 (+ $6)
Ethylene CFR NEA: $870 (Stable)
Ethylene CFR SEA: $920 (Stable)
Propylene FOB Korea: $865 (Stable)
Propylene CFR China: $900 (Stable)
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The Vietnamese PE market showed an early sign of improvement as buyers started to secure at least a small quantity to ensure the stock levels in the post-Lunar New Year. Deals have been done for multiple Saudi LLDPE film cargoes at no discounts from the initial price list in the Southern Vietnam market while a South Korean producer reported strong responses for their LLDPE injection parcels.
Having said so, customers continue to maintain a cautious stance to monitor the COVID-19 outbreak in China. A segment of buyers expected further improvement in demand in the next couple of months while others were concerned about the macroeconomic conditions.
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In Indonesia, the market remains calm as players here embraced the holiday mood. As reported earlier, many small-scale converters are letting workers go off as early as 20 December for the Christmas and New Year holidays, leading to a rather sluggish trading sentiment.
Still, such conditions did not stop overseas suppliers from lifting import offers to this market. In fact, non-dutiable Vietnamese homo-PP cargoes rose to $1080/ton CIF Indonesia on the back of reduced sales pressure. There were no immediate deals reported.
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