Morning Briefing - 23 December 2022
CommoPlast
Morning Briefing
23 December 2022
Brent: $80.98 (- $1.22)
WTI: $77.49 (- $2.06)
Naphtha CFR Japan: $636 (+ $10)
Ethylene CFR NEA: $870 (Stable)
Ethylene CFR SEA: $910 (- $10)
Propylene FOB Korea: $865 (Stable)
Propylene CFR China: $900 (Stable)
……………………………………………………………….
The Chinese PP and PE market remained largely calm toward the end of the week while an increasing number of manufacturers in the Southern region temporarily shut down after a large of their workforce contracted the COVID-19 virus.
Transactions were thin in both local and import grounds.
However, the optimism on the demand outlook in the February-March period has not changed. With the outbreak in Beijing reaching the peak, and soon other cities, living with COVID would become a norm, allowing the market to recover.
……………………………………………………………….
In Vietnam, the import homo-PP market continued to climb higher with a major Saudi Arabia producer lifting offers three times this week while a couple of other South Korean makers up-adjusted price lists at least twice.
At the time of this report, many overseas suppliers have withdrawn all spot offerings while expressing the intention to implement further hikes in the coming week. Interestingly, the demand remains soft. Buyers associated import offers above the $1000/ton threshold with high risks, hence, refraining from making new purchases.
______________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
Your Empowering Market Insight Site