Morning Briefing - 29 December 2022
CommoPlast
Morning Briefing
29 December 2022
Brent: $83.26 (- $1.07)
WTI: $78.96 (- $0.57)
Naphtha CFR Japan: $645 (- $7)
Ethylene CFR NEA: $870 (Stable)
Ethylene CFR SEA: $910 (Stable)
Propylene FOB Korea: $865 (Stable)
Propylene CFR China: $895 (- $5)
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Asian market participants expected a key Taiwanese producer to open February PVC shipment offers right after the New Year holiday with increases of between $60-80/ton on the back of steady demand conditions in the Indian market.
There have been market talks that Indian customers remain active in making replenishment even this week for the fear that the government might impose safeguard measures in the form of quantitative restrictions to protect domestic producers in the next several months. Having said so, it is important to note that Indian buyers are more cautious in accepting higher price levels citing the heightening risks.
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In Vietnam, a major Saudi Arabia producer set the final PE prices for January loading at $10-20/ton higher than the bid-collecting levels earlier this week. With both HDPE and LLDPE film now standing at $1000/ton and above, many buyers decided to skip purchases, citing the lack of confidence in the near-term outlook.
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