Morning Briefing - 3 January 2023
CommoPlast
Morning Briefing
03 January 2023
Brent: $85.91 (+ $2.45)
WTI: $80.26 (+ $1.86)
Naphtha CFR Japan: $649 (+ $4)
Ethylene CFR NEA: $870 (Stable)
Ethylene CFR SEA: $910 (Stable)
Propylene FOB Korea: $865 (Stable)
Propylene CFR China: $895 (Stable)
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A major Taiwanese producer is expected to announce February PVC shipment offers right after the New Year holiday – much earlier than usual. Asian market participants generally expected the maker to introduce fresh increases considering the reduced availability and the steady demand in the Indian market.
For the February shipment, players are looking at $60-80/ton hikes at the moment.
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In the pre-holiday week, a major Saudi Arabia producer initiated a bid collecting campaign for January delivery PE parcels in Vietnam at $990/ton for HDPE film and $1000/ton for LLDPE film, based on CIF terms. The maker set the final prices at $10-20/ton above the bid levels, which caused a sharp drop in buying interest.
The credit situation in Vietnam started to improve, which allows importers to resume purchasing US dollar-dominated cargoes. However, fears of continued weakening demand in the first quarter of 2023 keep many customers at bay.
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