Morning Briefing - 4 January 2023
CommoPlast
Morning Briefing
04 January 2023
Brent: $82.10 (- $3.81)
WTI: $76.93 (- $3.33)
Naphtha CFR Japan: $665 (+ $16)
Ethylene CFR NEA: $870 (Stable)
Ethylene CFR SEA: $910 (Stable)
Propylene FOB Korea: $865 (Stable)
Propylene CFR China: $895 (Stable)
……………………………………………………………….
The domestic PP and PE market in China kickstarted 2023 on a firm note thanks to the continued optimism surrounding the reopening of COVID-19 lockdowns. Major PP and LLDPE contracts on Dalian Commodity Exchange jumped three digits, still, spot prices are lower than futures contracts, indicating the fact that producers focus more on depleting the stocks at the moment.
Besides the concerns over the rising stock levels throughout the long holiday, the rising number of COVID-19 infection cases continues to cast shadows on the near-term demand outlook as people refrain from going out despite the lifting of most of the restrictions.
……………………………………………………………….
In related plant status news, Malaysia’s PrefChem has restarted the PP unit after shutting down the entire petchem complex in late October 2022 due to a fire incident at the adjacent refinery. The unit is currently operating at 70% capacity. Meanwhile, PE plants might come online in a matter of days.
______________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
Your Empowering Market Insight Site