Morning Briefing - 9 January 2023
CommoPlast
Morning Briefing
9 January 2023
Brent: $78.57 (- $0.12)
WTI: $73.77 (+ $0.10)
Naphtha CFR Japan: $638 (+ $8)
Ethylene CFR NEA: $830 (- $20)
Ethylene CFR SEA: $880 (- $30)
Propylene FOB Korea: $860 (Stable)
Propylene CFR China: $890 (Stable)
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With domestic suppliers insisting on maintaining PP prices on the soft side to deplete more cargoes ahead of the long Lunar New Year holiday, overseas sellers are expected to face heightened challenges in attracting deals in China.
As on 6 January 2023, spot homo-PP traded in Eastern China at CNY 7600-7700/ton including VAT or USD 982-995/ton excluding VAT, EXW China terms.
In addition, Chinese traders have been accelerating the effort to tackle the firming trend in other markets within Asia. A good number of export and re-export offers were observed in the range of $1010-1030/ton FOB China.
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While the Southeast Asian PE market is also on the rise, the pace of the increases seems much more sluggish than its peer – PP. Sell ideas from a couple of Middle Eastern producers for February shipment stood in the range of $1050-1070/ton for both HDPE and LLDPE film, based on CIF terms.
Indonesian customers said these new prices will definitely face resistance in this market because of the presence of more competitive domestic materials. Vietnamese customers portrayed a more understanding stance about the potential hikes but turn cautious when asked if they are willing to accept these sell ideas.
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