Morning Briefing - 18 January 2023
CommoPlast
Morning Briefing
18 January 2023
Brent: $85,92 (+$1.46)
WTI: $80.18 (-)
Naphtha CFR Japan: $694 (- $6)
Ethylene CFR NEA: $765 (Stable)
Ethylene CFR SEA: $840 (Stable)
Propylene FOB Korea: $860 (+ $5)
Propylene CFR China: $890 (+ $5)
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China’s top official – premier Liu He addressed the World Economic Forum on Tuesday, 17 January stating his confidence in China’s economic recovery progress in 2023. The government also plans to boost domestic consumption, and stimulate imports and investment.
Trading activities in the domestic spot PP and PE market remained surprisingly strong even though the weeklong Lunar New Year holiday is just around the corner and many manufacturers have already taken off. Traders rush to make last-minute replenishment from both local and import grounds in anticipation of a persistent uptrend in the post-holiday period.
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While Vietnamese customers have been leaving their desks for the Tet holiday, Indonesian buyers seem more willing to negotiate with suppliers to make small purchases on the concerns that supply might tighten further in the next couple of weeks. However, the cautious stance remains in place, and in fact, several regional and international suppliers admitted that it is getting more challenging to attract deals for PP as prices move higher.
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