Morning Briefing - 6 February 2023
CommoPlast
Morning Briefing
06 February 2023
Brent: $79.94 (- $2.23)
WTI: $73.39 (- $2.49)
Naphtha CFR Japan: $701 (Stable)
Ethylene CFR NEA: $860 (+ $30)
Ethylene CFR SEA: $880 (+ $10)
Propylene FOB Korea: $945 (+ $10)
Propylene CFR China: $980 (+ $15)
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The import homo-PP market in Indonesia continued to show a clearer sign of a minor correction after the recent rally. Non-dutiable Vietnamese homo-PP yarn dropped $25/ton from the initial price list at the beginning of the week, and still, transactions remained disappointing.
On the other hand, the rising upstream propylene costs limit producers’ ability to make large adjustments to entice demand. Market sources are not expecting any drastic price swings ahead.
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Vietnam’s Long Son Petrochemical started offering non-prime grade LLDPE film in the domestic market in the range of VND26,500,000 – 27,000,000/ton including VAT ($1028 – 1048/ton excluding VAT). Sources said that the available quantity is small and given the tight overseas supply, buyers showed a reasonable level of acceptance.
There have been heavy discussions among Vietnamese customers that given the steady demand for PE in China and Vietnam, coupled with the heavy maintenance shutdown season, import PE offers are likely to increase further in the coming week.
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