Morning Briefing - 15 February 2023
CommoPlast
Morning Briefing
15 February 2023
Brent: $85.58 (- $1.03)
WTI: $79.05 (- $1.08)
Naphtha CFR Japan: $728 (+ $6)
Ethylene CFR NEA: $875 (Stable)
Ethylene CFR SEA: $880 (Stable)
Propylene FOB Korea: $965 (Stable)
Propylene CFR China: $995 (Stable)
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Following the price reductions pioneered by a key Qatari producer on the first trading day of the week, a Thailand maker follow suit to slash import LLDPE film offers to China by $45/ton as the demand in this market fails to improve weeks after the Lunar New Year holiday.
Southeast Asian buyers have slowed down their buying activities sharply, awaiting similar price movement in the region.
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A key Taiwanese producer announced March PVC shipment offers with $40/ton hikes from February – much in line with the market expectation. However, given the persistently sluggish post-holiday demand condition in China, buying sentiment across the region has dimmed.
Indian customers reported weak responses from buyers and the presence of more competitive non-dutiable Japanese parcels further encouraged buyers here to abstain from higher costs cargoes.
There have been discussions that the three-month rally in the Asian PVC market might have reached its peak.
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