Morning Briefing - 01 Mar. 2023

CommoPlast

Morning Briefing

01 March 2023

Brent:  $83.89 (+ $1.44)

WTI: $77.05 (+ $1.37)

Naphtha CFR Japan: $729 (+ $1)

Ethylene CFR NEA: $960 (Stable)

Ethylene CFR SEA: $970 (Stable)

Propylene FOB Korea: $930 (Stable)

Propylene CFR China: $945 (Stable)

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There have not been any major changes in the trading sentiment in China. Spot PP and PE offers in both local and import markets track stable to softer levels, but the good news is that buyers started to show interest in certain import PE cargoes following a fresh round of discounts.  

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China’s Zhongjing Petrochemical cut export PP offers by $15/ton from last week, sending the latest price list to $1040/ton for yarn, $1060/ton for injection, and $1045/ton for BOPP, all based on FOB China term.

The persistently weak demand across the region coupled with the dwindling futures market was attributed to the latest price adjustment.

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