May 29, 2023 6:02 p.m.

Morning Briefing - 22 Mar. 2023

CommoPlast CommoPlast Asia Sdn Bhd
While the overall trading sentiment across the Asia region remains soft on the second day of the week, there are plenty of signs that Chinese buyers are searching for the bottom prices.
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CommoPlast

Morning Briefing

22 March 2023

 

Brent:  $75.32 (+ $1.53)

WTI: $69.33 (+ $1.69)

 

Naphtha CFR Japan: $622 (+ $33)

 

Ethylene CFR NEA: $950 (Stable)

Ethylene CFR SEA: $970 (Stable)

 

Propylene FOB Korea: $880 (Stable)

Propylene CFR China: $905 (Stable)

 

www.commoplast.com     

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While the overall trading sentiment across the Asia region remains soft on the second day of the week, there are plenty of signs that Chinese buyers are searching for the bottom prices. 

CommoPlast previously week reported buy ideas among Chinese buyers for import homo-PP at $900-910/ton based on CFR terms and at the time of the report, deals for deep-seas yarn parcels have been achieved at the mentioned prices. Responses from the market were so strong, the seller managed to deplete all available quantities quickly.

On the other hand, bids for non-dutiable LLDPE film actively emerged at $1030/ton CFR China, LC 90 days. Market participants are waiting for feedback from the suppliers on the final prices.

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In Vietnam, buyers are mirroring the movement observed in the nearby China market with a number of deals for import homo-PP yarn observed in the range of $1020-1035/ton based on CIF terms. However, buyers were not confident enough to make large purchases while expecting the import market to extend the softening trend in the coming week. 

In the domestic market, Long Son Petrochemical continue to offer on-spec PP (including homo and copo grades) and HDPE film cargoes, sparked speculations that the producer is working to stabilise and ramp up operating rates at the newly started up plant.

Meanwhile,  

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