Morning Briefing - 11 Apr. 2023
CommoPlast
Morning Briefing
11 April 2023
Brent: $84.18 (- $0.94)
WTI: $79.74 (- $0.96)
Naphtha CFR Japan: $683 (- $2)
Ethylene CFR NEA: $940 (Stable)
Ethylene CFR SEA: $960 (Stable)
Propylene FOB Korea: $905 (+ $5)
Propylene CFR China: $930 (+ $10)
……………………………………………………………….
Following several weeks of constantly softening prices and strong buying activities, ones might assume that the downtrend in the import PE market in China should have reached the bottom by now. Surprisingly, new weekly offers from at least two major international suppliers registered further declines this week.
While deals have been achieved, Chinese buyers insist on buying ideas for import LDPE fil at three digits, which no suppliers have agreed to, just yet.
Meanwhile, for the first time in nearly twelve months, the total PP and PE stocks belonging to Sinopec and CNPC surged to above the 900,000 tons threshold - a clear indication of lethargic trading activities in the local market.
……………………………………………………………….
Meanwhile, Asian market participants are torn over the possible May pricing outlook in the PVC market considering the recent surge in crude oil costs on the background of the still sluggish demand conditions.
In Southeast Asia, there have been discussions over the possible price rollover for the May shipment, but Indian customers expect $30-50/ton reductions from the previous month citing the availability of attractive Chinese materials that pressurizing the market.
______________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
Your Empowering Market Insight Site