Morning Briefing - 12 Apr. 2023

CommoPlast

Morning Briefing

12 April 2023

Brent:  $85.61 (+ $1.43)

WTI: $81.53 (+ $1.79)

Naphtha CFR Japan: $684 (+ $1)

Ethylene CFR NEA: $940 (Stable)

Ethylene CFR SEA: $960 (Stable)

Propylene FOB Korea: $905 (Stable)

Propylene CFR China: $930 (Stable)

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Trading sentiment in the Southeast Asian PP market dimmed sharply this week following the weak sentiment observed in China and the approaching Ramadan holiday. A couple of Vietnamese suppliers, initially holding back on the allocations while expressing sell ideas at $1080/ton to the Indonesian market, have now started to reevaluate the situation.

“We are monitoring the development in China. If more Chinese cargoes emerge after Labour Day, we will not be able to achieve our price target,” said, a supplier.

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In the PE market, Chinese buyers are resisting every effort from overseas sellers to increase import offers to this market. After concluding deals for Qatari and Thailand materials in the previous day, buying ideas for non-dutiable Indonesian LLDPE film emerge at $1000/ton based on CFR China terms.

Chinese customers are reluctant in accepting higher prices citing the cloudy near-term outlook. 

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