Morning Briefing - 13 April 2023
CommoPlast
Morning Briefing
13 April 2023
Brent: $87.33 (+ $1.72)
WTI: $83.26 (+ $1.73)
Naphtha CFR Japan: $690 (+ $6)
Ethylene CFR NEA: $940 (Stable)
Ethylene CFR SEA: $960 (Stable)
Propylene FOB Korea: $905 (Stable)
Propylene CFR China: $930 (Stable)
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The Indonesian PET market is diverged this week with international suppliers maintaining new offers unchanged from the previous week amid the stabilising upstream PTA costs. However, domestic PET bottle prices jumped another IDR400,000/ton – a development market participants deemed ‘a lag behind the import ground.’
With the Northern Hemisphere markets entering the summer season coupled with the revival of the international tourism sector, players expect the PET bottle market to remain largely stable moving forward.
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In Vietnam, import PVC offers from key Chinese suppliers fell $20-30/ton this week, which cast a shadow on May shipment offers from other suppliers. All eyes are on the announcement from the Indian government pertaining to the safeguard measures (in the form of quantitative restrictions) against the import of PVC. If the Indian government introduces any other form of restrictions, the market might see a diverged pricing movement between India and other regional markets.
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