Morning Briefing - 15 May 2023
CommoPlast
Morning Briefing
15 May 2023
Brent: $74.17 (- $0.81)
WTI: $70.04 (- $0.83)
Naphtha CFR Japan: $589 (- $14)
Ethylene CFR NEA: $865 (- $5)
Ethylene CFR SEA: $920 (Stable)
Propylene FOB Korea: $860 (- $10)
Propylene CFR China: $880 (- $10)
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The Asian PP market is expected to gallop lower in the immediate term with some speculations heard in Southeast Asia calling for spot Chinese yarn and injection cargoes to reach the $950/ton mark or even lower.
A couple of regional suppliers have stepped up the effort to secure deals by cutting offers sharply, i.e. South Korean homo-PP injection dived $80/ton from the initial price list to close deals at $1000/ton CIF Vietnam. Otherwise, Southeast Asian buyers prefer to proceed cautiously, resulting in sluggish trading sentiment.
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Meanwhile, the PET bottle market in Indonesia extended the weakening trend with Chinese cargoes falling $40-50/ton compared to late April. Purchasing activities remain soft as the recent downfall in the crude oil market spooks the already reluctant buyers.
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