Morning Briefing - 17 May 2023
CommoPlast
Morning Briefing
17 May 2023
Brent: $74.91 (- $0.32)
WTI: $70.86 (- $0.25)
Naphtha CFR Japan: $581 (+ $3)
Ethylene CFR NEA: $865 (Stable)
Ethylene CFR SEA: $920 (Stable)
Propylene FOB Korea: $855 (Stable)
Propylene CFR China: $875 (Stable)
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The Southeast Asian PP market continues spiralling downward on the second trading day of the week. Though no new lows are reported, cargoes priced at the upper end of the overall price range race to adjust their offers amid muted purchasing activities.
Buyers maintain buying ideas at $950/ton or lower for Chinese-origin homo-PP yarn and injection while claiming to see no support for a rebound in the near term.
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In the PVC sector, Southeast Asian customers reported having received spot PVC offers from regular suppliers below the $800/ton threshold – largely unchanged from earlier this month.
At the time of this publication, no deals have been reported in both markets. The general expectations are that June shipment offers would emerge in the coming week with $40-50/ton reductions considering the gloomy global economic conditions.
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