Morning Briefing - 22 May 2023
CommoPlast
Morning Briefing
22 May 2023
Brent: $75.58 (- $0.28)
WTI: $71.55 (- $0.31)
Naphtha CFR Japan: $588 (Stable)
Ethylene CFR NEA: $850 (- $15)
Ethylene CFR SEA: $910 (- $10)
Propylene FOB Korea: $850 (- $5)
Propylene CFR China: $870 (- $5)
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The Asian ethylene market remained on the softening track in the week ending 19 May 2023 on poor demand as downstream buyers continued waiting on the sidelines amid the volatile upstream market, dull macroeconomic outlook, and the dissipating recovery momentum in China.
Major ethylene derivative markets including PE, PVC, and PET have been weakening for several weeks in a row with no signs of an uptick in the immediate terms. Sources believed that the ethylene market would be soft moving forward without support from the demand side.
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Meanwhile, the Vietnamese import homo-PP market breached below the $950/ton threshold on the final trading day of last week, with Chinese yarn cargoes being concluded at $930/ton based on CIF Vietnam terms.
Chinese suppliers have been struggling to deplete the bloating stocks as the demand at home and overseas fall sharply following the Labour Day holiday. The depreciating Yuan against the US dollar gives Chinese sellers the necessary means to adjust their offers downward to facilitate deals.
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