Morning Briefing - 24 May 2023
CommoPlast
Morning Briefing
24 May 2023
Brent: $76.84 (+ $0.65)
WTI: $72.91 (+ $0.86)
Naphtha CFR Japan: $588 (+ $5)
Ethylene CFR NEA: $840 (Stable)
Ethylene CFR SEA: $900 (- $10)
Propylene FOB Korea: $825 (- $15)
Propylene CFR China: $845 (- $15)
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In an interesting development, Malaysian homo-PP was concluded at below the $900/ton threshold in China, the first time such prices showed up in a couple of years. On the bright side, the produce quickly withdrew the offers after receiving satisfactory responses from the market, indicating a possibility that the current downswing might have found its footing.
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A key Taiwanese producer opened June PVC shipment offers to Asia with $20/ton reductions from the previous month – much in line with the initial market expectations. Deals were reported in India at the latest offers, though buyers refrain from aggressively off-taking the cargoes citing the still gloomy global economic outlook. Meanwhile, buyers in Southeast Asia insist on buying ideas at $750/ton or lower with no immediate deals reported.
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