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)

www.commoplast.com     

……………………………………………………………….

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.

……………………………………………………………….

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.

______________________________________________________________

Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast