Morning Briefing - 29 May 2023
CommoPlast
Morning Briefing
29 May 2023
Brent: $76.95 (+ $0.69)
WTI: $72.67 (+ $0.84)
Naphtha CFR Japan: $593 (- $12)
Ethylene CFR NEA: $820 (- $10)
Ethylene CFR SEA: $870 (- $20)
Propylene FOB Korea: $790 (- $15)
Propylene CFR China: $810 (- $15)
*Data represent closing prices of the previous trading day
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On the final trading day of the previous week, a key Taiwanese producer made a surprising downward adjustment on June PVC shipment offers to India, totalling the month-on-month price cuts to $40/ton. Sources said that buying interest remains thin in India amid the cloudy global economic outlook.
In Southeast Asia, buyers insisted on buying ideas below the $750/ton threshold. After deals for Chinese ethylene-based PVC were concluded on the target, other sellers are now under pressure to follow suit.
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After two consecutive sessions of stabilising futures contracts on the Dalian Commodity Exchange, a couple of Chinese suppliers decided to introduce a firmer stance on export homo-PP offers. Responses from buyers were mixed. While the growing certainty of the US achieving an agreement to lift the debt ceiling elevated confidence, many remain cautious citing the persistently sluggish finished goods demand.
“We continue to monitor the market development in the coming week before making decisions. It becomes less likely that import homo-PP breaching below the $900/ton mark, but we prefer to proceed slowly,” said, a Vietnamese buyer.
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