Morning Briefing - 31 May 2023

CommoPlast

Morning Briefing

31 May 2023

Brent:  $73.54 (- $3.53)

WTI: $69.46

Naphtha CFR Japan: $588 (- $10)

Ethylene CFR NEA: $820 (Stable)

Ethylene CFR SEA: $870 (Stable)

Propylene FOB Korea: $780 (- $10)

Propylene CFR China: $790 (- $5)

*Data represent closing prices of the previous trading day

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For the first time since May 2020, import homo-PP offers fell below the $850/ton threshold in China as the market falls under the pressure of a confluence of factors, including the comfortable supply condition, weak demand, and gloomy outlook.

The aggressive pricing decisions, instead of stimulating purchasing activities, pushed many buyers, who initially planned to make larger purchases at $850/ton CFR China to the sidelines for fears that the downtrend might persist.

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In Vietnam, the import LDPE film market once again breached below the $1000/ton threshold with limited buying interest observed. Sources said that with offers to the nearby China market retreating to the high $800/ton levels, the Vietnamese market might soon see import LDPE film below the $950/ton mark. 

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