Morning Briefing - 10 July 2023
CommoPlast
Morning Briefing
10 July 2023
Brent: $78.47 (+ $1.95)
WTI: $73.86 (+ $2.06)
Naphtha CFR Japan: $549 (+ $7)
Ethylene CFR NEA: $750 (Stable)
Ethylene CFR SEA: $750 (Stable)
Propylene FOB Korea: $725 (Stable)
Propylene CFR China: $770 (Stable)
*Data represent closing prices of the previous trading day
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According to market sources, a major Taiwanese producer is set to announce August PVC shipment offers within this week – much earlier than usual, with an anticipated increase of between $20-30/ton from July.
Although purchasing interest among Southeast Asian and Chinese buyers remains relatively soft, sources pointed to the revived trading sentiment and India and reduced availability from the ongoing maintenance shutdown at a Taiwanese plant as support for the potential rebound.
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Following a prolonged period of tracking the weakening trend, the Southeast Asian homo-PP market started showing signs of stabilising, and in some cases, overseas suppliers even attempted to introduce moderate hikes.
Sources said that the market is summoning support from the return of South Asian buyers, however, the rising supplies from Malaysia, Vietnam, and South Korea might keep any potential V-Shape rebound in check.
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In related industry news, Vietnam’s Long Son Petrochemical (LSP) is set to welcome a shipment of 50,000 tons of naphtha, which would allow the producer to kickstart the trial production at the 950,000/ton steam cracker.
CommoPlast reported earlier, LSP plans to commence commercial production run at all PP and PE units this September.
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