Morning Briefing - 12 July 2023
CommoPlast
Morning Briefing
12 July 2023
Brent: $79.40 (+ $1.71)
WTI: $74.83 (+ $1.84)
Naphtha CFR Japan: $574 (+ $10)
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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Following a dwindling start earlier this week, purchasing activities in China showed visible improvement on the second trading day of the week. Market participants became more bullish about the economic outlook as the government signalled ‘more economic support measures are imminent’, which began with the extension of loan relief to property developers.
The Chinese government also called for ‘greater economic and trade opening’ that fuels the advancement in the futures and stocks market.
Transactions for PE are especially satisfactory. In fact, both a Thailand and a Qatari producer reported healthy responses from Chinese buyers after announcing fresh weekly offers on the stable to firmer note.
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In Indonesia, at least three key Asian producers reportedly lifted import homo-PP offers between $20-30/ton from the previous week, shrugging off the dimmer trading sentiment on the local ground that forced domestic suppliers to roll over their spot offers.
Discussions are thin. Nevertheless, market players believed that the recent downswing has reached the cyclical bottom and the absence of sales pressure would encourage sellers to maintain a firm stance on the prices.
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