Morning Briefing - 14 July 2023
CommoPlast
Morning Briefing
14 July 2023
Brent: $81.36 (+ $1.25)
WTI: $76.89 (+ $1.14)
Naphtha CFR Japan: $591 (+ $11)
Ethylene CFR NEA: $750 (Stable)
Ethylene CFR SEA: $745 (Stable)
Propylene FOB Korea: $725 (Stable)
Propylene CFR China: $775 (+ $5)
*Data represent closing prices of the previous trading day
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The Chinese PE market continues to witness steady improvement in purchasing interest amid recovering buyers’ confidence as the government is getting more serious about boosting the private sector. A weaker US dollar also makes it less expensive for customers here to procure imported materials.
A Singaporean producer is among the latest overseas sellers to announce a fresh price list for cargoes from Singapore, Saudi Arabia, and USA plants with a $15-20/ton increase. Responses are satisfactory.
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Following a series of transactions for import homo-PP in China in the range of $810-830/ton based on CFR terms, Southeast Asian buyers become more cautious in pursuing additional purchases, especially after having stocked up comfortably over the past two weeks.
The softer buying interest in this region does not stop Chinese suppliers from continuously lifting their export offers. In fact, Zhongjing Petrochemical announced the third price list this week with an additional increase of $10/ton from the previous day, citing the reduced inventory pressure.
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