Morning Briefing - 4 August 2023
CommoPlast
Morning Briefing
04 August 2023
Brent: $85.14 (+ $1.94)
WTI: $81.55 (+ $2.06)
Naphtha CFR Japan: $638 (- $18)
Ethylene CFR NEA: $790 (+ $15)
Ethylene CFR SEA: $790 (+ $15)
Propylene FOB Korea: $755 (Stable)
Propylene CFR China: $805 (Stable)
*Data represent closing prices of the previous trading day
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A South Korean producer refused to concede to any discounts on their HDPE cargoes to the Indonesian market after nearly a week of intense negotiations. Supply tightness for this grade coupled with stable demand in the nearby Indian market gives regional and international suppliers leverage in price discussions.
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The Southeast Asian homo-PP market remained on the firming track amid diminishing buying interest. According to a regional supplier, sales have been slow this week as customers resisted the hikes, yet it is just a matter of time before these buyers would need to accept higher price levels in their next replenishments because of stronger upstream costs and a bullish Chinese market would keep the current firming trend intact.
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