Morning Briefing - 16 Aug. 2023
CommoPlast
Morning Briefing
16 August 2023
Brent: $84.89 (- $1.32)
WTI: $80.99 (- $1.52)
Naphtha CFR Japan: $654 (- $10)
Ethylene CFR NEA: $830 (+ $20)
Ethylene CFR SEA: $810 (Stable)
Propylene FOB Korea: $775 (Stable)
Propylene CFR China: $815 (Stable)
*Data represent closing prices of the previous trading day
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Following months of trailing behind other grades, the Vietnamese LDPE film market started to pick up sharply, regaining its supposed premium over HDPE and LLDPE film offers.
The latest September shipment offers from a key Malaysian producer to Vietnam witnessed a $110/ton jump from August, though buyers have stocked up comfortably over the past couple of weeks and prefer to wait on the sidelines for now.
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In China, the bullish sentiment that has been stimulating the local market since the Politburo meeting is now losing momentum. The futures market is sapped by the renewed crackdown on commodity trading and shadow banking. Sources said that the surprising rates cut on Tuesday might not be a strong enough measure to revive the market.
Except for spot LDPE film offers, which were still on a climb, other grades including PP, HDPE and LLDPE tracked stable to CNY50/ton lower on Tuesday, 15 August 2023. Chinese traders are now open to negotiation with serious customers, yet, transactions remain disappointing.
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