Morning Briefing - 28 Aug. 2023
CommoPlast
Morning Briefing
28 August 2023
Brent: $84.48 (+ $1.12)
WTI: $79.83 (+ $0.78)
Naphtha CFR Japan: $663.5 (+ $3.5)
Ethylene CFR NEA: $830 (Stable)
Ethylene CFR SEA: $860 (Stable)
Propylene FOB Korea: $780 (Stable)
Propylene CFR China: $820 (Stable)
*Data represent closing prices of the previous trading day
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A couple of international suppliers decided to down-adjusted the import LLDPE film offer to China at the end of the previous week as demand for this grade saturated following weeks of rallying. Sources said higher local production coupled with the heavy influx of USA materials eased supply tightness for this grade substantially while HDPE and LDPE film continue to gallop higher.
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The Indonesian PET bottle market was stable to slightly firmer the previous week, reflecting the rising upstream PTA and MEG costs. Buyers here prefer to source the needed quantities from the domestic market, which is now considered more attractive given the exchange rate fluctuation and the import duty imposed on Chinese materials.
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