Morning Briefing - 31 Aug. 2023
CommoPlast
Morning Briefing
31 August 2023
Brent: $85.86 (+ $0.37)
WTI: $81.63 (+ $0.47)
Naphtha CFR Japan: $665 (+ $2)
Ethylene CFR NEA: $830 (Stable)
Ethylene CFR SEA: $860 (Stable)
Propylene FOB Korea: $785 (+ $5)
Propylene CFR China: $825 (+ $5)
*Data represent closing prices of the previous trading day
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The Chinese PVC market fell between CNY50-100/ton on both carbide-based and ethylene-based PVC this week despite the fact Dalian Commodity Exchange regained some strength toward the end of the week. The deepening turmoil in the property market continued to weigh on the PVC sector here.
The dwindling demand condition in China coupled with a slowdown in purchasing interest among Indian customers spurred speculations that October shipment offers from key overseas sellers might witness some discounts compared to September.
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In India, debates are ongoing pertaining to the implementation of the Quality Control Order by the Bureau of Indian Standards (BIS) on various plastic raw materials and chemicals, which include PE and EVA. Part of the market called for the effective date of 3 October 2023 while others are requesting an extension by another quarter as many overseas suppliers have not obtained the certificate.
According to market sources, most Middle Eastern producers have completed the plant audit and currently waiting for certification. Meanwhile, several Southeast Asian producers as well as most USA and EU suppliers are still in mid of the procedure.
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