Morning Briefing - 5 Sept. 2023
CommoPlast
Morning Briefing
05 September 2023
Brent: $89.00 (+ $0.45)
WTI: Holiday
Naphtha CFR Japan: $657
Ethylene CFR NEA: $775
Ethylene CFR SEA: $775
Propylene FOB Korea: $750
Propylene CFR China: $800
*Data represent closing prices of the previous trading day
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The local Indonesian market kickstarted the week on a stable note with a key producer here rolling over the weekly PP and PE price list from the previous announcement. Trading activities remained timid, partly because converters have stocked up comfortably while finished goods markets, including the PE packaging sector, are not performing well.
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Meanwhile, the Chinese PP and PE market held relatively steady on the first trading day of the week on the back of reduced inventory pressure and a resilient futures market. Once again, players here are motivated by the bullish expectations on the year-end demand outlook following a slew of new measures from the government to boost domestic consumption.
The startup at Oriental Energy Phase 1 in Maoming, Guangdong province over the weekend, and possibly, at Baofeng Energy III within this week is expected to ease the current supply tightness in the local China market to a certain degree.
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