Morning Briefing - 6 Sept. 2023
CommoPlast
Morning Briefing
06 September 2023
Brent: $90.04 (+ $1.04)
WTI: $86.69
Naphtha CFR Japan: $665 (-$10)
Ethylene CFR NEA: $820 (Stable)
Ethylene CFR SEA: $860 (Stable)
Propylene FOB Korea: $795 (Stable)
Propylene CFR China: $835 (Stable)
*Data represent closing prices of the previous trading day
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The domestic PVC market in China has climbed to the highest levels since January this year on bullish expectations that the government would continue to support the property market. Over the past week, a slew of measures was implemented, and the effort started showing results as home sales in two major cities: Beijing and Shanghai doubled over the weekend compared to the previous one.
Key PVC contracts on the Dalian Commodity Exchange rebounded sharply, gaining about CNY382/ton ($53/ton) in a span of a week, which elevated the trading sentiment in the spot market here.
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Vietnamese market participants returned from the long weekend National Day holiday to witness a fresh hike of $20/ton on import homo-PP offers from a key South Korean producer after achieving a satisfactory number of transactions prior to the break.
Deals, however, were done below the hike target, at $960/ton CIF Vietnam. All available allocations are depleted. Sources close to the producer said an uptick in demand in the Latin American market is likely to support the firming trend in Southeast Asia in the near term.
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