Morning Briefing - 12 Sept. 2023
CommoPlast
Morning Briefing
12 September 2023
Brent: $90.64 (- $0.01)
WTI: $87.29 (- $0.22)
Naphtha CFR Japan: $698 (+ $12)
Ethylene CFR NEA: $825 (Stable)
Ethylene CFR SEA: $865 (Stable)
Propylene FOB Korea: $800 (+ $5)
Propylene CFR China: $845 (+ $10)
*Data represent closing prices of the previous trading day
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Chinese buyers continue procuring PP and PE cargoes from local sources, creating an active trading sentiment on the first day of the week. However, suppliers here become more conservative in adjusting their selling prices with the aim of depleting more cargo ahead of the long holiday.
This year, the Mid-Autumn Festival is conjoint with the Golden Week holiday. The market will be officially off from 29 September to 7 October. Without a strong attempt to deplete more stocks, sellers fear rising inventory pressure in the post-holiday period.
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In Vietnam, players reported having received fresh LDPE film offers from a key Malaysian producer with a $40/ton hike from the previous month. Rising upstream costs are cited as the primary support for the price decision, according to market sources.
The price hikes are well-expected among Vietnamese market participants, still, buyers are reluctant to accept the latest offers. Concerns over the still soft local demand coupled with the depreciated Vietnamese Dong against the US dollar keep buyers at bay.
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