Morning Briefing - 20 Sept. 2023
CommoPlast
Morning Briefing
20 September 2023
Brent: $94.34 (- $0.09)
WTI: $91.20 (- $0.28)
Naphtha CFR Japan: $718 (+ $6)
Ethylene CFR NEA: $840 (Stable)
Ethylene CFR SEA: $865 (Stable)
Propylene FOB Korea: $810 (Stable)
Propylene CFR China: $855 (Stable)
*Data represent closing prices of the previous trading day
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With key LLDPE contracts on the Dalian Commodity Exchange surging to 2023’s all-time highs, Chinese arbitrage traders rushed to the spot market to secure additional cargoes, creating a rather active sentiment on the second day of the week. Two Middle Eastern producers reportedly sold out import LLDPE film offers at $960/ton CFR China.
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A key Taiwanese producer slashed October PVC shipment offers by $30-40/ton from the previous month as weak demand persists. The latest price list fell to $870/ton to India, $845/ton to China, and $840/ton to Southeast Asia, all based on CIF/CFR terms.
Initial responses from Indian customers were weak. Meanwhile, Southeast Asian customers expressed buying ideas in the range of $790-800/ton based on CIF terms citing a bearish finished goods market.
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