Morning Briefing - 27 Sept. 2023
CommoPlast
Morning Briefing
27 September 2023
Brent: $93.96 (+ $0.67)
WTI: $90.39 (+ $0.71)
Naphtha CFR Japan: $699 (- $15)
Ethylene CFR NEA: $890 (Stable)
Ethylene CFR SEA: $870 (Stable)
Propylene FOB Korea: $820 (Stable)
Propylene CFR China: $860 (Stable)
*Data represent closing prices of the previous trading day
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The local PP and PE market in China continued losing steam with homo-PP falling sharply from the eight-month highs stemming from the continuous weakening futures contracts ahead of the long holiday.
Chinese buyers have completed pre-holiday replenishment while a number of logistics services will be off starting Thursday, 28 September. At the moment, market participants are not too bullish about the post-holiday demand outlook.
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In Vietnam, the homo-PP market started the week on a mixed note, however, more Chinese sellers softened their stance on spot cargoes with the aim of enticing overseas demand to compensate for the weakening trading sentiment at home.
Buyers here remain cautious, hoping to obtain additional discounts. Buying ideas for Chinese homo-PP yarn emerged at around $950/ton based on CIF term with no immediate deals observed.
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