Morning Briefing - 30 Oct. 2023
CommoPlast
Morning Briefing
30 October 2023
Brent: $90.48 (+ $2.55)
WTI: $85.54 (+ $2.33)
Naphtha CFR Japan: $658 (- $6)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $970 (+ $10)
Propylene FOB Korea: $805 (- $10)
Propylene CFR China: $840 (- $10)
*Data represent closing prices of the previous trading day
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The Asian PVC market seemed to have reached the cyclical bottom as regional and international suppliers attempted to introduce a firmer stance on spot cargoes citing the uptick in buying interest among Indian customers.
However, Asian buyers believed that the dwindling global economic conditions might cap the market's upside. In other words, buyers do not anticipate any strong rebound moving forward.
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In Vietnam, several Chinese suppliers agreed to close deals for import homo-PP yarn below the $950/ton threshold – a result of heightened sales pressure and disappointing seasonal demand.
Vietnamese customers continued to proceed cautiously, making only small replenishments while waiting for more discounts to emerge.
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