Morning Briefing - 2 Nov. 2023
CommoPlast
Morning Briefing
02 November 2023
Brent: $84.63 (- $0.39)
WTI: $80.44 (- $0.58)
Naphtha CFR Japan: $646 (- $1)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $970 (Stable)
Propylene FOB Korea: $805 (Stable)
Propylene CFR China: $840 (Stable)
*Data represent closing prices of the previous trading day
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In Vietnam, the Chinese PP seems less aggressive this week. Market players pointed to the persistently weak demand that becomes less responsive to any price adjustment at the moment. Besides, other origins including India and South Korea are in the race to attract buying interest, creating a highly competitive market.
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In India, a major local producer lifted PVC offers for the second time in two weeks, adding another INR1,000/ton on the back of the gradual demand improvement. In the import market, international suppliers have lifted spot PVC offers to India between $30-40/ton from the cyclical lows and it appears that customers started being reluctant.
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In plant status news, Malaysia’s PrefChem has restarted the 400,000 tons/year HDPE plant following a brief maintenance shutdown a week ago. The 350,000 tons/year LLDPE plant is expected to come online in the second week of November.
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