Morning Briefing - 07 Nov. 2023
CommoPlast
Morning Briefing
07 November 2023
Brent: $85.18 (+ $0.29)
WTI: $80.82 (+ $0.31)
Naphtha CFR Japan: - $7
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: + $10
Propylene CFR China: + $10
*Data represent closing prices of the previous trading day
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The Chinese PP and PE market kickstarted the week on a firm note thanks to the bullish development on the Dalian Commodity Exchange. While the local market tracking higher, real demand is not catching up. Chinese sellers are, therefore, caught in a challenging position as their export offers are now unable to compete with more aggressive origins such as South Korea and India.
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Meanwhile, in Vietnam, new import PP offers are limited. International suppliers seemed holding back on new price announcement, waiting for a South Korean maker to deplete the allocations at the lower end of the overall price range. Hopes are that, with the absence of Chinese cargoes, there might be chance for the market to regain stabilisation.
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