Morning Briefing - 09 Nov. 2023
CommoPlast
Morning Briefing
9 November 2023
Brent: $79.54 (- $2.07)
WTI: $75.33 (- $2.04)
Naphtha CFR Japan: - $7
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: + $5
*Data represent closing prices of the previous trading day
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In a surprising but pleasant development, Chinese buyers have shown acceptance toward import homo-PP cargoes from dutiable origins at $880/ton CFR China after much deliberation and negotiation. Discussing with CommoPlast, a number of buyers expressed the expectations that the market might be heading for stabilisation despite the recent downfall in crude oil prices given the still strong propane/propylene costs.
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Chinese PET bottle offers held largely stable in Southeast Asia this week despite the rebound in the upstream PX and PTA costs. Demand is weak due to the off-peak season. There have been reports that Chinese PET bottle plants are currently operating at about 80% capacity, making supply rather comfortable.
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