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Morning Briefing - 20 Nov. 2023

CommoPlast CommoPlast Asia Sdn Bhd
The domestic Vietnamese homo-PP market seemed to have totally shrugged off the uptick in purchasing activities observed in the nearby China and Indonesia markets late last week.
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Morning Briefing

20 November 2023

 

Brent: $80.16 (+ $3.19)

WTI: $75.89 (+ $2.99)

 

Naphtha CFR Japan: $626 (-$17)

 

Ethylene CFR NEA: $860 (Stable)

Ethylene CFR SEA: $940 (Stable)

 

Propylene FOB Korea: $815 (Stable)

Propylene CFR China: $855 (Stable)

 

*Data represent closing prices of the previous trading day 

 

www.commoplast.com     

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The domestic Vietnamese homo-PP market seemed to have totally shrugged off the uptick in purchasing activities observed in the nearby China and Indonesia markets late last week. In the Northern region, players reported a rush among traders in cutting spot prices in an attempt to reduce on-hand stocks and boost cashflow ahead of the year-end season. Transactions are thin, though sellers are hopeful to be able to attract buying interest from Chinese and Indonesian buyers.  

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The Indian market returned from the Diwali festival to witness a diverged PP and PE market movement. A major local producer lifted HDPE and LLDPE prices by INR1,000/ton ($12/ton) while slashing PP by INR 2,000/ton ($24/ton) and LDPE by INR 4,000/ton ($48/ton). Cautiousness prevails among Indian customers regarding the near-term market outlook, influenced by comfortable local availability and mediocre demand conditions.

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Malaysia’s PrefChem reportedly shut its mixed feed cracker in Johor on 16 November 2023 following unspecified technical issues. The unit is expected to restart within a week, sources with knowledge of the matter said, as the causes are not critical. One of the downstream PP units and the HDPE plant are shut while the other PP line and the LLDPE plant continue to operate at reduced rates at the moment. 

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