Feb 21, 2024 10:40 p.m.

Morning Briefing - 21 Nov. 2023

CommoPlast CommoPlast Asia Sdn Bhd
Although the general expectations remained on the trajectory that new price lists would be higher, the lingering weakness in China might anchor the regional market, capping the upside.
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Morning Briefing

21 November 2023

 

Brent: $82.32 (+ $1.71)

WTI: $77.60 (+ $1.71)

 

Naphtha CFR Japan: +$19

 

Ethylene CFR NEA: Stable

Ethylene CFR SEA: Stable

 

Propylene FOB Korea: Stable

Propylene CFR China: Stable

 

*Data represent closing prices of the previous trading day 

 

www.commoplast.com     

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A major Taiwanese producer has once again delayed the announcement of December PVC shipment offers to Asia. Although the general expectations remained on the trajectory that new price lists would be higher, the lingering weakness in China might anchor the regional market, capping the upside. Buyers are now anticipating a $20-30/ton increase instead of $30-50/ton initially. 

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International suppliers started opening December PE shipment offers to Vietnam with a key Saudi Arabia producer spearheading a stabilising trend by keeping offers unchanged from November. Bid collections are ongoing at $1020/ton for HDPE film, $960/ton for LLDPE film, and $970-980/ton for LDPE film, all based on CIF terms. Buyers are reluctant to join the bid collection while placing counter-bids at lower levels.  

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