Morning Briefing - 12 Dec. 2023

CommoPlast

Morning Briefing

12 December 2023

Brent: $76.03 (+$0.19)

WTI: $71.32 (+$0.09)

Naphtha CFR Japan: $645 (+$4)

Ethylene CFR NEA: $850 (Stable)

Ethylene CFR SEA: $890 (Stable)

Propylene FOB Korea: $810 (Stable)

Propylene CFR China: $840 (Stable)

*Data represent closing prices of the previous trading day 

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The Indonesian PP and PE market continued to rally on the first trading day of the week, led by the domestic distribution market despite a visible slowdown in purchasing activities. Reduced inventory pressure among local traders and expected drastic hikes in Q12024 contract price from local producers remained the primary drivers behind the bullish development.

On the other hand, many Indonesian customers started leaving their desks for the long holiday ahead.  

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In China, the local PP and PE market kickstarted the week on a firm note with spot offers gaining another CNY50/ton from the previous week. Sources said that manufacturers in the agricultural film sector started to return to the market for replenishment following some delay. Nevertheless, any drastic price hikes are deemed unlikely considering the still lacklustre demand from the packaging segment.

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