Morning Briefing - 13 Dec. 2023
CommoPlast
Morning Briefing
13 December 2023
Brent: $73.24 (-$2.79)
WTI: $68.61 (-$2.71)
Naphtha CFR Japan: $651 (+$6)
Ethylene CFR NEA: $850 (Stable)
Ethylene CFR SEA: $850 (-$40)
Propylene FOB Korea: $810 (Stable)
Propylene CFR China: $840 (Stable)
*Data represent closing prices of the previous trading day
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According to market sources, a major Taiwanese producer has decided to postpone the new PVC price announcement for January loading until next week amid heightening market challenges. While cost pressure is on the rise, the stubbornly weak demand in China drags this market to multi-month lows and erodes confidence across the region.
Asian market participants started raising the possibility that the Taiwanese maker might lower January shipment offers by $10-20/ton to stimulate demand.
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In the Chinese PE market, while spot LLDPE and LDPE film climbed another CNY50/ton higher from the previous session thanks to improved demand from the agricultural film sector; the HDPE film market declined further as loosening supply dragged. Data from CommoPlast showed that the premium HDPE film carried over LLDPE film has fallen to merely CNY100/ton this week from CNY550/ton at the peak in mid-August 2023.
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