Morning Briefing - 14 Dec. 2023
CommoPlast
Morning Briefing
14 December 2023
Brent: $74.26 (+$1.02)
WTI: $69.47 (+$0.86)
Naphtha CFR Japan: $639 (-$13)
Ethylene CFR NEA: $850 (Stable)
Ethylene CFR SEA: $850 (Stable)
Propylene FOB Korea: $810 (Stable)
Propylene CFR China: $840 (Stable)
*Data represent closing prices of the previous trading day
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In China, international suppliers are unveiling new offers with a notable divergence in pricing direction. A major Thailand producer conceded to another $10/ton discount on HDPE film cargoes, totalling the reductions to $25-35/ton from the previous price announcement. Meanwhile, Middle Eastern LLDPE and LDPE film spiked $15-20/ton. The development closely mirrors the domestic market, where easing supply tightness weighs heavily on the HDPE sector.
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The Southeast Asian ethylene market regained stabilisation following a $40/ton dive in the previous session on the back of weak demand and comfortable supply conditions. Compared to the cyclical peak record in late October 2023, the regional ethylene price has fallen by an average of $90/ton.
With sluggish demand from key ethylene derivative markets, including PE, MEG, and EDC, industry sources believed that the ethylene market might persist on a stable to softer trend in the near term.
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