Morning Briefing - 20 Dec. 2023
CommoPlast
Morning Briefing
20 December 2023
Brent: $79.23 (+ $1.28)
WTI: $73.44 (+ $0.97)
Naphtha CFR Japan: $681 (- $5)
Ethylene CFR NEA: $865 (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 Indonesia, offers for non-dutiable Vietnamese homo-PP surged above the $1000/ton threshold for the first time in weeks on expectations that buyers here would be motivated to build stock ahead of the implementation of the Import Restrictions on 10 March 2023.
Although transactions are thin, sellers expressed the intention to maintain a firm stance on their offers.
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Following the $30/ton reductions on January PVC shipment offers from a Taiwanese producer, responses from the Indian market were mediocre. Buyers here prefer to maintain moderate inventory levels amid heightening market risks.
In Southeast Asia, other regional and international suppliers started to follow the trend set by the Taiwanese maker. Negotiations are fierce with some bids for deep-seas cargoes emerging at $700-720/ton CIF terms. However, the strong upstream costs coupled with rising freight rates prevent any major price adjustment.
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