Morning Briefing - 05 Feb. 2024
CommoPlast
Morning Briefing
05 February 2024
Brent: $77.33 (- $1.37)
WTI: $72.28 (- $1.54)
Naphtha CFR Japan: $654 (- $9)
Ethylene CFR NEA: $940 (Stable)
Ethylene CFR SEA: $950 (+ $10)
Propylene FOB Korea: $815 (Stable)
Propylene CFR China: $850 (Stable)
*Data represent closing prices of the previous trading day
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The Chinese PVC market tracked a diverged trajectory in the week ending 2 February 2024 with carbide-based PVC losing CNY100/ton while ethylene-based PVC added CNY50/ton.
Chinese converters have been making small purchases to cover just the immediate needs for months given the lethargic pipe and profile demand. The pre-holiday replenishment activities were mediocre, and there is a growing expectation that the local inventories might surge post-holiday, leading to further price reductions.
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The Indonesian PET bottle market registered another sharp hike with key domestic producers lifting spot offers by IDR500,000/ton ($32/ton) compared to the previous week. According to market sources, the upward momentum is mainly driven by concerns over the upstream MEG costs. Apparently, the import quota regulation also encompasses Monoethylene glycol (MEG) under the HS code 290531, which spurred concerns over the local supply outlook.
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