Morning Briefing - 21 Feb. 2024
CommoPlast
Morning Briefing
21 February 2024
Brent: $82.34 (- $1.22)
WTI: $78.18
Naphtha CFR Japan: $676 (Stable)
Ethylene CFR NEA: $955 (+ $5)
Ethylene CFR SEA: $970 (Stable)
Propylene FOB Korea: $815 (Stable)
Propylene CFR China: $845 (- $5)
*Data represent closing prices of the previous trading day
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A Taiwanese major decided to lift March PVC shipment offers to Asia with a $30/ton increase from the previous month – much larger than the initial market expectation of $10 – 20/ton on the back of limited availability due to the maintenance shutdown coupled with rising ethylene costs and freight rates.
The price decision was strongly welcomed by Chinese suppliers, who are facing rising local supply following the weeklong Lunar New Year holiday and are in need of export opportunities.
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The Chinese PE market tracked a largely stable trend as key international suppliers rolled over their price lists despite the strong upstream ethylene costs. As reported, many Chinese market participants are still away from their desks and might only return after the Chap Goh Mei festival.
A major Thailand producer agreed to a $5/ton discount on both HDPE and LLDPE film cargoes to entice buyers but transactions were thin.
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