Morning Briefing - 06 Mar. 2024
CommoPlast
Morning Briefing
06 March 2024
Brent: $82.04 (- $0.76)
WTI: $78.15 (- $0.59)
Naphtha CFR Japan: $695 (- $6)
Ethylene CFR NEA: $950 (Stable)
Ethylene CFR SEA: $1010 (Stable)
Propylene FOB Korea: $815 (Stable)
Propylene CFR China: $845 (Stable)
*Data represent closing prices of the previous trading day
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In China, a couple of Middle Eastern producers decided to lower import LDPE film offers despite the supply tightness after facing stiff resistance from the market over the past two weeks. On the contrary, offers for HDPE and LLDPE film held largely stable.
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In the Chinese PVC market, rumours over ethylene supply issues at one of the PVC plants in Ningbo encouraged Chinese suppliers to lift their ethylene-based PVC export offers to $750/ton FOB China terms. Some inquiries from South Asian customers were reported, however, the number of real transactions seemed much weaker than two weeks ago.
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In Vietnam, the import homo-PP market remained on a stable to firmer trend. While key suppliers from Thailand and South Korea attempted to lift offers by $10/ton week-on-week to reflect the reduced availability, these sellers faced stiff resistance given the readily available Chinese materials at more attractive price levels.
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