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Morning Briefing - 7 Mar. 2024

CommoPlast CommoPlast Asia Sdn Bhd
After cutting import LDPE film offers to China earlier this week, a Saudi Arabia producer introduced a $30/ton reduction on LLDPE film the following day,
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Morning Briefing

07 March 2024

 

Brent: $82.96 (+ $0.92)

WTI: $79.13 (+ $0.98)

 

Naphtha CFR Japan: $692 (- $4)

 

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 

 

www.commoplast.com     

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After cutting import LDPE film offers to China earlier this week, a Saudi Arabia producer introduced a $30/ton reduction on LLDPE film the following day, which fortified speculations that the recent rally in the PE market might have hit the peak despite the still strong ethylene costs and tight availability. Negotiations are ongoing for LLDPE film with bids reported in the range of $950-960/ton CFR China. The supplier has not agreed to these prices.

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Chinese PET bottle suppliers surprisingly lifted export offers by $10-15/ton compared to earlier this week to $905 – 910/ton FOB China terms. An unexpected surge in domestic trading activities was attributed to the development. According to market sources here, the bottled beverage sector is now in preparation for the summer demand season, hence, converters returned to the market to scoop up attractive cargoes.  

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