Morning Briefing - 17 Apr. 2024
CommoPlast
Morning Briefing
17 April 2023
Brent: $90.02 (- $0.08)
WTI: $85.36（- $0.05)
Naphtha CFR Japan: $710 (+$13)
Ethylene CFR NEA: $915 (Stable)
Ethylene CFR SEA: $1010 (Stable)
Propylene FOB Korea: $820 (Stable)
Propylene CFR China: $850 (Stable)
*Data represent closing prices of the previous trading day
……………………………………………………………….
The Indonesian PP and PE market partially returned from the weeklong Ramadan holiday facing a slew of uncertainties, from the escalated tension in the Middle East to the currency exchange chaos.
“There is some mild panic in the local market. Buyers worried that prices would surge based on the exchange rates alone, therefore, when we decided to roll over our price list, customers immediately responded,” a trading house reported. The source claimed to have achieved a satisfactory number of transactions.
……………………………………………………………….
New PVC offers for May loading from a major Taiwanese producer fell $30/ton from the previous month – much larger than the market initially expected on the back of lingering weak demand and downward pressure from the currency exchange issues.
Buyers proceed cautiously with the expectation that the downswing might stick in the coming weeks as Indian customers refrain from stock-building ahead of the major General Election.
……………………………………………………………….
International suppliers started opening May PE shipment offers to Vietnam, with the latest price list from a Saudi Arabia producer seeing a $30/ton reduction on HDPE film while LLDPE film was stable. Customers expressed buying ideas at $970/ton for both grades citing the depreciation of the Vietnamese Dong that makes imports more expensive.
______________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
Your empowering market insight site.