Morning Briefing - 19 Apr. 2024

CommoPlast

Morning Briefing

19 April 2023

Brent: $87.11 (- $0.18)

WTI: $82.73（+ $0.04)

Naphtha CFR Japan: $694 (- $18)

Ethylene CFR NEA: $915 (Stable)

Ethylene CFR SEA: $1010 (Stable)

Propylene FOB Korea: $825 (+ $5)

Propylene CFR China: $850 (Stable)

*Data represent closing prices of the previous trading day 

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The Asian LDPE film market portrayed some early indications of regaining strength this week. In fact, in China, Qatari LDPE film increased by $15/ton from the previous week and because of the limited supply condition, the available allocation is only offered to converters.

Meanwhile, in India, a major local producer lifted general purpose LDPE film by INR2,000/ton, marking the third price hike in April for this grade as the maker currently carrying out maintenance shutdown at the 400,000 tons/year unit. 

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Following the May shipment offers announcement earlier this week to Vietnam, a key Saudi Arabia producer agreed to close deals at a $50/ton discount on LLDPE film from the initial price list and $20/ton on HDPE film. The large price cuts were attributed to the rapid depreciation of the Vietnamese Dong against the US dollar which makes imports more expensive. 

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