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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