Morning Briefing - 28 May 2024
CommoPlast
Morning Briefing
28 May 2024
Brent: $83.10 (+ $0.08)
WTI: Holiday
Naphtha CFR Japan: $676 (+ $10)
Ethylene CFR NEA: $855 (Stable)
Ethylene CFR SEA: $955 (Stable)
Propylene FOB Korea: $820 (Stable)
Propylene CFR China: $850 (Stable)
*Data represent closing prices of the previous trading day
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More international suppliers started to announce June PE shipment offers to Vietnam with increases compared to the previous month on the back of tighter availability and surging shipping costs.
The latest offers from a Saudi Arabia producer saw a $20-30/ton hike on both HDPE and LLDPE film offers. The new price list was highly receptive by the market considering the reasonable price levels. Negotiations are ongoing, though buyers do not expect the producers to achieve the full hike target.
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In China, after a downbeat week, the PP and PE market improved sharply on Monday, characterised by the improved acceptance of higher prices. A good number of deals for both PP and PE were reported on the local front.
Meanwhile, Chinese customers have also accepted fresh hikes on import PE offers, though a certain degree of selectivity remained in place. The bullish development discouraged Chinese suppliers from immediately opening new LDPE export offers, fearing the heightening price risks.
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