Morning Briefing - 05 June 2024

CommoPlast

Morning Briefing

05 June 2024

Brent: $77.52 (- $0.84)

WTI: $73.25 (- $0.97)

Naphtha CFR Japan: $648 (- $25)

Ethylene CFR NEA: $850 (Stable)

Ethylene CFR SEA: $950 (Stable)

Propylene FOB Korea: $825 (Stable)

Propylene CFR China: $855 (Stable)

*Data represent closing prices of the previous trading day 

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Unlike other petrochemical sectors, the Chinese PET market seemed under a strong influence of the continuously declining crude oil prices. Spot offers in the local market fell as much as CNY250/ton ($35/ton) from the previous week while export offers dropped $30/ton.

As reported earlier, the preparation for the summer demand has been largely completed, buyers, therefore, become more selective when it comes to fresh replenishment. 

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In the PVC market, at least one Taiwanese producer has expressed selling ideas for July shipment offers with a $70 – 80/ton hike compared to June citing the drastic surge in shipping costs and tighter availability.

Sources expect Indian customers to seek non-Chinese cargo moving forward on the concerns that Chinese PVC producers might not be able to obtain the B.I.S certificate before the implementation of the new standard in late August 2024.  

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