Morning Briefing - 13 June 2024
CommoPlast
Morning Briefing
13 June 2024
Brent: $82.60 (+ $0.68)
WTI: $78.50 (+ $0.60)
Naphtha CFR Japan: +$9
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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Both Vietnamese and Chinese market participants reported to have received more import offers for LDPE film this week compared to the previous week, including from various US sources.
The development and the restart at several major international LDPE plants flashed signs that supply is recovering from the recent shortages, according to market sources. Buyers started to dial back on their purchases while keeping an eye on the movement.
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The Northeast Asian ethylene market is now at the level last seen in mid-September 2023 after constantly tracking the downtrend since late February this year. The recent rebound in the downstream PE and PVC sectors seemed to have little support for the ethylene market here.
Industry insiders said the heavy influx of deep-sea US cargoes is likely to cap the Northeast Asian ethylene market from surging above the psychological threshold of $850/ton.
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