Morning Briefing - 14 June 2024
CommoPlast
Morning Briefing
14 June 2024
Brent: $82.75 (+ $0.15)
WTI: $78.62 (+ $0.12)
Naphtha CFR Japan: +$2
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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The Indian PP and PE market started to catch up with the firming trend that has been taking place across the Asian market over the past weeks. A key local producer here lifted local offers by INR 1,500/ton for PP and LDPE, and by INR 2,000/ton for HDPE and LLDPE.
Market sources said that import offers are limited, which could be a result of the heightening shipping challenges. Buyers are expected to be more active in the local market in the near-term.
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The Chinese PET bottle market rebounded from last week’s slump thanks to the stronger energy complex. Export offers rose $20/ton week-on-week while the local market gained CNY50-100/ton.
Supply is comfortable with new plants coming online and previously shutdown units restarted. The latest hikes, therefore, might face a challenging period to sustain its course ahead.
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