Morning Briefing - 18 June 2024
CommoPlast
Morning Briefing
18 June 2024
Brent: $84.25 (+$1.63)
WTI: $80.33 (+$1.88)
Naphtha CFR Japan: Holiday
Ethylene CFR NEA: Holiday
Ethylene CFR SEA: Holiday
Propylene FOB Korea: Holiday
Propylene CFR China: Holiday
*Data represent closing prices of the previous trading day
……………………………………………………………….
The Southeast Asian market was rather quiet on the first trading day of the week due to an ongoing holiday in key markets, including Indonesia and Malaysia. However, in Vietnam, the local PP market was mixed. While a part of the market preferred to maintain a firm stance on their cargoes, fearing the currency exchange issues would make restocking costs more expensive, others started to step back on the pricing.
Sources informed of having received a VND300,000/ton ($12/ton) discount on locally produced yarn cargoes, cash in advance payment. Only a handful number of transactions were reported.
……………………………………………………………….
In China, Jinneng Energy postponed the restart of its 900,000 tons/year propane dehydrogenation (PDH) unit due to unspecified reasons. The plant was initially slated to come back from two-week maintenance in mid-June but has been rescheduled to later this month.
Market sources keep a close eye on the impact of the longer-than-expected shutdown on the propylene market.
______________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
Your empowering market insight site.