Morning Briefing - 19 June 2024
CommoPlast
Morning Briefing
19 June 2024
Brent: $85.33 (+ $1.08)
WTI: $81.57 (+ $1.24)
Naphtha CFR Japan: +$4
Ethylene CFR NEA: -$5
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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Data from CommoPlast showed that week-on-week basis, spot LDPE film traded in the local Chinese market has gained CNY400/ton ($55/ton) at the lower-end of the overall price range due to the persistently limited supply condition. The constantly rising spot LDPE film prices, however, seemed not attractive enough for EVA/LDPE swing plants to switch production.
In the meantime, spot LLDPE film offers in this market were unchanged from the previous week while HDPE fell slightly, which shed light onto the state of demand for each grade.
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A major Taiwanese producer opened July PVC shipment offers with increases of $150/ton to India, $45/ton to Southeast Asia, and $25/ton to China. The large hike differential was attributed to the varied ocean freight rates to each region.
Indian buyers responded positively to the latest price list with sources believing the producer would be able to sell out the allocation soon. Customers have been diverted their attention away from Chinese PVC cargoes on fears of the upcoming BIS implementation.
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