Morning Briefing - 24 June 2024
CommoPlast
Morning Briefing
24 June 2024
Brent: $85.24 (- $0.47)
WTI: $80.73 (- $0.56)
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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In an interesting development, the local homo-PP market in the Northern Vietnam market rallied late last week, stimulated by the delay in import arrivals and the firmer upstream propylene costs. Apparently, most off-takers were traders, who were running low on inventories.
The homo-PP market in the Northern Vietnam region has been traded well below the Southern region for months. Market sources said it only makes sense for the Northern market to catch up with the overall trend now.
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Meanwhile, the uptrend in the local LDPE film market in China showed no sign of slowing down. Over the past week, spot LDPE film offers in China rose CNY150 – 450/ton ($21 – 62/ton) from the week before as supply tightness persisted.
On the other hand, spot HDPE and LLDPE film did not share the same bullish sentiment. On the contrary, HDPE film market inched lower due to the comfortable availability and sluggish demand.
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