Morning Briefing - 25 June 2024
CommoPlast
Morning Briefing
25 June 2024
Brent: $86.01 (+$0.77)
WTI: $81.63 (+$0.90)
Naphtha CFR Japan: -$3
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: +$5
*Data represent closing prices of the previous trading day
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At least two additional producers from Saudi Arabia have announced their polyethylene (PE) shipment offers to Vietnam for July. These offers are at stable to slightly lower levels compared to previous announcements, despite an increase in shipping surcharges. Negotiations are currently in progress, with buying interest emerging at $1030-1040/ton for LLDPE film and $1000-1020/ton for HDPE film.
The market is awaiting final price decisions from the suppliers.
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There were mixed movements in the Chinese LDPE film market at the start of the week. The local market's uptrend persisted due to significant supply constraints of ready stock cargoes. However, buyers reportedly obtained $25-45/ton discounts on import LDPE film originating from the US.
While market participants remain uncertain about the near-term outlook for the LDPE sector, there is a general consensus that the uptrend may be approaching its peak.
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