Morning Briefing - 26 June 2024
CommoPlast
Morning Briefing
26 June 2024
Brent: $85.01 (- $1.00)
WTI: $80.83 (- $0.80)
Naphtha CFR Japan: + $6
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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A number of Vietnamese PE buyers have expressed interest in making replenishment, though the uncertain prospect of the shipping costs kept these customers on the edge.
Discussing with CommoPlast, a flexible packaging converter assessed the market outlook while planning tomake larger purchases toward the end of July, hoping to obtain further discounts, in line with the expected easing ocean freight rates.
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An explosion occurred at China’s Tianjin Bohua petrochemical complex on June 25, resulting in several injuries. The incident happened at the hydrogen peroxide unit, but as a precaution, the producer decided to shut down the entire complex.
The ethylene-based PVC plant on the site was also affected. Sources said that the impact on the PVC market might be manageable given the dwindling demand condition in this market.
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