Morning Briefing - 10 July 2024
CommoPlast
Morning Briefing
10 July 2024
Brent: $84.66 (- $1.09)
WTI: $81.41 (- $0.92)
Naphtha CFR Japan: -$8
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: -$3
*Data represent closing prices of the previous trading day
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In Vietnam, buyers are cautiously proceeding with purchases after a South Korean producer agreed to a $10/ton discount on homo-PP cargoes from initial offers. This reduction has positioned the latest prices well below the $1,000/ton threshold, making these the most competitive non-dutiable parcels currently available in the open market.
Market sources concur that with an increasing number of suppliers approving transactions in the mid to high $900/ton range, downward pressure on other sellers is expected to escalate gradually in the coming week.
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The Chinese HDPE film market is anticipated to face sharper price reductions in the near term, according to market sources. The upcoming restarts of several local plants, which had been shut down for maintenance in recent months, are expected to enhance supply, even though overall demand shows limited signs of improvement.
Meanwhile, Chinese buyers continue to express interest in LDPE and LLDPE film cargoes, engaging in aggressive pricing negotiations. However, sellers are finding it increasingly challenging to attract inquiries for HDPE.
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