Morning Briefing - 17 July 2024
CommoPlast
Morning Briefing
17 July 2024
Brent: $83.73 (- $1.12)
WTI: $80.76 (- $1.15)
Naphtha CFR Japan: -$8
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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International suppliers have responded to the sustained weakness in China's local PE market by implementing more substantial price reductions. Notably, Middle Eastern LDPE film prices have decreased by $50/ton compared to the previous week, while South Korean HDPE film prices have fallen below the $950/ton threshold for the first time in several months.
Due to the resumption of operations at several plants following recent maintenance shutdowns, the increased local availability of HDPE and LDPE is expected to continue exerting downward pressure on these grades.
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Asian market participants eagerly anticipate the August polyvinyl chloride (PVC) shipment offers from key regional suppliers, expected to be announced in the coming week. Due to declining shipping costs from the Far East Asia region to India and the increasing likelihood of the BIS implementation being postponed, buyers have adjusted their August outlook to a stable to softer trend.
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