Morning Briefing - 13 August 2024
CommoPlast
Morning Briefing
13 August 2024
Brent: $82.30 (+ $2.64)
WTI: $80.06 (+ $3.22)
Naphtha CFR Japan: $675 (+ $3)
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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The Chinese homo-PP market kickstarted the week on a soft note on concerns over the loosening supply outlook. Spot homo-PP yarn traded in the local market fell CNY50/ton from the previous trading day with only a handful number of transactions reported.
On a positive note, sources reported some reduction in the ocean freight rates from China to several key markets in Asia, fueling hope for stronger export sales moving forward. In the meantime, export PP offers from China fell $5 – 15/ton from the previous week, reflecting the bearish development on the local front.
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The Asian polyvinyl chloride (PVC) market experienced limited activity ahead of the anticipated September price announcements. Intense discussions among market participants centered on the likely pricing direction for the coming weeks, with a prevailing expectation of a downtrend.
Weak seasonal demand and declining shipping costs were the main factors cited by Asian buyers as they projected lower offers for September shipments. Despite these supports, buyers remained uncertain about the extent of the potential price cuts, reflecting a cautious market sentiment.
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