Morning Briefing - 14 August 2024
CommoPlast
Morning Briefing
13 August 2024
Brent: $80.69 (- $1.61)
WTI: $78.35 (- $1.71)
Naphtha CFR Japan: + $11
Ethylene CFR NEA: + $5
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 Southeast Asian market witnessed a sparse number of new import homo-PP offers on the second trading day of the week. The absence of fresh pricing, combined with a steep rise in crude oil costs earlier this week, has intensified concerns among regional buyers about whether the market has hit rock bottom.
Soft demand and the increase in Chinese supply continued to weigh on the sentiment, however, Chinese PP has not been attractive in Southeast Asia for months and the shipping costs have not dropped significantly enough to induce such competitiveness at the moment.
Buyers have adopted a cautious stance, closely monitoring market developments before committing to new purchases.
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In related industry news, Malaysia has initiated an anti-dumping duty investigation on imports of polyethylene terephthalate (PET) originating from China and Indonesia, according to a statement released by the Ministry of International Trade and Industry (MITI) on 09 August 2024.
The ministry emphasized that a preliminary finding would be made within 120 days from the initiation of the probe, although the exact start date was not specified in the statement.
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