Morning Briefing - 26 August 2024
CommoPlast
Morning Briefing
26 August 2024
Brent: $79.02 (+ $1.80)
WTI: $74.83 (+ $1.82)
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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The Indian Central Government has decided to postpone the implementation of the Quality Control Orders (QCO) for Polypropylene (PP) and Polyvinyl Chloride (PVC) by four months, according to an official statement published in The Gazette of India.
Initially set to take effect on 26 August 2024, the enforcement date has now been pushed back to 24 December 2024, following consultations with the Bureau of Indian Standards (BIS).
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Following its recent restart, Vietnam’s Long Son Petrochemical has reportedly secured a significant volume of transactions for both PP and PE cargoes to China, maintaining price levels without resorting to substantial discounts.
While the exact production rates at the complex remain unclear, market sources suggest that the producer is steadily increasing utilization and is expected to operate at full capacity through the end of the year. The near-term supply outlook for the local Vietnamese market appears stable, with no immediate concerns over availability.
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