Morning Briefing - 28 August 2024
CommoPlast
Morning Briefing
28 August 2024
Brent: $79.55 (- $1.88)
WTI: $75.53 (- $1.89)
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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Following several delays, a Taiwanese producer opened September PVC shipment offers with reductions of $110/ton to India and $70/ton to Southeast Asia amid the falling shipping costs and comfortable supply conditions.
Market reception to the new offers has been tepid, with Southeast Asian buyers expressing disappointment that prices remain above the $800/ton threshold – a level undercut by Chinese and regional competitors. Meanwhile, Indian buyers are holding back, waiting for price adjustments from a major local producer before making any commitments.
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Chinese buyers are showing increased acceptance of import LLDPE film cargoes, driven by a growing belief that the recent downtrend has bottomed out and that supply tightness may soon trigger a rebound.
A couple of international producers lifted import LLDPE film offers by $10-20/ton from the previous price announcement. Although these sellers have not achieved the full hike target, the latest deals indicated increases compared to the previous week.
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