Morning Briefing - 07 October 2024
CommoPlast
Morning Briefing
07 October 2024
Brent: $78.05 (+ $0.43)
WTI: $74.38 (+$0.67)
*Data represent closing prices of the previous trading day
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Trading sentiment in the Southeast Asian PP and PE market improved visibly on the final trading day of last week, 4 October 2024 as buyers rushed to secure additional cargoes after the crude oil market jumped more than 5% in a single day.
While no substantial price hikes were reported, market participants generally expect import PE offers to increase between $30-50/ton once China resumes trading on 8 October.
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In Malaysia, the upcoming maintenance shutdown at Lotte Chemical Titan and Petronas tightened spot PE availability to a certain extent. Buyers with import duty exemption facilities decided to source additional cargo from international suppliers, leveraging the strong Ringgit, while other buyers are scouring the domestic front for attractive parcels.
Facing the rising risk of supply disruption for HDPE and LLDPE, small-scale converters scrambled to plan their productions with several sources having expressed the possibility of a temporary shutdown in the worst case scenario.
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