Morning Briefing - 31 October 2024
CommoPlast
Morning Briefing
31 October 2024
Brent: $72.55 (+ $1.43)
WTI: $68.61 (+ $1.40)
Naphtha CFR Japan: + $4
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: - $5
Propylene CFR China: - $5
*Data represent closing prices of the previous trading day
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The Chinese PET bottle market continued its downward slide in both domestic and export segments, weighed down by plummeting crude oil prices and persistently weak demand. Local spot PET bottle prices fell by CNY 100-200/ton ($14-28/ton) from last week, while export offers edged down just $5/ton.
Looking ahead, rising shipping costs are likely to further pressure export demand for Chinese PET bottles, particularly amid the seasonal slowdown. However, market participants are closely watching the National People’s Congress from November 4-8 for any signs of new economic stimulus from the government.
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In Vietnam, a major domestic producer raised weekly PP and PE offers by VND 200,000/ton from last week, driven by local currency depreciation and a tighter overseas supply outlook. Reports suggest that these cargoes are balanced stocks before the planned commercial shutdown, prompting market participants to closely monitor available quantities and their impact on the local market.
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