Morning Briefing - 06 November 2024
CommoPlast
Morning Briefing
06 November 2024
Brent: $75.53 (+ $0.45)
WTI: $71.99 (+ $0.52)
Naphtha CFR Japan: - $1
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 a seven-month investigation, the Indian government has issued its preliminary findings on the anti-dumping probe into PVC imports from China, Indonesia, Japan, South Korea, Taiwan, Thailand, and the United States. Authorities have proposed substantial anti-dumping duties on PVC imports from these countries, with industry stakeholders given until 29 November 2024 to submit feedback before the final decision is made.
The proposed anti-dumping rates for each producer can be found here.
Despite the significant implications of these proposed duties, market response has remained relatively subdued, with no evidence of panic buying. Some industry participants speculated on a potential delay in duty implementation, though confidence in the market remains tentative. According to sources, procuring additional Chinese shipments is currently viewed as too risky due to concerns over delayed delivery.
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OPEC+ delayed its scheduled 180,000-barrel-per-day output increase again, citing concerns that global market instability could exacerbate the anticipated decline in prices after the production hike. The rollback of the 2.2 million-barrel-per-day production cut is now expected for the end of December.
Global crude oil benchmarks jumped nearly 3% following the announcement.
However, industry insiders suggest that further postponements may have a limited impact on the overall market dynamics. According to the International Energy Agency (IEA), global oil markets are expected to remain oversupplied in 2024, even if OPEC+ refrains from increasing production. This is especially concerning in light of the growing shale oil output from the United States.
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