Morning Briefing - 25 November 2024
CommoPlast
Morning Briefing
25 November 2024
Brent: $75.17 (+ $0.94)
WTI: $71.24 (+ $1.14)
Naphtha CFR Japan: + $6
Ethylene CFR NEA: + $25
Ethylene CFR SEA: Stable
Propylene FOB Korea: - $10
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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Several exporters targeting the Malaysian PVC market have moved ahead with December price lists despite a delay in announcements from the regional leader in Taiwan. New offers were listed at stable to slightly firmer, with Chinese PVC rising $5-20/ton to counteract the higher freight rates, while Indonesian cargoes were unchanged from the previous month.
Market sentiment, however, has been subdued. Buyers have largely retreated to the sidelines, cautious amid expectations of increased supply being redirected to the region due to potential anti-dumping measures in India. This uncertainty has sharpened the market's focus on regional availability, with many awaiting clearer pricing cues from Taiwan’s key producer.
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In Indonesia's PP Block Copolymer market, importing activity has slowed as year-end import quota expirations loom. Buyers are exercising caution, restricting transactions to shipments guaranteed to arrive before December 31 to avoid the risk of unapproved deliveries. Similarly, suppliers are limiting January-shipment offers to mitigate potential risks of unclaimed cargoes. Market participants expect subdued activity to persist until quota renewals bring clarity.
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