Morning Briefing - 27 November 2024

CommoPlast

Morning Briefing

27 November 2024

Brent: $72.81 (- $0.20)

WTI: $68.77 (- $0.17)

Naphtha CFR Japan: - $10

Ethylene CFR NEA: + $5

Ethylene CFR SEA: + $5

Propylene FOB Korea: Stable

Propylene CFR China: Stable

*Data represent closing prices of the previous trading day 

www.commoplast.com     

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Trading activity in Indonesia's local PET bottle market has improved in recent days, driven by demand from brand owners stocking up ahead of the festive season. Buyers have also turned to the local market due to concerns over currency fluctuations and challenges with imports.

However, the market lacks strong support for a price rebound, as spot offers for locally produced PET bottles have remained stable for two weeks. While demand is expected to rise further in December with preparations for Ramadan, market sources remain cautious about the likelihood of a strong price recovery.

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A leading Taiwanese producer has announced divergent December shipment offers, adapting to varying market conditions across the importing regions. Offers to India were lifted by $10/ton to accommodate higher shipping costs and the producer’s relatively favorable preliminary anti-dumping duty rates compared to regional competitors.  Meanwhile, offers to Southeast Asia and China were lowered by $15-$20/ton in anticipation of a surge of supply redirected from duty-laden India.

Market responses were lukewarm. Buyers across Asia prefer to proceed with caution, citing the availability of more attractive Chinese materials or having comfortable on-hand stocks.

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