Morning Briefing - 19 April 2022
CommoPlast
Morning Briefing
19 April 2022
Brent: $113.16 (+ $1.46）
WTI: $108.21 (+ $1.26）
Naphtha CFR Japan: $957.5 (+ $14.5)
Ethylene CFR NEA: $1310 (Stable)
Ethylene CFR SEA: $1360 (Stable)
Propylene FOB Korea: $1190 (Stable)
Propylene CFR China: $1150 (Stable)
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A Taiwanese producer unexpectedly cuts May PVC shipment offers, shrugging off the rising upstream crude oil prices that were initially expected, together with the reduced allocations that would support firmer prices. The surprising reductions are believed to be a result of the growing pressure from competitive Chinese cargoes that have been eating away the market share from other sellers in the Indian market since the removal of the anti-dumping duties earlier this year.
Indian customers largely adopted a cautious stance after the new price announcement, prefer to wait for a domestic producer to make adjustment on local prices before proceeding with the import purchases. However, buyers here do not expect the Taiwanese maker to face any issue is depleting the allocation since the available quantity is small,
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The Southeast Asian PP and PE market remain on the stable to soft trend for the fifth consecutive week now and the sluggish demand condition might only deteriorate further in the coming days as buyers in key markets including Indonesia and Malaysia leave for the Ramadan holiday.
In Vietnam, Thailand homo-PP fell another $50/ton week-on-week while fresh PE offers for May loading from a Saudi maker dropped $30-40/ton. Buy ideas for both cargoes are below the $1350/ton threshold amid the stubbornly weak local demand.
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