Morning Briefing - 13 December 2024

CommoPlast

Morning Briefing

13 December 2024

Brent: $73.41 (- $0.11)

WTI: $70.02 (- $0.27)

Naphtha CFR Japan: + $12

Ethylene CFR NEA: Stable

Ethylene CFR SEA: Stable

Propylene FOB Korea: + $5

Propylene CFR China: Stable

*Data represent closing prices of the previous trading day 

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The Indian PVC market remains mired in uncertainty following the conclusion of a public hearing on the anti-dumping (ADD) investigation targeting imports from seven countries. Speculation continues to grow around the timing of the ADD implementation, with some traders anticipating enforcement as early as January. Concerns are mounting that the potential policy shift could drive up local prices significantly, reflecting heightened restocking costs.

Meanwhile, a major Taiwanese producer is expected to announce January PVC shipment offers to Asia in the coming week. Market sentiment appears divided. Indian demand fundamentals are poised to underpin stable or firmer pricing trends, yet Southeast Asian buyers maintain a bearish outlook, projecting further price declines.

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A leading Malaysian producer has reportedly announced January PE shipment offers to Vietnam, reducing LDPE prices by $30-50/ton while maintaining stable prices for HDPE blow molding. However, the price cuts, coupled with the producer's limited allocations, have failed to generate significant interest among Vietnamese importers. Buyers continue to favor more competitive offers from US suppliers, highlighting growing pressure on regional producers to address pricing disparities and remain competitive in the market.

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