Morning Briefing - 10 January 2025
CommoPlast
Morning Briefing
10 January 2025
Brent: $76.92 (+ $0.76)
WTI: $73.92 (+ $0.60)
Naphtha CFR Japan: - $6
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: + $10
*Data represent closing prices of the previous trading day
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At least two major Middle Eastern producers have opened import PE offers to China with reductions, ranging between $5/ton to $30/ton compared to the previous price announcement. The downswing was expected, market sources said, considering a confluence of bearish factors, including the weak Yuan against the US dollar and rising trade war threats.
Initial responses from the market were lukewarm. While some buyers have shown interest in securing cargoes for post-Lunar New Year delivery, uncertainty about future demand has tempered enthusiasm. Additionally, concerns about an increase in domestic supply have further contributed to the hesitancy.
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In a significant development, Malaysia’s Ministry of Investment, Trade and Industry (MITI) has imposed provisional anti-dumping duties on PET imports from Indonesia and China, responding to claims lodged by local producer Recron (M) Sdn Bhd on August 9, 2024. These temporary measures, effective for up to 120 days, are intended to temporarily shield the domestic industry from the alleged dumping while probes continue.
Surprised responses have rippled throughout the regional PET bottle industry, especially given the sweeping nature of the measures—particularly on Indonesian exporters, which have been slapped with a blanket 37.44% rate. Meanwhile, Chinese producers have been hit with duties ranging between 6.33 –11.74%.
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