Morning Briefing - 27 April 2022
CommoPlast
Morning Briefing
27 April 2022
Brent: $104.99 (+ $2.67）
WTI: $101.7 (+ $3.16）
Naphtha CFR Japan: $863.5 (+ $14.9)
Ethylene CFR NEA: $1280 (Stable)
Ethylene CFR SEA: $1330 (Stable)
Propylene FOB Korea: $1170 (- $10)
Propylene CFR China: $1140 (- $5)
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The Vietnamese import homo-PP market breached below the $1300/ton threshold for the first time since late January 2022, leading by Chinese cargoes. CommoPlast recorded small transactions for Chinese coal-based homo-PP at $1270/ton and regular homo-PP at $1290/ton, both based on CIF Vietnam terms.
Demand is soft. Buyers are waiting for other suppliers, including those from South Korea and Thailand to offer at similar levels before proceeding with purchases.
Vietnam market will be off for the Reunification and Labour Day holiday from 29 April to 2 May.
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In China, the much-awaited pre-holiday replenishment activities might not be taking place as expected. Chinese market participants are wary of the spreading infection cases in Beijing and prefer to focus on the delivery of the previously purchased cargoes to avoid another potential logistic constraint.
On the other hand, Chinese sellers started to regain their competitiveness in the export ground after the domestic market plunged and the Yuan depreciates against the US dollar. However, overseas customers continue to adopt a cautious stance ahead of the long holiday.
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