Morning Briefing - 13 Feb. 2025
CommoPlast
Morning Briefing
13 February 2025
Brent: $75.18 (- $0.69)
WTI: $71.37 (- $0.95)
Naphtha CFR Japan: (+ $6)
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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Trading sentiment in India’s homo-PP market has lost momentum after weeks of active restocking, as buyers adopt a more cautious approach amid currency fluctuations and uncertainties surrounding plant restarts in both local and Middle Eastern markets. Efforts to push import prices higher have largely failed, prompting key suppliers to maintain their existing price levels.
Domestic supply is poised to recover from the recent scheduled shutdowns. Buyers were not too concerned over the supply shortages amid the presence of attractively priced Chinese materials.
With purchasing activities in India cooling off, market participants across Asia have shifted focus to the Philippines, seeking indications of near-term market direction.
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The Chinese LDPE film market extended its three-week recovery, rebounding from an eight-month low as domestic supply tightened following a series of production switches and stronger demand from the agricultural film sector.
Since the pre-Lunar New Year trough, spot LDPE film offers on an EXW China basis have risen by an average of CNY 225/ton ($31/ton), according to CommoPlat data. However, while suppliers capitalized on the supply constraints to push for higher prices, buyer resistance remained evident, potentially limiting further gains in the near term.
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