Morning Briefing - 02 Apr. 2025
CommoPlast
Morning Briefing
02 April 2025
Brent: $74.49 (â $0.28)
WTI: $71.20 (â $0.28)
Naphtha CFR Japan: â $1
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: â $5
*Data represent closing prices of the previous trading day
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Diverged PE Trends Eroded Market Confidence in Southeast Asia
Trading sentiment in Southeast Asia’s PE market weakened significantly this week, weighed down by the Eid holiday lull and the conclusion of April business. However, growing concerns over the sustained downturn in China and stagnation in India have further dampened market confidence.
Many buyers in the region have resisted recent price hikes in Middle Eastern PE offers, citing a lack of strong justification. Instead, purchasers are actively exploring more competitive alternatives to mitigate pricing risks. If this trend persists, Middle Eastern producers may face increasing challenges in raising offers further, particularly amid volatile currency fluctuations.
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Indian PVC Market Participants Debate the BIS Implementation
As market participants await the final ruling on the anti-dumping investigation—now deferred to 26 April 2025—concerns are mounting over the impending implementation of the Quality Control Order (QCO) under the Bureau of Indian Standards (BIS). The mandate, set to take effect on 24 June 2025, has raised fears of significant supply disruptions due to the limited number of overseas plants that have obtained certification as of 31 March 2025.
“The approval process is stringent, and we do not anticipate a surge in certified suppliers over the next few months. Given these constraints, a delay in implementation appears highly likely,” a market source noted.
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