Morning Briefing - 04 Apr. 2025
CommoPlast
Morning Briefing
04 April 2025
Brent: $70.14 (â $4.81)
WTI: $66.95 (â $4.76)
Naphtha CFR Japan: -
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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Tariff shock rippled the Vietnamese PP and PE market
Trading activities in the Vietnamese PP and PE market came to a near standstill on 3 April following the US’s announcement of sweeping reciprocal tariffs totalling 46% on Vietnamese exports.
The sudden policy shift sent shockwaves through the local resin market, dampening trading sentiment amid mounting uncertainty over demand prospects. Compounding the disruption, the sharp depreciation of the Vietnamese Dong further deterred buyers and sellers from engaging in sizeable transactions.
During the day’s trading, the Vietnamese Dong weakened by nearly 1% against the US dollar, exacerbating concerns around import costs and pricing stability.
Market participants are now closely analysing the broader economic impact of the tariffs, particularly given that exports were the key driver of Vietnam’s GDP growth in 2024. The United States remains the country’s largest trade partner, amplifying the potential fallout from the new duties.
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Saudi majors rolled over LPG prices to Asia
A Saudi oil and gas producer rolled over its LPG official selling prices to Asia for April, seeming to shrug off pressures from global supply dynamics. The move drew particular scrutiny after a surge in OPEC+’s refined product exports had driven LPG, naphtha, and fuel flows to record highs in March, expanding availability in international markets.
However, the producer defended its position, citing confidence in near-term demand prospects after the conclusion of maintenance works at key PDH units in Asia. Meanwhile, the scheduled near-term startup of a large PDH unit in Saudi Arabia remained in view, signalling potential growth in domestic consumption.
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