Morning Briefing - 29 Apr. 2025
CommoPlast
Morning Briefing
29 April 2025
Brent: $65.86 (â $1.01)
WTI: $62.05 (â $0.97)
Naphtha CFR Japan: â $4
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: â $5
Propylene CFR China: â $10
*Data represent closing prices of the previous trading day
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Malaysian producer slashed local PP, PE offers
As anticipated, a major Malaysian producer has announced lower May offers for PP and PE, slashing prices by MYR 160/ton ($37/ton) and MYR 220/ton ($50/ton) respectively. The move comes amid a persistently bearish sentiment across Asian markets.
Demand for LLDPE film strengthened, buoyed by ongoing supply tightness for this particular grade. However, buying interest for other PE and PP cargoes remained largely muted.
Earlier this month, Petronas was forced to shut down its Kerteh plant unexpectedly due to an unspecified technical issue, severely disrupting delivery schedules for previously sold cargoes. Market sources told CommoPlast that buyers who had secured LLDPE film earlier might now only receive their shipments by the end of May.
In response to the delivery delays, converters turned to the spot market to make small-volume purchases to meet immediate production needs, leading to a noticeable uptick in inquiries.
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Indian PVC market holds its breath ahead of ADD final decision
After a delay in March, the Indian PVC market is holding its breath ahead of the final ruling on anti-dumping duties (ADD) covering imports from seven countries, expected in the first week of May 2025. Trading activity has slowed markedly, with sentiment subdued as market participants adopt a cautious stance.
Sources report that a major Taiwanese producer has struggled to clear May allocations, while expectations are building for further price reductions from a key domestic supplier.
Adding to the uncertainty, the latest figures from the Bureau of Indian Standards (BIS) reveal that only 25 global PVC plants have secured BIS certification to date. This has fuelled speculation that enforcement of the certification mandate could once again face delays.
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