Morning Briefing - 14 July 2025
CommoPlast
Morning Briefing
14 July 2025
Brent: $70.36 (á $1.72)
WTI: $68.45 (á $1.88)
Naphtha CFR Japan: â $7
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: Stable
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Vietnam Imposed Duty on Import HDPE and LLDPE
In a surprising development, the Vietnamese government announced the imposition of 2% import duty on import HDPE and LLDPE with effective 8 July 2025. While there are still many uncertainties surrounding the details of the new duty, market sources viewed the mandate as a a long-awaited victory for the country’s sole polyethylene producer, Long Son Petrochemical (LSP).
The levy targets three specific Harmonised System (HS) codes: 3901.20.00 (HDPE), 3901.10.92 and 3901.40.00 (LLDPE).
The industry is awaiting further clarification from the Customs Department, but the language of Decree 199/2025/ND-CP suggests that the 2% tariff applies to imports from countries falling under the Preferential Import Tariff category, as per Annex II
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Chinese PVC Market Gained Momentum With Government Policies in Focus
The Chinese PVC market ended the week of 11 July on a firmer note, led by gains in carbide-based PVC prices following the government’s introduction of new anti-involution regulations. The policy, aimed at curbing unhealthy internal competition, now extends to the coal industry — a move that sent coal futures higher and lifted sentiment across coal-related downstream sectors, including PVC.
Carbide-based PVC offers rose by CNY 50–100/ton from the previous week, reflecting stronger cost support. In contrast, ethylene-based PVC prices slipped by CNY 50/ton, underlining persistent weakness in actual demand. The divergence highlights that while speculative sentiment has improved, fundamentals remain soft for the time being.
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