Morning Briefing - 23 July 2025
CommoPlast
Morning Briefing
23 July 2025
Brent: $68.59 (â $0.62)
WTI: $66.21 (â $0.99)
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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Saudi Major Rollover August PE Offers to Vietnam
A key Saudi Arabian producer has announced August PE shipment offers to Vietnam with no changes from July levels — a more cautious stance than anticipated amid ongoing supply disruptions within the Kingdom.
According to market sources, the recently implemented 2% import duty on PE cargoes from select origins, including the Middle East, has significantly undermined the competitiveness of Saudi material. Meanwhile, a steady influx of Chinese-origin cargoes enjoying 0% duty continues to pressure sentiment further.
The producer has reportedly launched bid-collecting campaigns, with indications emerging $10–20/ton below the initial offer levels. While some long-time customers have entered negotiations reluctantly, most buyers remain on the sidelines, citing heightened price risks and uncertain near-term outlook.
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India Delays Final Ruling on Anti-Dumping Probe into PVC Imports
The Indian Ministry of Finance has announced a four-month extension on the final ruling for the ongoing anti-dumping investigation into PVC imports from seven key exporting countries: China, Indonesia, Japan, South Korea, Taiwan, Thailand, and the United States. The revised deadline is now set for 25 September 2025, according to an official notice dated 24 May.
This marks yet another deferral in a long-standing probe, prolonging the uncertainty that has gripped the Indian PVC market in recent months. Industry participants have voiced concerns that the repeated delays are clouding procurement decisions and deterring trade activity.
It remains unclear whether the new timeline will provide enough clarity to revitalise market sentiment, or if buyers will continue to adopt a cautious stance in the absence of policy certainty.
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