Morning Briefing - 24 July 2025
CommoPlast
Morning Briefing
24 July 2025
Brent: $68.51 (â $0.08)
WTI: $66.25 (â $0.06)
Naphtha CFR Japan: á $1
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: â $2
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Taiwanese Major Lowers August PVC Offers to Asia Amid Sluggish Demand
A leading Taiwanese PVC producer has announced its August shipment offers to Asia on a stable to softer trend, defying earlier market expectations of an upward revision in line with China’s ongoing price rally. The move underscores the persistent demand weakness across the region, as buyers remain cautious in the face of off-season consumption and regulatory uncertainties.
The latest pricing adjustments showed a reduction of $15/ton for India and $20/ton for Southeast Asia.
The announcement coincided with India’s release of the Disclosure Statement for the ongoing anti-dumping investigation into PVC imports from seven countries. Market participants viewed this as a pivotal step toward a long-awaited final ruling, which has already seen multiple delays. In response, Indian buyers have largely withdrawn from the import market, anticipating a definitive decision within the next fortnight.
Until then, sources expect trading activity in the USD-based import market to remain subdued.
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Chinese homo-PP Export Offers Hit Record Lows
Export offers for homo-PP from China extended their downward trajectory this week, with several major suppliers increasingly resorting to volume-based discounts in a bid to stimulate demand. The aggressive pricing strategy has driven the export market to record lows, heightening anxiety among overseas buyers about further price erosion.
Despite the sharp declines, trading activity remained muted as buyers adopted a wait-and-see approach ahead of a key deadline in early August related to ongoing trade talks with the United States.
Market sources noted, however, that the downside potential might be limited from this point forward, as most Chinese PP producers have been operating at razor-thin margins for months—making further price cuts increasingly unsustainable.
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