Morning Briefing - 26 Sept. 2025
CommoPlast
Morning Briefing
26 September 2025
Brent: $69.42 (á $0.11)
WTI: $64.98 (â $0.01)
Naphtha CFR Japan: á $3
Ethylene CFR NEA: â $20
Ethylene CFR SEA: â $20
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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US LDPE film Breached Below $1000/ton Threshold in China
US-origin LDPE film prices in China broke below the $1,000/ton threshold on Thursday, 25 September, marking the first time since late December 2023 that the market has dipped into three-digit territory. The move stands in sharp contrast to the relative stability of US-sourced LLDPE film, which has held firm over recent weeks.
While some deals were concluded at the lower levels, buyers remain cautious, with many pushing for deeper discounts ahead of the upcoming week-long National Day holiday.
This price development is likely to exert downward pressure on competing origins in the near term, particularly Middle Eastern cargoes, which are still quoted in the distribution market at levels above $1,100/ton CFR China. Market participants in Southeast Asia are also bracing for a spillover effect, anticipating that softer sentiment in China may ripple through regional trading activities in the coming days.
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Chinese PVC Market Edges Lower on Persistent Demand Weakness
The Chinese PVC market slipped by CNY 50/ton from the previous week as sluggish demand continued to weigh on sentiment. Converters in the PVC pipe sector reported operating rates at just above 50% of capacity due to a lack of downstream orders, with many planning to extend holiday shutdowns to cushion financial pressures.
Market participants expect PVC inventories at major warehouses in Eastern and Southern China to climb above 900,000 tons after the Golden Week break, a development that could add further downward pressure on prices in the post-holiday period.
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