Morning Briefing - 28 Nov. 2025
CommoPlast
Morning Briefing
28 November 2025
Brent: $63.34 (+ $0.21)
WTI: Holiday
Naphtha CFR Japan: + $8
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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Vietnamese LDPE film Market Remained Lethargic Despite Steep Discounts
Vietnamese buyers showed limited appetite for new LDPE film purchases, even as a major Saudi Arabian supplier introduced steep December-loading reductions of $50–60/ton. The market’s muted response reflected persistent caution, with many players wary that the current downward trajectory could extend into the coming weeks, especially amid ongoing softness in the neighbouring Chinese market.
Recent figures from CommoPlast indicate that China’s import LDPE film prices have slipped to levels last recorded in June 2023. The decline has revived discussions among market participants about whether import prices could soon dip below the $900/ton mark, underscoring the fragile sentiment across the region.
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Surging Freight Rates Undermined Competitiveness of Chinese PVC in Malaysia
Malaysian PVC buyers reported a wave of December shipment offers from major regional and international suppliers, with most prices coming in lower than last month—except for China-origin cargoes, which largely held steady. The widening spread steered buyers toward non-Chinese materials, a trend that could add further inventory pressure on Chinese suppliers in the coming week.
Market sources noted that while Chinese suppliers attempted to trim export prices throughout the week, these reductions were overshadowed by a sharp escalation in ocean freight rates. Spot container rates from China’s main ports to the region were reportedly hovering in the $1,800–2,000 range per 40-foot container, significantly eroded the competitiveness of Chinese cargoes in Southeast Asia.
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