Morning Briefing - 10 Dec. 2025
CommoPlast
Morning Briefing
10 December 2025
Brent: $61.94 (- $0.55)
WTI: $58.25 (- $0.63)
Naphtha CFR Japan: - $9
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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Spot LLDPE and LDPE Film Extended Downtrend in China’s Local Market
The Chinese PE market continued its downward trajectory in the week to 09 December 2025, with spot LLDPE and LDPE film once again leading the declines, while HDPE prices held largely steady. Market sentiment softened as ample LLDPE film availability coincided with the lacklustre performance of key futures contracts on the Dalian Commodity Exchange.
Even so, the recent price weakness did succeed in drawing some buyers back for replenishment, though purchasing remained selective and largely limited to small parcels. Expectations of a sizeable arrival of previously booked imported cargoes in the first quarter of 2026 further reinforced a cautious procurement stance.
On a week-on-week basis, spot LLDPE film on an EXW China basis fell by an average of CNY 100/ton, while LDPE film slipped by CNY 125/ton.
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Mixed Local Supply Signals Stirred Caution in Vietnam’s PP Market
The Vietnamese homo-PP market held broadly steady after local distributors sharply lifted spot offers for domestically produced yarn cargoes late last week, attributing the adjustments to supply disruptions at one of the plants. Although buying interest for fresh replenishment remained limited, the mixed supply signals have begun to unsettle market sentiment.
While Hyosung Vina and NSRP have completed their routine maintenance and are expected to restore supply to the market, sources reported fresh production and delivery issues at two other local plants. One buyer told CommoPlast, “We were informed that one producer won’t be able to offer any spot cargoes until January.”
Against this backdrop, market participants adopted a cautious stance, reassessing the near-term supply–demand balance to gauge the potential pricing direction, particularly as upstream propylene costs continue to trend higher.
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