Morning Briefing - 20 Jan. 2026
CommoPlast
Morning Briefing
20 January 2026
Brent: $63.94 (- $0.19)
WTI: Holiday
Naphtha CFR Japan: Stable
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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Middle Eastern Producer Released February PE Offers to Vietnam
Trading activity in Vietnam’s polyethylene market picked up modestly at the start of the week after a major Saudi Arabian producer released its February shipment offers at stable to slightly higher levels from the previous month.
The producer’s cautious pricing stance surprised some market participants, who had anticipated broader increases of $20–30/ton amid the recent uptrend in China and robust sales performance in December. Instead, the limited upward adjustment signalled a more measured approach despite supportive regional indicators.
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China’s PP export offers edged lower at the start of the week
At least two major Chinese PP producers trimmed export offers by $4–5/ton on the first trading day of the week, mirroring softness in the local market. The adjustment followed a three-day slump in futures, which weighed on broader polyolefin sentiment and prompted spot sellers to lower prices, effectively ending a three-week upward run.
Despite the pullback, downside risks appear contained in the near term. Market sources said many producers have reduced inventories over recent weeks, easing stock pressure and limiting the scope for sharper price corrections unless domestic conditions deteriorate further.
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