Morning Briefing - 21 Jan. 2026
CommoPlast
Morning Briefing
21 January 2026
Brent: $64.92 (+ $0.98)
WTI: $60.34
Naphtha CFR Japan: +$1
Ethylene CFR NEA: Stable
Ethylene CFR SEA: -$10
Propylene FOB Korea: +$5
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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Indonesian PET bottle Market Extended Gains on Supply Tightness, Currency
The Indonesian PET bottle market climbed to a 13-month high this week, extending a rally of around 10% from the cyclical low seen in mid-November 2025. The upswing has been underpinned by tightened spot availability, steady downstream demand and continued weakness in the rupiah, which has inflated replacement costs for imports.
Buyers that had previously resisted higher import offers are gradually returning to the USD-denominated market to rebuild inventories ahead of the seasonal demand peak. Activity, however, remains measured, with most deals concluded in small parcels. Market participants continue to tread cautiously, citing heightened exchange-rate volatility and lingering uncertainty over near-term demand as key constraints on more aggressive import buying.
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Taiwanese Major Lifted February PVC Offers; Demand Remained Tepid
A major Taiwanese producer has rolled out its February PVC shipment offers to key Asian markets, implementing a $40/ton month-on-month increase as regional sentiment continues to strengthen. The move was broadly anticipated, following intensifying market discussions around China’s impending withdrawal of export tax rebates.
Initial responses from the market, however, were lukewarm. Many Indian buyers continued to opt for more cost effective Chinese cargoes, which posed a colossal challenge for other international sellers to implement any real price hike at the time being.
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