Morning Briefing - 23 Jan. 2026
CommoPlast
Morning Briefing
23 January 2026
Brent: $64.06 (- $1.18)
WTI: $59.36 (- $0.91)
Naphtha CFR Japan: +$9
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: +$5
Propylene CFR China: +$15
*Data represent closing prices of the previous trading day
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Saudi Major Finalised February PE Offers To Vietnam Above Bid-Collecting Levels
A major Saudi Arabian producer finalised February PE offers to Vietnam at $10–20/ton above the bid-collecting levels initiated earlier this week, signalling a clear turn in market sentiment. The producer was reported to have sold out its February allocations of HDPE and LLDPE film, while LDPE film met comparatively weaker buying interest.
Buying confidence among Vietnamese converters strengthened toward the end of the week, underpinned by a rebound in the Chinese market that reinforced expectations of sustained firmness into February. Sentiment was further buoyed by a local producer’s sharp hike in spot LLDPE film prices, alongside claims that its February volumes to China had been fully placed at relatively elevated levels.
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Malaysian PP, PE Market Poised for Firmer February
Malaysia’s PP and PE markets are expected to edge higher in February, as major domestic producers prepare to issue new price lists in the coming week. Stable festive demand, lingering supply tightness and firming regional sentiment are collectively underpinning expectations of continued strength in the near term.
That said, the shorter trading periods in February and March could temper the upside. Market participants noted that local producers may prioritise sales volumes over aggressive price increases, potentially capping gains despite the broadly supportive fundamentals.
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