Morning Briefing - 02 Feb. 2026
CommoPlast
Morning Briefing
02 February 2026
Brent: $70.69 (- $0.02)
WTI: $65.21 (- $0.21)
Naphtha CFR Japan: +$1
Ethylene CFR NEA: Stable
Ethylene CFR SEA: -$5
Propylene FOB Korea: +$5
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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Chinese PET bottle suppliers trimmed export offers amid softened local demand
China’s PET bottle market opened the week on a firm footing, extending its rally to a seventh consecutive week on the back of elevated upstream futures and resilient seasonal demand. Momentum, however, began to fade by mid-week as sellers recalibrated pricing strategies to stimulate export interest and compensate for a visible slowdown in domestic restocking ahead of the Lunar New Year holiday.
Even so, the sustainability of export demand remains in question. With FOB offers hovering near 15-month highs, suppliers face growing resistance from international buyers reluctant to commit to large volumes. Similar to their Chinese counterparts, overseas customers are closely monitoring the durability of the uptrend amid heightened futures volatility.
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Indian PP, PE extend early-February gains on currency pressure and regional tailwinds
India’s PP and PE markets opened February on a firmer footing after a major domestic producer raised fresh list prices by INR 2,000–2,500/ton across grades, citing rupee weakness and strengthening regional market sentiment.
While downstream demand has shown tentative signs of improvement, buying appetite remained measured, with converters reluctant to chase higher-priced parcels amid cost pressures.
Market participants noted that the ongoing shutdown at the producer’s Jamnagar complex provided additional support for the increases. However, sentiment beyond the near term remains guarded. “We are still not confident about the March outlook and prefer to limit purchases to smaller volumes,” a source said.
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