Morning Briefing - 03 Apr. 2026
CommoPlast
Morning Briefing
3 April 2026
Brent: $109.03 (+ $7.87)
WTI: $111.54 (+ $11.42)
Naphtha CFR Japan: á
Ethylene CFR NEA: á
Ethylene CFR SEA: á
Propylene FOB Korea: á
Propylene CFR China: á
*Data represent closing prices of the previous trading day
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India removes import duties to alleviate domestic supply stress
India has scrapped petrochemical import duties in a blunt response to a supply shock that is rapidly turning structural. Feedstock disruptions from the Iran conflict and Strait of Hormuz closure, compounded by LPG diversion to households, have throttled domestic polymer output and forced a pivot toward imports, effectively reshaping the country’s supply balance. The move positions India as a more aggressive buyer into an already tight Asian market, where force majeures and limited exportable volumes constrain relief.
Read full story:
India scraps petchem import duties temporarily as oil disruptions squeeze domestic supply
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Asian polymer markets brace for structural further tightness
Market participants are learning to expect new disruptions almost daily, as polymer availability in Asia is reshaped by rolling outages. Vietnam’s NSRP has effectively paused PP production to prioritise fuel after losing access to its dedicated Kuwaiti crude slate, while maintenance and unplanned stoppages at ASEAN plants, including PRefChem, are further tightening regional supply.
The consequence is a structurally constrained market where cancellations and selective allocations are becoming standard, forcing buyers into reactive sourcing and reinforcing upward price momentum. Polymers are increasingly tethered to energy and feedstock dynamics rather than traditional demand.
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