Morning Briefing - 29 Apr. 2026
CommoPlast
Morning Briefing
29 April 2026
Brent: $111.26 (+ $3.03)
WTI: $99.93 (+ $3.56)
Naphtha CFR Japan: â
Ethylene CFR NEA: â
Ethylene CFR SEA: â
Propylene FOB Korea: â
Propylene CFR China: â
*Data represent closing prices of the previous trading day
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Indonesia opens import floodgates but risks local competitiveness
Indonesia has moved to temporarily eliminate import duties on LPG and key polymers, cutting tariffs from 5% to 0% for a six-month period starting May. The measure, which covers PP, LLDPE and HDPE, is aimed at easing feedstock constraints and lowering production costs after a sustained run-up in regional prices driven by supply disruptions and elevated upstream costs.
The shift could introduce a bearish bias across the polymer chain, with lower import barriers set to accelerate availability of competitively priced cargoes, particularly from China. Domestic producers, burdened by high feedstock procurement costs, now face intensifying competition and rising risk of operating rate cuts to defend profitability. As seen in India’s recent tariff rollback, the market is likely to reprice quickly towards import parity and tilting leverage back to buyers.
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Indonesia removes imported LPG and plastics tariffs, as pressure mounts on domestic competitiveness
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PP export offers from China raised as Indonesian duty cut boosts demand expectations
Chinese suppliers nudged homo-PP export offers higher into Southeast Asia on Tuesday, signalling a shift in pricing sentiment after a period of pre-holiday drift. The upward adjustment reflects a more confident stance among sellers, with indications that a recent policy development in Indonesia could help re-anchor demand expectations when trading resumes after the extended Labour Day break.
The policy shift materially expands market access for Chinese cargoes, sharpening their pricing advantage in a region where they already dominate marginal supply. Now, two of China’s key export outlets are now effectively more accessible, tightening the link between Chinese pricing power and regional benchmarks. Even so, downside risks to ASEAN pricing may be partially contained by upstream constraints, as persistent Middle East disruptions continue to support crude and naphtha costs.
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Chinese homo-PP suppliers lift Southeast Asia offers as Indonesia scraps import duties
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