Aug 18, 2022 12:21 a.m.

Morning Briefing - 27 June 2022

CommoPlast CommoPlast Asia Sdn Bhd
As Shanghai declares victory over COVID-19 and Beijing gradually reopens schools, market players are cautiously optimistic that the demand would pick up. In the meantime, market participants hold a conservative stance to monitor further development.
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CommoPlast

Morning Briefing

27 June 2022

 

Brent:  $113.12 (+ $3.07

WTI: $107.62 (+ $3.35)

 

Naphtha CFR Japan: $819 (+ $24)

 

Ethylene CFR NEA: $980 (Stable)

Ethylene CFR SEA: $1100 (Stable

 

Propylene FOB Korea: $995 (- $10)

Propylene CFR China: $995 (- $15)  

 

*Data represent closing prices of the previous trading day

 

www.commoplast.com     

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As overseas suppliers introduce small reductions to China throughout the past week to accommodate the relentless falling local offers, Russian cargoes made a dramatic cut in this market on the final trading day of last week, with deals concluded in the range of $1050-1070/ton for homo-PP and $1250-1280/ton for LDPE film, all based on CFR China. While the demand condition in China is undeniably sluggish, buyers did not skip these attractive cargoes. All available quantities are scooped up within hours.

As Shanghai declares victory over COVID-19 and Beijing gradually reopens schools, market players are cautiously optimistic that the demand would pick up. In the meantime, market participants hold a conservative stance to monitor further development.    

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In Indonesia, the weakening Indonesian Rupiah against the US dollar has a diverged effect on the import and the local ground. While domestic sellers constantly lifting spot PP and PE offers, overseas sellers find it challenging to attract deals even at lower price levels. The development is expected to persist as the Rupiah might continue to depreciate further.

Meanwhile, many manufacturers are covered for the next couple of months, which coupled with the dwindling trading activities in China, encourages a sturdy wait-and-see stance.  

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