Morning Briefing - 29 May. 2026
CommoPlast
Morning Briefing
29 May 2026
Brent: $93.71 (- $0.58)
WTI: $88.90 (+ $0.22)
Naphtha CFR Japan: â
Ethylene CFR NEA: â
Ethylene CFR SEA: â
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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Malaysia LDPE offers slashed as market confidence erodes
Price capitulation is accelerating across Malaysia’s LDPE film market as suppliers sacrifice margins to defend market share against a wave of cheaper Chinese cargoes. Spot offers have already fallen back to MYR 6,500/ton FD Malaysia, sharply below freshly issued June producer benchmarks, exposing how rapidly market sentiment has deteriorated amid weak downstream demand and persistent buyer resistance.
The downturn is now feeding into the broader supply chain, with delayed higher-cost cargoes arriving into a falling market and triggering disputes over invoice values. Returning local supply could deepen the imbalance and keep pressure firmly on prices through June, although lingering Hormuz-related risks may still prevent a more disorderly sell-off.
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Summer demand fails to rescue China PET market
China’s PET bottle market remains trapped in a cost-driven downcycle, with plunging upstream energy and feedstock values continuing to overwrite peak summer beverage demand. Domestic prices extended their retreat for a third consecutive week, while export offers were forced lower as weakening PTA futures and softer crude sentiment reinforced buyer expectations for further declines.
Despite healthy downstream operating rates, converters have adopted an increasingly defensive procurement strategy. Export sentiment has weakened further under the combined weight of high freight costs, vessel shortages and a firmer renminbi, eroding China’s pricing advantage even as FOB offers fall.
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China’s PET bottle market declined as weakening feedstock trends offset peak seasonal demand
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