Morning Briefing- 3 October 2022
CommoPlast
Morning Briefing
03 October 2022
Brent: $87.96 (-$0.53）
WTI: $79.49 (-$1.74）
Naphtha CFR Japan: $664
Ethylene CFR NEA: $850
Ethylene CFR SEA: $900
Propylene FOB Korea: $865
Propylene CFR China: $895
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Trading sentiment in China is surprisingly strong on the final trading day just before the market takes off for the Golden Week, which is unusual. Traders are scouring both local and import grounds for competitive parcels in expectations that the post-holiday demand conditions might actually pick up
Apparently, a good number of deals for USA-origin PE cargoes have been achieved. The prices were so competitive, buyers scoop up all 30,000 tons allocation within the hour from the time the maker opened the price list.
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Over the weekend, a major local producer in Indonesia lifted spot PE offers substantially, with HDPE film jumping IDR 1,340,000/ton ($88/ton) and LLDPE film increased IDR1,040,000/ton ($68/ton), partly due to the depreciation of the Rupiah and also the tighter availability from overseas suppliers.
As reported late last week, several Middle Eastern producers decided to divert the LLDPE film allocations to the Vietnam market due to better acceptance in this market. Meanwhile, Indonesian customers are not very enthusiastic about making fresh replenishment at the time of this report, considering the ongoing price war in the finished product markets.
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