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Opinion Insights From Industry Experts

CommoPlast CommoPlast Asia Sdn Bhd

[FREE] Morning Briefing - 30 March 2022

Shanghai is under lockdown. Not only that demand in China’s largest city by population is falling rapidly, but delivery in and out of the city is described as ‘near to impossible’. Customers from both local and international markets shall expect delays in shipments until the city curb the current wave of outbreaks.

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CommoPlast CommoPlast Asia Sdn Bhd

[FREE] Morning Briefing - 29 March 2022

Meanwhile, the lockdown in Pudong and Puxi areas in Shanghai has created a bottleneck on delivery, further pressuring traders here. Not only trucking is restricted, but several bonded warehouses have also suspended operations, locking up the cargoes. The condition could persist until early April.

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CommoPlast CommoPlast Asia Sdn Bhd

[FREE] Morning Briefing - 28 March 2022

For Chinese suppliers, the near-term market outlook is so gloomy. The local outbreak has prompted the government to implement containment measures, causing many factories to temporarily shut down, hurting demand. Export market has been the primary focus over the past weeks, however, the Ramadan season is just around the corner, which mean buying interest from Muslim markets could weaken. In addition, the rise in shipping costs further narrows the export opportunity. The implication for Southeast Asian buyers is that: the reduced availability of Chinese materials means other sellers now face fewer hurdles in lifting prices to the full extent.
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CommoPlast CommoPlast Asia Sdn Bhd

[FREE] Morning Briefing - 25 March 2022

The Southeast Asian petrochemical market is in mid of a very fluid development, pulling between the higher costs and slow end-product demand, not to mention all the pressure from the external environment. As such, caution is no extra and speculations carry too high risk with no guaranteed returns. At least in the coming week, market participants in the PP and PE sectors are not expecting any major changes in the trading condition. All eyes are on when could China quench the outbreak that would stimulate the demand.
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CommoPlast CommoPlast Asia Sdn Bhd

[FREE] Morning Briefing - 24 March 2022

In comparison to the PP market, the number of transactions in the PE sector across Southeast Asia seems better due to the tighter availability. However, any attempt to lift HDPE and LLDPE film above the $1500/ton mark yield literally no results. Market players are watching out for the return of Chinese buyers once the current outbreak is put under control. Some are willing to hold onto the stock, hoping for a V-shape rebound. But would this high-risk business decision give high returns? It is for us to wait and see.
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CommoPlast CommoPlast Asia Sdn Bhd

[FREE] Morning Briefing - 23 March 2022

The surge in crude oil prices spurred expectations of a fresh round of price hikes, but not in China. Trading sentiment in this market remains sluggish, pushing Chinese sellers to the export ground. Even coal-based HDPE and LLDPE film cargoes have regularly emerged in Southeast Asia these couple of weeks, highlighting the soft demand condition in China. As a result, international suppliers, who wish to close deals in China would have to concede to large discounts. But this trend is clearly not sustainable based on the current production costs. Some sellers have totally stopped offering to China.
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CommoPlast CommoPlast Asia Sdn Bhd

[FREE] Morning Briefing - 22 March 2022

International benchmarks for crude oil rose about 18% over the past three trading days on revived supply concerns, which also create a heavy production cost outlook for Asian naphtha-based producers. As such, buyers in the PP and PE sector, who previously decided to wait on the sideline hoping to achieve large discounts, might now be disappointed that the market might have found a floor. Despite the dwindling demand in China, suppliers are not in the position to lower prices to meet buyer's expectations.
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CommoPlast CommoPlast Asia Sdn Bhd

[FREE] Morning Briefing - 21 March 2022

The Asian PP and PE market is at a tug of war. Converters are not receiving enough orders for end-products, forcing them to slow down replenishment activities while producers are facing intensifying costs pressure, yet unable to achieve full-scale increases. Meanwhile, export and re-export cargoes from China spoilt the scene. Buyers are magnetised to these cargoes to minimise replenishment costs, further pressurising other international suppliers.
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