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Morning Briefing - 6 March 2023In India, a key domestic producer announced an early bird discount of INR2,000/ton ($24/ton) on all PP cargoes being delivered between 1 March – 15 March as buying interest in this market remains weak ahead of the financial year-end closing. |
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CommoPlast
Morning Briefing
06 March 2023
Brent: $85.83 (+ $1.08)
WTI: $79.68 (+ $1.52)
Naphtha CFR Japan: $725 (+ $2)
Ethylene CFR NEA: $960 (Stable)
Ethylene CFR SEA: $980 (Stable)
Propylene FOB Korea: $925 (- $5)
Propylene CFR China: $840 (- $5)
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Following news on the upcoming shutdown at Vietnam’s Nghi Son Refinery and Petrochemical, several key traders in Vietnam decided to temporarily suspend all spot PP offerings in the domestic market to monitor further movement.
Expectations were that further rooms for price reductions might be narrowing as the upstream costs remain strong while availability is tightening. In fact, at least two Middle Eastern producers showed no interest in reducing homo-PP yarn and injection to below the $1100/ton threshold based on CIF Vietnam term. Nevertheless, players continue to watch out for aggressive Chinese cargoes.
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In India, a key domestic producer announced an early bird discount of INR2,000/ton ($24/ton) on all PP cargoes being delivered between 1 March – 15 March as buying interest in this market remains weak ahead of the financial year-end closing.
Sources said that converters show limited interest in building stocks while traders are pushing for sales to deplete the on-hand inventories.
In the import market, Chinese homo-PP was available in the range of $1110-1120/ton CIF India term. Buy ideas were well below the $1100/ton threshold with no deals reported at the time of this publication.
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