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Morning Briefing - 08 March 2023Trading sentiment in China deteriorated sharply amid disappointing outcomes from the National People’s Congress, which kickstarted on Sunday, 5 March 2023... |
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CommoPlast
Morning Briefing
08 March 2023
Brent: $83.29 (- $2.89)
WTI: $77.58 (- $2.88)
Naphtha CFR Japan: $742 (+ $4)
Ethylene CFR NEA: $960 (Stable)
Ethylene CFR SEA: $980 (Stable)
Propylene FOB Korea: $920 (Stable)
Propylene CFR China: $935 (Stable)
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Trading sentiment in China deteriorated sharply amid disappointing outcomes from the National People’s Congress, which kickstarted on Sunday, 5 March 2023. Without substantial enough economic stimulus packages, local consumption would take longer to recover, market sources said, while overseas demand remains soft.
At least two Middle Eastern producers reduced import PE offers to China by $10-20/ton with a limited number of transactions reported.
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According to market sources, Malaysia’s PrefChem has successfully achieved on-spec homo-PP yarn and the producer started to offer the first production batches to the regional market.
Prefchem restarted the No. 1 PP unit in early January 2023 and the No. PP unit late February 2023. Both production lines have a combined capacity of 900,000 tons/year and currently operating at below the optimal rates.
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