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Morning Briefing - 9 May 2023Responses from Southeast Asian buyers remained subdued with buyers refusing to lift their buy ideas for Chinese yarn and injection cargoes above the $1000/ton threshold based on CIF terms. |
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CommoPlast
Morning Briefing
09 May 2023
Brent: $77.01 (+ $1.71)
WTI: $73.16 (+ $1.82)
Naphtha CFR Japan: $609 (+ $26)
Ethylene CFR NEA: $890 (Stable)
Ethylene CFR SEA: $920 (Stable)
Propylene FOB Korea: $875 (- $5)
Propylene CFR China: $895 (- $5)
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In spite of the fact that key futures contracts on the Dalian Commodity Exchange rebounded on the first trading day of the week, Chinese suppliers continue to lower export homo-PP offers by $5-10/ton amid the lack of purchasing interest across the global market.
Responses from Southeast Asian buyers remained subdued with buyers refusing to lift their buy ideas for Chinese yarn and injection cargoes above the $1000/ton threshold based on CIF terms.
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Asian market participants started discussing the possible PVC outlook as key international suppliers might be announcing new offers in the coming week. Initial expectations point to a stable to softer trend. The argument is that tighter availability from a key Taiwanese producer stemming from the upcoming shutdown could somewhat balance the soft demand condition.
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