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Morning Briefing - 30 May 2023Thanks to the continued firming Dalian Commodity Exchange, the domestic PP and PE market in China showed signs of improvement on the first trading day of the week. |
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CommoPlast
Morning Briefing
30 May 2023
Brent: $77.07 (+ $0.12)
WTI: Holiday
Naphtha CFR Japan: $598 (+ $6)
Ethylene CFR NEA: $820 (Stable)
Ethylene CFR SEA: $870 (Stable)
Propylene FOB Korea: $790 (Stable)
Propylene CFR China: $795 (- $15)
*Data represent closing prices of the previous trading day
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Thanks to the continued firming Dalian Commodity Exchange, the domestic PP and PE market in China showed signs of improvement on the first trading day of the week. Customers are willing to make small purchases even though the existing prices are still way above their buying ideas because the fact is that the current market levels are already at multi-year lows.
Meanwhile, the export market was mixed. A couple of traders decided to lift export offers to reflect the strengthening futures market while others stick to the reality that actual demand remained too subdued to support a rebound at the moment.
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After two rounds of price cuts in the previous week, totalling the reductions on June PVC cargoes to $40/ton from May, a key Taiwanese producer reportedly sold out the allocation to India.
The visible struggle to move cargoes even though the maker has smaller quantities this month stemming from a recent shutdown shed light on the persistently lethargic demand condition across Asia. There have been discussions that the market might remain on the stable to softer track moving forward considering the cloudy macroeconomic outlook.
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