|
|
Morning Briefing - 12 June 2023A number of transactions had been concluded, but buyers are obviously slowing down in responding to the perceived heightening price risks – an indication that there might not be enough support for any strong rebound. |
|
CommoPlast
Morning Briefing
12 June 2023
Brent: $74.79 (- $1.17)
WTI: $70.17 (- $1.12)
Naphtha CFR Japan: $554 (- $14)
Ethylene CFR NEA: $750 (- $10)
Ethylene CFR SEA: $780 (- $30)
Propylene FOB Korea: $735 (Stable)
Propylene CFR China: $740 (- $5)
*Data represent closing prices of the previous trading day
……………………………………………………………….
As of the end of last week, the Chinese PE market seemed to be attempting to determine the bottom price levels with international suppliers making adjustments from both ends (some lifted offers, some reduced offers), which sent the overall price levels to around $920-930/ton for both LLDPE and LDPE film, based on CFR China.
A number of transactions had been concluded, but buyers are obviously slowing down in responding to the perceived heightening price risks – an indication that there might not be enough support for any strong rebound.
……………………………………………………………….
Meanwhile, the Asian PP market is on a tug-of-war, struggling to determine the possible direction. In Vietnam, after a Saudi Arabia producer withdrew their offers at $900/ton CIF, buyers seemed edgy, fearing that rooms for further reductions might be narrowing.
Meanwhile, in Indonesia, spot homo-PP yarn is available in the local market at IDR 14,450,000/ton excluding VAT ($911/ton), which meant overseas sellers faced intense competition in this market and without cutting offers below the $900/ton threshold, it would be challenging to attract deals.
______________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
Country
China
About CommoPlast Asia Sdn Bhd
Your Empowering Market Insight Site
