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Morning Briefing - 26 July 2023A kneejerk reaction to the meeting results from the China Economic Work Conference in the late afternoon on Monday, 24 July helped local suppliers to deplete a considerable number of cargoes. |
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CommoPlast
Morning Briefing
26 July 2023
Brent: $83.64 (+ $0.90)
WTI: $79.63 (+ $0.89)
Naphtha CFR Japan: $608 (+ $5)
Ethylene CFR NEA: $770 (Stable)
Ethylene CFR SEA: $745 (Stable)
Propylene FOB Korea: $735 (Stable)
Propylene CFR China: $785 (+ $5)
*Data represent closing prices of the previous trading day
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A kneejerk reaction to the meeting results from the China Economic Work Conference in the late afternoon on Monday, 24 July helped local suppliers to deplete a considerable number of cargoes. Data from CommoPlast showed the total PP and PE stocks housed under Sinopec and CNPC’s warehouses fell 60,000 tons in a single trading day.
Sources expect the local market to remain firm in the coming days while players assess the outcome of the Economic Work Conference and the potential impact on the demand outlook.
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In Southeast Asia, negotiations for the August PE shipment are still ongoing. A Saudi Arabia producer indicated the intention to set final LLDPE film offers at $980/ton based on CIF Vietnam terms citing the positive responses from Vietnamese buyers and also from the global market. Players generally expect the PE market to remain firm well into August, however, continue to stay vigilant to monitor the state of real demand in China.
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