|
|
Morning Briefing - 01 August 2023A major Thailand producer kickstarted the week with a $20/ton hike on import PE offers to China. The price list showed spot HDPE and LLDPE film based on CFR China term is now well above the $1000/ton threshold. |
|
CommoPlast
Morning Briefing
01 August 2023
Brent: $85.56 (+ $0.57)
WTI: $81.80 (+ $1.32)
Naphtha CFR Japan: $657 (+ $18)
Ethylene CFR NEA: $775 (+ $5)
Ethylene CFR SEA: $775 (+ $5)
Propylene FOB Korea: $750 (+ $5)
Propylene CFR China: $800 (+ $5)
*Data represent closing prices of the previous trading day
……………………………………………………………….
The local PP market in China remained on the rise thanks to the resilient futures market and the substantially reduced inventory pressure among suppliers here. Data from CommoPlast showed spot homo-PP yarn based on EXW China terms has been tracking the uptrend for seven (7) consecutive weeks and is likely to hold firm in the near term on bullish expectations about new economic stimulus measures from the government.
……………………………………………………………….
A major Thailand producer kickstarted the week with a $20/ton hike on import PE offers to China. The price list showed spot HDPE and LLDPE film based on CFR China term is now well above the $1000/ton threshold. Despite the growing optimism over the near to medium-term demand outlook, initial responses from buyers were rather indolent.
……………………………………………………………….
Major regional and international petrochemical producers started to release second-quarter earnings results, which remained disappointing.
Malaysia’s Lotte Chemical Titan recorded a net loss of RM 313.5 million in the quarter compared to the same period last year.
Thailand’s SCG Chemicals clocked in a 48.755 MB in Sales Revenue, up 4% from the first quarter of the year. However, results for the first half of 2023 remained weak. Sales Revenue dipped 30% compared to the same period last year to 95.560 MB. Profit for the period plunged 71% year-on-year to 2.097 MB.
______________________________________________________________
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
