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Morning Briefing - 30 Aug. 2023This week, the rapid appreciation of the US dollar sent the Vietnamese Dong to the lowest levels in months, further dampening the already dwindling purchasing interest for import cargoes. |
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CommoPlast
Morning Briefing
30 August 2023
Brent: $85.49 (+ $1.07)
WTI: $81.16 (+ $1.06)
Naphtha CFR Japan: $663 (- $2)
Ethylene CFR NEA: $830 (Stable)
Ethylene CFR SEA: $860 (Stable)
Propylene FOB Korea: $785 (+ $5)
Propylene CFR China: $825 (+ $5)
*Data represent closing prices of the previous trading day
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Weak demand has been casting a shadow on the Vietnamese PP market over the past weeks, anchoring the pricing advancement despite the strong upstream propylene costs and reduced availability among overseas producers due to lower operating rates. This week, the rapid appreciation of the US dollar sent the Vietnamese Dong to the lowest levels in months, further dampening the already dwindling purchasing interest for import cargoes.
At the time of this report, at least one South Korean producer has stepped back on homo-PP offers to Vietnam by $20/ton from the previous week, though buying ideas remain below the $950/ton threshold, based on CIF terms.
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In China, at least two more international suppliers cut weekly LLDPE film offers by $20-30/ton while keeping HDPE and LDPE price lists unchanged. Players are now more certain of a stagnating LLDPE market as supply in this market improved visibly.
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