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Morning Briefing - 11 Sept. 2023Market participants in the Asian PVC market witnessed a confusing week as the surge in local PVC offers in China motivated sellers of this origin to lift export offers. |
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CommoPlast
Morning Briefing
11 September 2023
Brent: $90.65 (+ $0.73)
WTI: $87.51 (+ $0.64)
Naphtha CFR Japan: $686 (- $1)
Ethylene CFR NEA: $825 (+ $5)
Ethylene CFR SEA: $865 (+ $5)
Propylene FOB Korea: $795 (Stable)
Propylene CFR China: $835 (Stable)
*Data represent closing prices of the previous trading day
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Local PP production in China hit a historically high in August 2023, rising 7.6% from July and 18% from the same period last year. Similarly, local HDPE outputs have never before reached the level recorded in August of close to 1.13 million tons.
Preparation for the year-end manufacturing season and brighter demand outlook as the government accelerates the effort to stimulate local consumption, coupled with a slew of new plants coming online are attributed to the surge in production outputs even though margins remain squeezed.
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Market participants in the Asian PVC market witnessed a confusing week as the surge in local PVC offers in China motivated sellers of this origin to lift export offers. Real demand across the region has not shown any major improvement and players were initially expecting a Taiwanese producer to cut October shipment offers by $20-30/ton. The latest development in China might alter the new price decision to a certain extent.
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