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Morning Briefing - 28 Nov. 2023Apparently, more sellers are looking to divert their parcels to other markets, such as South America and Africa for better acceptance. |
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CommoPlast
Morning Briefing
28 November 2023
Brent: $79.98 (- $0.60)
WTI: $74.86 (- $0.68)
Naphtha CFR Japan: $641 (- $12)
Ethylene CFR NEA: $860 (Stable)
Ethylene CFR SEA: $940 (Stable)
Propylene FOB Korea: $810 (- $5)
Propylene CFR China: $850 (- $5)
*Data represent closing prices of the previous trading day
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Trading sentiment in the Chinese domestic spot market remained dwindling on the first day of the week as buyers completed replenishment several days before and preferred to wait on the sidelines. Local traders became more open to negotiations as these sellers had withheld their cargoes from the previous week, hoping for a rebound, which did not materialise.
Zhongjing Petrochemical cut export PP offers by $10/ton week-on-week while complaining about weak responses from overseas customers. The propane-based producer has been operating at 50% capacity for several weeks in a row amid margin compression.
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The Southeast Asia market was quiet with only a handful number of new PP and PE offers from major international suppliers. Apparently, more sellers are looking to divert their parcels to other markets, such as South America and Africa for better acceptance.
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In related industry news, the Vietnamese Ministry of Finance has rejected Long Son Petrochemical’s proposal to raise the most-favoured-nation (MFN) duty on import PP and PE from 0% to 3%. The producer has been petitioning the government to lift customs duties on products under HS codes 39029090, 39011092, 39012000, and 39014000.
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