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Morning Briefing - 11 Dec. 2023The Chinese PVC market fell by another CNY100/ton from the previous week due to lethargic purchasing activities and rising inventory pressure. |
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CommoPlast
Morning Briefing
11 December 2023
Brent: $75.84 (+ $1.79)
WTI: $71.23 (+ $1.89)
Naphtha CFR Japan: $641 (+ $8)
Ethylene CFR NEA: $850 (Stable)
Ethylene CFR SEA: $890 (Stable)
Propylene FOB Korea: $810 (Stable)
Propylene CFR China: $840 (Stable)
*Data represent closing prices of the previous trading day
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The Chinese PVC market fell by another CNY100/ton from the previous week due to lethargic purchasing activities and rising inventory pressure. Data showed that the local PVC stocks piled up 8400 tons from the previous week to 367,200 tons.
The development somewhat raised questions on the January market outlook as a key Taiwanese producer is about to open new offers. While the strong upstream EDC and VCM costs are expected to support the market to a certain extent, the weak Chinese market might anchor any potential increases.
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Several international suppliers have expressed the intention to announce January PE shipment offers to Southeast Asia within this week – much earlier than usual to avoid clashing with the Christmas holiday. Initial expectations call for stable to slightly firmer offers despite the recent drop in ethylene costs, thanks to the uptick in demand in the South Asian region.
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