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Morning Briefing - 16 Jan. 2024In an official statement, the producer cited the “inability to secure sufficient container space” as a result of the shipping disruption in the Red Sea. |
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CommoPlast
Morning Briefing
16 January 2024
Brent: $78.15 (-$0.14)
WTI: Holiday
Naphtha CFR Japan: $676 (+$15)
Ethylene CFR NEA: $875 (+$5)
Ethylene CFR SEA: $870 (Stable)
Propylene FOB Korea: $795 (Stable)
Propylene CFR China: $825 (Stable)
*Data represent closing prices of the previous trading day
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A major Taiwanese producer has declared force majeure on all un-shipped PVC shipments to Turkey and Europe effective 12 January 2024 amid heightening shipping challenges.
In an official statement, the producer cited the “inability to secure sufficient container space” as a result of the shipping disruption in the Red Sea.
The development is expected to force the producer to focus heavily on the Asian market, at least until the shipping situation stabilizes.
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Following a rebound on the Dalian Commodity Exchange, Chinese PP and PE customers seemed more engaged in the domestic spot market on the first trading of the week.
A good number of transactions have been recorded, sources said, indicating early signs of pre-Lunar New Year replenishment activities. Having said so, it is important to note that customers continued to portray a certain degree of reservation citing the cutthroat competition in the finished goods market.
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