|
|
Morning Briefing - 20 Feb. 2024Trading sentiment remained sluggish, which is not surprising since Chinese manufacturers would usually ramp up operating rates after the Chap Goh Mei festival. |
|
CommoPlast
Morning Briefing
20 February 2024
Brent: $83.56 (+ $0.09)
WTI: Holiday
Naphtha CFR Japan: $676 (- $11)
Ethylene CFR NEA: $950 (+ $10)
Ethylene CFR SEA: $970 (+ $20)
Propylene FOB Korea: $815 (Stable)
Propylene CFR China: $850 (Stable)
*Data represent closing prices of the previous trading day
……………………………………………………………….
The Chinese PP and PE market resumed trading following the weeklong Lunar New Year holiday on a firm note as suppliers attempted to transfer the rising upstream costs to the selling prices. Trading sentiment remained sluggish, which is not surprising since Chinese manufacturers would usually ramp up operating rates after the Chap Goh Mei festival.
Given that part of the market came back on Sunday, 18 February, the total PP and PE stocks belonging to Sinopec and CNPC digested 10,000 tons to 980,000 tons on Monday, 19 February.
……………………………………………………………….
In Vietnam, major regional and international suppliers started to open March PE shipment offers with sharp increases from the previous month, citing limited availability and high production costs.
A new price list from a Malaysian producer saw $50/ton hikes on LDPE film and $80/ton on LDPE lamination and injection. The maker is in the process of stock building in preparation for a 42-day maintenance shutdown at the LDPE plant, starting in late April.
______________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
About CommoPlast Asia Sdn Bhd
Your empowering market insight site.
