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Morning Briefing - 16 April 2024Asian market participants anxiously monitoring the development in the Middle East following Iran’s aerial attacks on Israel that sparked heavy concerns over the impact on the supply from Iran and shipping security in the Strait of Hormuz. |
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CommoPlast
Morning Briefing
16 April 2023
Brent: $90.10 (- $0.35)
WTI: $85.41（- $0.25)
Naphtha CFR Japan: $697 (-$8)
Ethylene CFR NEA: $915 (- $15)
Ethylene CFR SEA: $1010 (Stable)
Propylene FOB Korea: $820 (Stable)
Propylene CFR China: $850 (Stable)
*Data represent closing prices of the previous trading day
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Asian market participants were anxiously monitoring the development in the Middle East following Iran’s aerial attacks on Israel that sparked heavy concerns over the impact on the supply from Iran and shipping security in the Strait of Hormuz.
The development has not had an immediate impact on the market on the first trading day of the week and until the situation clears up, players continue to monitor the supply-demand dynamic to gauge the near-term outlook.
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A key Taiwanese producer is set to open May PVC shipment offers in the next trading day with players expecting at least a $10/ton reduction from the previous month. Weak demand has been nagging at the market for weeks and with the currency exchange rate issues, the downward pressure is enormous.
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The local Chinese PP and PE market continued to climb with spot offers hitting multi-month highs on the back of a tightening supply outlook amid heavy maintenance shutdown and the depreciated Yuan. Players are monitoring if the bullish development in the local market would generate a positive effect on the import ground.
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