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Morning Briefing - 17 June 2024Buying interest in HDPE film was sluggish while customers selectively procured small quantities of LLDPE and LDPE film. |
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CommoPlast
Morning Briefing
17 June 2024
Brent: $82.62 (- $0.13)
WTI: $78.45 (- $0.17)
Naphtha CFR Japan: -$3
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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The Chinese PVC market continued to slump on waning optimism over the government’s effort to stimulate the local property market. The persistent shipping challenges curbed export activities, which meant more quantities became available on the local ground.
Nevertheless, Chinese market participants expected a key Taiwanese producer to lift July shipment offers to Asia by up to $100/ton from the previous month, just to cover the shipping costs.
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Meanwhile, more international suppliers lifted import PE offers to China on the final trading day of the previous week, citing limited availability and ocean freight rates. Buying interest in HDPE film was sluggish while customers selectively procured small quantities of LLDPE and LDPE film.
Chinese market participants expect heavy import arrivals during the period from late July to early August, which might exert some pressure on the market if demand fails to pick up.
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