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Morning Briefing - 02 July 2024Despite the local market facing shortages of several key grades due to delays in import arrivals, buyers are in no hurry to procure additional cargoes. |
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CommoPlast
Morning Briefing
02 July 2024
Brent: $86.60 (+ $1.60)
WTI: $83.38 (+ $1.84)
Naphtha CFR Japan: - $3
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: -$5
*Data represent closing prices of the previous trading day
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The Indonesian polypropylene (PP) and polyethylene (PE) markets are experiencing a transition this week, as new spot price lists from major local producers have sharply declined from the previous week. This decline mirrors the recent reduction in term contract pricing set for the third quarter of the year.
Despite the local market facing shortages of several key grades due to delays in import arrivals, buyers are in no hurry to procure additional cargoes. Market participants are adopting a cautious approach, preferring to wait for further price adjustments from local suppliers before making purchasing decisions.
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All eyes in China are on the Third Plenum meeting, scheduled for July 15-18, 2024, where top government officials will convene to discuss and outline the country's short- and long-term economic strategies.
Market sources anticipate that the government will introduce additional stimulus measures to bolster growth in the second half of the year. Such measures are expected to keep the local polypropylene (PP) and polyethylene (PE) markets on a stable to firmer track.
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