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CommoPlast

Morning Briefing

15 July 2024

Brent: $85.03 (- $0.37)

WTI: $82.21 (- $0.41)

Naphtha CFR Japan: +$4

Ethylene CFR NEA: Stable

Ethylene CFR SEA: Stable

Propylene FOB Korea: +$5

Propylene CFR China: -$5

*Data represent closing prices of the previous trading day 

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During a public consultation meeting held by Indian authorities on July 11 regarding the implementation of quality control measures for PVC and PP, the government did not confirm any plans to postpone the implementation date. Officials indicated that they would continue to assess the supply-demand situation before announcing the final mandate in a month.

Market participants expressed significant anxiety, particularly concerning PVC, given the country's heavy reliance on imports. Many major international suppliers have yet to obtain the BIS certification, and if the mandate proceeds as planned, it could lead to severe supply disruptions.

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The Asian propylene market has surged to its highest levels in 14 months due to a reduction in South Korean supply. According to market sources, the market is expected to remain steady in the near term as some downstream buyers in South Korea may need to fill the supply gap through the spot market.

Meanwhile, major propylene derivatives, such as polypropylene (PP) and acrylonitrile (ACN), are experiencing limited improvement in demand, which may constrain the need to stock up on propylene at this time.

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