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Morning Briefing - 31 July 2024Following protracted and cutthroat negotiations, a major Saudi Arabian producer has slashed August PE shipment prices to Vietnam by $60/ton for HDPE film and $40/ton for LLDPE and LDPE film from the initial prices announced last week. |
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CommoPlast
Morning Briefing
31 July 2024
Brent: $78.63 (- $1.15)
WTI: $74.73 (- $1.08)
Naphtha CFR Japan: - $19
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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Amid a persistently declining local market, a few Chinese PP suppliers have reluctantly reduced their export offers by $10/ton from earlier this week, bringing prices for homo-PP to $945-950/ton FOB China. Despite these price cuts, the adjustments have failed to generate significant buying interest. Ongoing shipping issues continue to erode the competitiveness of Chinese materials in the international market, leaving suppliers grappling with weak demand and limited prospects for improvement.
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Following protracted and cutthroat negotiations, a major Saudi Arabian producer has slashed August PE shipment prices to Vietnam by $60/ton for HDPE film and $40/ton for LLDPE and LDPE film from the initial prices announced last week.
Despite these significant reductions, market responses remained tepid. The ongoing downtrend in the nearby Chinese market has fueled expectations among Vietnamese buyers that import PE offers might decline further in the near term, discouraging active restocking.
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