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CommoPlast

Morning Briefing

07 August 2024

Brent: $76.48 (+ $0.18)

WTI: $73.20 (+ $0.26)

Naphtha CFR Japan: + $6

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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In China, key domestic producers opted to maintain spot homo-PP largely stable following a tumultuous start this week. However, traders were not as confident in the near-term outlook and actively offered negotiation space to secure more orders.

A series of shutdowns at local plants over recent months have kept supply levels in check, contributing to the stability observed in the Chinese PP sector. However, with most of these plants now resuming operations, a surge in availability is anticipated. 

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Meanwhile, the Chinese PE sector centered around the firming LDPE film market as spot offers added another CNY 50-100/ton from the previous day. Talking to CommoPlast, several Chinese suppliers cited support from the ebbing influx of import cargoes and optimism over the demand outlook in the second half of the month for the increases.

However, this development has not reverberated across the broader regional markets as expected. The import market in China remains largely unaffected, and nearby Southeast Asian regions are observing a different trend. In fact, Vietnamese customers reported softer import LDPE film prices from various origins while expressing buying ideas in the range of $1150-1180/ton based on CIF terms.

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