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Morning Briefing - 06 September 2024The Vietnamese homo-PP market demonstrated unexpected strength following the long weekend holiday. Despite the ongoing decline in global crude oil prices, spot homo-PP offers in the local market remained stable to firm, supported by an uptick in inquiries. |
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CommoPlast
Morning Briefing
06 September 2024
Brent: $72.69 (- $0.01)
WTI: $69.15 (-$0.05)
Naphtha CFR Japan: - $2
Ethylene CFR NEA: -$5
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 Asian PVC market continued its downward trajectory this week, with export offers from China declining by $10/ton from the previous week due to a weakening energy complex and softer demand in India. In tandem, a major Indonesian producer announced its September PVC offers to the local market with a $50/ton reduction from August, mirroring the regional downtrend. However, buyers pushed back against the latest offers, demanding a further $20/ton discount to align with the pricing strategy of a leading Taiwanese producer from the previous week.
Market participants are closely monitoring crude oil fluctuations to assess the potential direction of the PVC market in the weeks ahead.
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The Vietnamese homo-PP market demonstrated unexpected strength following the long weekend holiday. Despite the ongoing decline in global crude oil prices, spot homo-PP offers in the local market remained stable to firm, supported by an uptick in inquiries. Market sources indicated that the absence of key South Korean suppliers, coupled with reduced operating rates at local plants, has reinforced pre-holiday expectations that the market may have bottomed out.
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