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Morning Briefing - 12 September 2024Despite the recovery in crude oil prices, trading sentiment in the Chinese PP and PE market remained subdued. Buyers appeared to have completed pre-holiday replenishment activities ahead of the Mid-Autumn Festival on 16-17 September and are now gauging the demand potential leading to the National Day holiday. |
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CommoPlast
Morning Briefing
12 September 2024
Brent: $70.61 (+ $1.42)
WTI: $67.31 (+ $1.56)
Naphtha CFR Japan: $624 (- $5)
Ethylene CFR NEA: $875 (Stable)
Ethylene CFR SEA: $965 (Stable)
Propylene FOB Korea: $825 (- $10)
Propylene CFR China: $855 (- $5)
*Data represent closing prices of the previous trading day
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Despite the recovery in crude oil prices, trading sentiment in the Chinese PP and PE market remained subdued. Buyers appeared to have completed pre-holiday replenishment activities ahead of the Mid-Autumn Festival on 16-17 September and are now gauging the demand potential leading to the National Day holiday.
Meanwhile, local inventory remained elevated, which encouraged buyers to actively test sellers' willingness to concede to deeper discounts. However, thin margins discouraged local traders from conceding to any substantial price cut.
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Super Typhoon Yagi struck Northern Vietnam over the weekend, causing extensive damage to infrastructure, including the major port of Hai Phong, and resulting in severe flooding across key cities. The disruption has led to significant delays in deliveries, with many warehouses and factories currently undergoing repairs.
Despite the ongoing challenges, spot PP and PE prices in the Vietnamese market have remained stable compared to the previous week. However, market sentiment has weakened as industry players await updates on the recovery of the manufacturing sector in the aftermath of the typhoon.
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