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Morning Briefing - 18 September 2024Expectations on the near-term outlook are mixed at the moment. Players are weighing the US Federal Reserve’s decision on interest rate adjustments against the potential inventory build-up in China after the Golden Week. |
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CommoPlast
Morning Briefing
18 September 2024
Brent: $73.70 (+ $0.95)
WTI: $71.19 (+ $1.10)
Naphtha CFR Japan: $651 (+ $5)
Ethylene CFR NEA: $860 (Stable)
Ethylene CFR SEA: $965 (Stable)
Propylene FOB Korea: $820 (Stable)
Propylene CFR China: $845 (Stable)
*Data represent closing prices of the previous trading day
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Upon returning from an extended holiday, Indonesian market participants were confronted with a significant reduction in spot HDPE and LLDPE film offers from a major domestic producer. This abrupt pricing shift has unsettled the market, leading many buyers to adopt a cautious stance as they reassess potential consequences for both local and import markets.
Participants are closely evaluating the availability of cargo at these revised price points while gauging the potential ripple effects on import costs before making new purchase commitments.
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The Southeast Asian PP market, meanwhile, remained largely unchanged amid the absence of key suppliers from China and South Korea. Expectations on the near-term outlook are mixed at the moment. Players are weighing the US Federal Reserve’s decision on interest rate adjustments against the potential inventory build-up in China after the Golden Week.
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