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Morning Briefing - 25 September 2024Following a fleet of new offers announcement for October shipment earlier this week, several key international suppliers started setting final PE prices to Southeast Asia, mostly with modest discounts or no adjustments at all from the initial price lists. |
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CommoPlast
Morning Briefing
25 September 2024
Brent: $75.17 (+ $1.27)
WTI: $71.56 (+ $1.19)
Naphtha CFR Japan: + $7
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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Following a fleet of new offers announcement for October shipment earlier this week, several key international suppliers started setting final PE prices to Southeast Asia, mostly with modest discounts or no adjustments at all from the initial price lists.
Indonesian buyers have responded positively toward HDPE film parcels while shying away from imported LLDPE film due to the attractive local materials purchased last week. Conversely, Vietnamese buyers displayed a stronger demand for LLDPE film, with transactions for Saudi Arabian cargo concluded at $980-990/ton on CIF terms.
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In China, the Chinese authorities introduced one of the most aggressive policy packages in recent history on Tuesday. These measures included cutting the reserve requirement ratio (RRR) for commercial banks, adjusting the 7-day open market operations (OMO), and easing restrictions on housing loans. While these policies have buoyed sentiment in both the futures and domestic spot markets, questions remain about their long-term efficacy.
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In India, the prolonged monsoon season continued to dampen buying interest for both PP and PE. Sources reported ‘more than satisfactory’ local PE availability despite the recent shutdown at Reliance Industries and HMEL (Hindustan Mittal Energy), which has intensified pressure on overseas sellers.
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