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Morning Briefing - 11 October 2024The Chinese PVC market has demonstrated resilience, maintaining strength despite declines in the prices of other polymers. This performance is largely attributed to bullish expectations surrounding the property sector, as the government intensifies measures to support the industry. |
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CommoPlast
Morning Briefing
11 October 2024
Brent: $79.4 (+ $2.82)
WTI: $75.85 (+ $2.61)
Naphtha CFR Japan: + $2
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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Earlier this week, Indonesian PE sellers took a cautious international stance, choosing to focus on the domestic market. This decision came as they waited to see if China’s initial bullishness in the polyolefin market would revive following the latest dive.
In both the Indonesian PP import and local markets, prices fluctuated and increased in response to China’s movements. However, buyers remained cautious, particularly locally, where many had completed inventory replenishments and were in no rush to accept higher offers.
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The Chinese PVC market has demonstrated resilience, maintaining strength despite declines in the prices of other polymers. This performance is largely attributed to bullish expectations surrounding the property sector, as the government intensifies measures to support the industry. According to the CommoPlast Price Index, spot offers for carbide-based PVC have risen by CNY 300/ton compared to the previous week, while ethylene-based PVC prices have increased by CNY 50-100/ton.
On the international front, Chinese suppliers remain optimistic that a major Taiwanese producer will announce higher November shipment offers, with expected increases of $30-50/ton compared to last month. However, demand in India remains subdued due to ample domestic supply in advance of the Diwali holiday. Buyers in the region anticipate strong resistance to any attempts by overseas sellers to raise prices.
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