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Morning Briefing - 15 October 2024The Asian PVC market is split over pricing expectations ahead of the anticipated November offers from a major Taiwanese producer. While a price hike seems plausible, driven by China's recent surge and increased shipping costs, sluggish demand in India—Asia's largest PVC importer—could limit any upward movement. |
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CommoPlast
Morning Briefing
15 October 2024
Brent: $77.46 (- $1.58)
WTI: $73.83 (- $1.73)
Naphtha CFR Japan: -$3
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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The Asian PVC market is split over pricing expectations ahead of the anticipated November offers from a major Taiwanese producer. While a price hike seems plausible, driven by China's recent surge and increased shipping costs, sluggish demand in India—Asia's largest PVC importer—could limit any upward movement.
Nevertheless, the sentiment could shift significantly if the Indian government releases the results of the anti-dumping investigation and the recommended duties for each PVC producer from the seven affected countries. Buyers would rush to stock up on extra cargo before the implementation date.
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Meanwhile, a Malaysian producer set final LDPE prices in Vietnam for November loading at a $30-50/ton reduction from the initial price list, which successfully generated healthy buying interest. This surge in inquiries occurred despite LDPE film prices being $20/ton higher than previous transactions. This buying confidence for LDPE was driven by last week’s surge in Chinese demand for the material.
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