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Morning Briefing - 16 October 2024The Chinese PET bottle market continued its downward trajectory, with export offers declining steadily on a daily basis. Compared to the prior week, export offers for PET bottles dropped by $15/ton, though trading activity remained sparse. |
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CommoPlast
Morning Briefing
16 October 2024
Brent: $74.25 (- $3.21)
WTI: $70.58 (- $3.25)
Naphtha CFR Japan: - $28
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: + $5
Propylene CFR China: + $5
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International crude oil benchmarks plunged 4% on Tuesday, 15 October 2024, as fears over Middle Eastern tensions and potential disruptions to vital oil infrastructure receded. Since the start of the week, both Brent and WTI have dropped over 6%, signaling a sharp reversal in market sentiment.
Further compounding the bearish outlook, OPEC downgraded its demand growth forecasts for the third consecutive month, aligning with other pessimistic projections. The organization's repeated downward revisions underscore growing concerns about the fragility of global demand, amplifying the already bleak market environment.
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The Chinese PET bottle market continued its downward trajectory, with export offers declining steadily on a daily basis. Compared to the prior week, export offers for PET bottles dropped by $15/ton, though trading activity remained sparse. The volatility in the upstream energy sector further undermined buyer confidence, exacerbating a market already softened by the seasonal slowdown.
The persistent lack of buying interest was also attributed to ample stockpiles held by buyers, following earlier replenishments, leaving little incentive to engage in new transactions.
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