|
|
Morning Briefing - 13 November 2024The Northeast Asian ethylene market has gained momentum for six straight weeks, buoyed by reduced operating rates at regional naphtha crackers and a measured increase in Chinese demand. Prices have rebounded 5.5% from their September low, reaching a two-month high on 11 November. |
|
CommoPlast
Morning Briefing
13 November 2024
Brent: $71.89 (+ $0.06)
WTI: $68.12 (+ $0.08)
Naphtha CFR Japan: - $14
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
____________________________________________________________________
The Northeast Asian ethylene market has gained momentum for six straight weeks, buoyed by reduced operating rates at regional naphtha crackers and a measured increase in Chinese demand. Prices have rebounded 5.5% from their September low, reaching a two-month high on 11 November.
According to market sources, Chinese buyers are still showing interest in cargoes scheduled for late November and December arrivals, aligning with the startup of several new PE plants in the region. Meanwhile, naphtha cracking operators across Northeast Asia have maintained reduced operating rates, effectively containing any potential supply surge and supporting the current firming trend in the short term.
____________________________________________________________________
A major Malaysian producer led December PE shipment offers to Vietnam, maintaining steady prices amid softer market sentiment. The latest price list saw LDPE unchanged for the third consecutive month and HDPE steady for the second month in a row. Initial market responses were lukewarm, as sentiment was dampened by growing demand concerns in China and ongoing exchange rate fluctuations. Bids for LDPE were reported at $50–70/ton below the initial offers.
____________________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
Country
China
About CommoPlast Asia Sdn Bhd
Your empowering market insight site.
