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Morning Briefing - 14 November 2024Export offers for homo-PP from China continued to decline, as traders adopted a more aggressive pricing strategy to stimulate overseas demand. Data from CommoPlast indicates that new export offers for homo-PP yarn from several Chinese trading houses dropped by $25-30 per ton week-on-week |
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CommoPlast
Morning Briefing
14 November 2024
Brent: $71.89 (+ $0.39)
WTI: $68.12 (+ $0.31)
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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Export offers for homo-PP from China continued to decline, as traders adopted a more aggressive pricing strategy to stimulate overseas demand. Data from CommoPlast indicates that new export offers for homo-PP yarn from several Chinese trading houses dropped by $25-30 per ton week-on-week, in contrast to more conservative price cuts from producers, which averaged around $15 per ton.
Exporters have been navigating heightened challenges in the overseas market, including a strengthened US dollar—raising costs for overseas buyers—alongside rising shipping expenses and persistent weaknesses in downstream end-product markets.
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Two petrochemical complexes in Southern China were hit by unexpected technical issues early Wednesday, 13 November 2024, leading to a declaration of emergency shutdowns. The affected facilities included phase II of China’s CNOOC and Shell Petrochemicals Company (CSPC) and Oriental Energy’s homo-PP complex in Maoming.
Together, these plants contribute 800,000 tons/year of PP and 700,000 tons/year of PE to the market, and their sudden halt has already influenced local market dynamics. Spot PP and PE prices in Southern China increased by CNY 50/ton after the incident, while firming futures contracts on the Dalian Commodity Exchange provided additional price support.
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