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Morning Briefing - 05 December 2024Import activity in Indonesia's PP block copolymer market has slowed significantly as importers grapple with increasing time risks. The approaching expiration of import quotas on 31 December has deterred buyers from placing orders that are unlikely to arrive before the deadline, resulting in the cancellation of several shipments. |
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CommoPlast
Morning Briefing
05 December 2024
Brent: $72.31 (- $1.31)
WTI: $68.54 (- $1.40)
Naphtha CFR Japan: + $8
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: + $5
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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Lotte Chemical Corporation has indefinitely suspended operations at several units within its Yeosu petrochemicals complex, citing unsustainable production margins. The shutdown affects facilities producing ethylene glycol (EG), ethylene oxide derivatives (EOA), and PP, with respective annual capacities of 400,000 tons, 230,000 tons, and 600,000 tons.
This decision follows an earlier closure of the 520,000 tons/year PET production unit earlier this year, highlighting the ongoing struggles faced by naphtha-based producers. As similar shutdowns ripple across Asia, industry participants are closely observing the polymer markets for potential disruptions in supply.
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Import activity in Indonesia's PP block copolymer market has slowed significantly as importers grapple with increasing time risks. The approaching expiration of import quotas on 31 December has deterred buyers from placing orders that are unlikely to arrive before the deadline, resulting in the cancellation of several shipments. Additionally, an ongoing anti-dumping duty investigation, launched in June 2023 and initially expected to conclude by December 2024, has further heightened market caution.
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