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CommoPlast

Morning Briefing

18 December 2024

Brent: $73.19 (- $0.72)

WTI: $70.08 (- $0.63)

Naphtha CFR Japan: - $4

Ethylene CFR NEA: - $20

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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A leading Taiwanese PVC producer has announced its January price list to Asia with a $20-25/ton reduction, attributing the move to heightened buyer caution amid regulatory uncertainties and intensifying regional competition. The discounts failed to evoke better purchasing activity, as buyers, particularly in the Indian market argued that the latest offers may have inadequately adjusted to weaker market conditions.

Initial responses from the market were subdued, spurring speculation that the maker might face another month of sluggish sales results. 

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A leading Saudi PE producer reduced its January shipment offers to Southeast Asia for the second consecutive month, reflecting continued challenges from weak buying sentiment, unfavorable currency exchange dynamics, and ample market supply. The $10-30/ton price reductions elicited mixed reactions from buyers, highlighting disparities in demand across various PE grades.

In Vietnam, LLDPE film buyers were keen to bid a modest $10-20/ton lower than the initial price list, citing a reasonable location gap with offers to China. By contrast, HDPE film faced subdued interest, as abundant US cargoes were available at substantially lower prices than those proposed by the Saudi producer.

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