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Morning Briefing - 26 Feb. 2025Export offers for homo-PP from China have shown significant divergence since the beginning of the week, reflecting contrasting market strategies among producers. While some suppliers are actively lowering prices to accelerate sales, others are testing market resistance with higher offers. |
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CommoPlast
Morning Briefing
26 February 2025
Brent: $73.02 (â $1.76)
WTI: $68.93 (â $1.77)
Naphtha CFR Japan: á $6
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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Mixed Movement in Chinese PP Exports
Export offers for homo-PP from China have shown significant divergence since the beginning of the week, reflecting contrasting market strategies among producers. While some suppliers are actively lowering prices to accelerate sales, others are testing market resistance with higher offers. This lack of uniformity has heightened caution among overseas buyers, dampening transaction volumes rather than stimulating demand.
Notably, one producer raised April-loading offers by $5/ton, while another applied an equivalent discount to March shipments. A producer commented, “We have sold out our March allocation and are now assessing market responses for April. Our earlier lower pricing strategy enabled us to secure substantial orders in Southeast Asia.”
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China’s ExxonMobil Reached On-Spec LLDPE
ExxonMobil Huizhou Chemical has successfully achieved on-spec production at one of its LLDPE lines in Guangdong, China, while the second unit remains in trial runs. Market participants anticipate prime-grade output in the near term, which deepened concerns over the surging domestic supply conditions.
Attention now turns to ExxonMobil’s upstream ethylene cracker, scheduled to commence operations by mid-March. The successful stabilization of this unit will be pivotal for downstream production, with commercial output contingent on its operational consistency.
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