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Morning Briefing - 27 Marc. 2025Chinese PET traders remain unwavering in their pricing stance, enforcing a $5/ton week-on-week increase on lower-end export offers. This firmness comes amid tightening domestic supply, as delayed restarts at major production plants |
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CommoPlast
Morning Briefing
27 March 2025
Brent: $73.79 (á $0.77)
WTI: $69.65 (á $0.65)
Naphtha CFR Japan: á $2
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: á $10
*Data represent closing prices of the previous trading day
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Indonesian LLDPE jumps on plunging Rupiah
Distributors in Indonesia’s PE market have implemented an IDR 200,000/ton hike on spot LLDPE offers, citing elevated restocking costs after the Indonesian rupiah plunged to a low unwitnessed since June 1998. According to Oanda data, the currency has hit IDR 16,585/USD, reflecting a staggering 1.8% plunge within just 18 days.
However, the sustainability of this price increase remains uncertain, as market activity slows ahead of the Eid al-Fitr holiday. Extended holiday schedules have dampened buying sentiment, reducing the urgency for fresh purchases. Meanwhile, restricted supply from the Middle East has failed to trigger a significant restocking drive, as domestic inventories are reportedly sufficient to meet short-term demand.
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Chinese PET exporters hold mulish on price floor
Chinese PET traders remain unwavering in their pricing stance, enforcing a $5/ton week-on-week increase on lower-end export offers. This firmness comes amid tightening domestic supply, as delayed restarts at major production plants have kept over 2 million tons of annual capacity offline. A stronger energy complex has further constrained sellers’ ability to offer discounts, with crude oil and naphtha extending their gains over the past two weeks.
However, the sustainability of the price increments may remain difficult to gauge, since converters in key Muslim markets are preparing to disengage for the holiday season. Looking ahead, price momentum may hinge on post-Eid demand recovery, which may align with the seasonal uptick in summer-related consumption.
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