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Morning Briefing - 24 Nov. 2025Attention has shifted to methanol supply disruptions in Iran, where gas shortages have curtailed output. Market participants are watching operating rates at domestic methanol-to-olefin (MTO) plants closely |
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CommoPlast
Morning Briefing
24 November 2025
Brent: $62.56 (- $0.82)
WTI: $58.06 (- $0.94)
Naphtha CFR Japan: - $11
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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Chinese homo-PP Market Resumed Softening, Neared Historic Lows
The Chinese homo-PP market ended the week to 21 November on a softer footing, with spot yarn and injection grades slipping by another CNY 50/ton ($7/ton) from the previous session. Despite a series of production hiccups, suppliers reported that overall availability remained comfortable, keeping buyers on the sidelines and limiting transaction volumes.
Current EXW China spot offers now stand only about CNY 150/ton ($21/ton) above the historic lows seen at the onset of the pandemic in late March 2020. With participants broadly anticipating additional reductions in the coming week, most buyers continued to purchase strictly on a hand-to-mouth basis, adding further pressure to sentiment.
Attention has shifted to methanol supply disruptions in Iran, where gas shortages have curtailed output. Market participants are watching operating rates at domestic methanol-to-olefin (MTO) plants closely, as any sustained slowdown could influence near-term PP supply dynamics and potentially alter the trajectory of the market.
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Malaysian HDPE film Market Showed Signs of Renewed Tightness
The Malaysian HDPE film market has begun to show signs of renewed supply tightness, driven by recent production disruptions at several domestic plants, according to market participants. With the overall demand remaining sluggish during the week, the imbalance has not yet intensified, though buyers noted that availability could narrow sharply if downstream sectors register any meaningful improvement.
For now, converters continue to adopt a cautious procurement strategy, avoiding aggressive restocking until orders for finished goods show clearer signs of recovery. The muted buying appetite has, in turn, left suppliers with limited room to push for higher prices, keeping the market in a tentative and closely watched balance.
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