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Morning Briefing - 26 Jan. 2026Export activity gathered pace as Chinese suppliers capitalised on renewed buying interest from India. In contrast, domestic market sentiment stayed soft. |
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CommoPlast
Morning Briefing
26 January 2026
Brent: $65.88 (+ $1.82)
WTI: $61.07 (+ $1.71)
Naphtha CFR Japan: -$2
Ethylene CFR SEA: -$5
Propylene FOB Korea: +$10
Propylene CFR China: +$5
*Data represent closing prices of the previous trading day
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Chinese PVC Market Bifurcated as Export Strength Offset Weak Local Demand
The Chinese PVC market diverged once again in the week ending 23 January 2026, with export momentum pulling away from a subdued domestic market. Unlike the earlier grade-led split, this week’s bifurcation was driven by stronger overseas sales, even as local demand stayed muted ahead of the extended Lunar New Year holiday. While producers grew more constructive on near-term prospects, domestic buyers remained firmly on the sidelines, reinforcing the uneven market tone.
Export activity gathered pace as Chinese suppliers capitalised on renewed buying interest from India. In contrast, domestic market sentiment stayed soft. A late-week rebound in key PVC futures contracts on the Dalian Commodity Exchange failed to translate into physical buying interest, with spot offers slipping CNY 50/ton on the week.
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Indian Major Lifted Local PP Offers for the Third Time in January
Similar to other markets in Asia, the Indian PP sector gains momentum as a key domestic producer here lifted spot offers by another INR 1,000/ton across the PP grades, marking the third consecutive hike in January, raising prices by a cumulative INR 3,000/ton.
The move was supported by reduced availability stemming from maintenance shutdowns at its Jamnagar complex, alongside a firmer regional pricing environment. While trading activity has shown modest improvement, buyers remain conservative, particularly on larger-volume purchases.
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