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CommoPlast

Morning Briefing

26 February 2026

Brent: $70.85 (+ 0.08)

WTI: $65.42 (- $0.21)

Naphtha CFR Japan: (+ $3)

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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Vietnam PP reopens firmer, but cost-led rally tests demand resolve

Vietnam’s homo-PP market has reopened firmer, but it is apparent that the rebound is cost-led rather than demand-driven. Sellers lifted offers in step with resilient crude, firm propylene and stronger Chinese benchmarks, amplified by gains of futures on the Dalian Commodity Exchange, signalling a coordinated defence of margins across the chain.

Converters remain cautious, well covered from pre-holiday purchases and constrained by weak pass-through. The near-term bias stays upward on external support, yet without a clear revival in downstream orders, gains could remain measured rather than momentum-driven.

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South Korea triggers petrochemical reset with Daesan merger and capacity cuts

The South Korean government has approved the merger of HD Hyundai Oilbank and Lotte Chemical’s Daesan operations into a 50-50 joint venture, marking its first formal petrochemical restructuring. The plan includes a three-year shutdown of 1.1 million tons/year at the Daesan naphtha cracker, alongside financial support and fresh capital injections.

The capacity withdrawal signals a shift towards structural consolidation amid persistent oversupply, with potential implications for regional feedstock balances and further rationalisation across Northeast Asia.

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