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Morning Briefing - 16 June 2026Asia's polyolefin markets opened the week under renewed downward pressure after a US-Iran ceasefire agreement raised expectations of restored feedstock flows through the Strait of Hormuz, sending crude benchmarks to a three-month low and pulling futures and spot offers across the region with them. |
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CommoPlast
Morning Briefing
16 June 2026
Brent: $83.17 (- $4.16)
WTI: $80.75 (- $4.13)
Naphtha CFR Japan: â
Ethylene CFR SEA: Stable
Propylene FOB Korea: â
Propylene CFR China: â
*Data represent closing prices of the previous trading day
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Asia polyolefin markets soften as ceasefire stokes Hormuz reopening bets
Asia's polyolefin markets opened the week under renewed downward pressure after a US-Iran ceasefire agreement raised expectations of restored feedstock flows through the Strait of Hormuz, sending crude benchmarks to a three-month low and pulling futures and spot offers across the region with them. Buyers from China to Indonesia have largely extended their wait-and-see posture, with concluded deals in some markets already resetting price floors well below recent reference levels.
The prospect of returning Middle Eastern supply, absent from several markets for months, is adding a further bearish overhang even as traders acknowledge the logistics of any resumption will take time to work through. Most participants see little reason to step in ahead of clearer price direction, and the path of least resistance points lower into the coming weeks.
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Strait of Hormuz reopening stirs fresh downside risks for the Asian polyolefin market
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Indonesia's domestic PP and PE slide further as holiday lull deepens caution
The domestic major reversed last week's PP rollover attempt with broad cuts across homo-PP grades while continuing to lower LLDPE, though a partial HDPE firmness failed to take hold in the cash market, where spot offers slid regardless. Buyers are holding back on dual expectations of softer resin costs and rupiah appreciation, with the Awal Muharram holiday narrowing the trading window further and giving converters additional cover to defer. The path of least resistance remains lower.
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Indonesian major surrenders PP stance, extends PE cuts amid peace talks and holiday lull
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