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Morning Briefing - 20 September 2022Morning Briefing - 20 September 2022 |
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CommoPlast
Morning Briefing
20 September 2022
Brent: $92.00 (+ $0.65）
WTI: $85.73 (+ $0.62)
Naphtha CFR Japan: $663 (+ $2)
Ethylene CFR NEA: $970 (Stable)
Ethylene CFR SEA: $960 (Stable)
Propylene FOB Korea: $875 (Stable)
Propylene CFR China: $895 (Stable)
*Data represent closing prices of the previous trading day
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The domestic spot market continues to trade on a soft note following the decline of the Dalian Commodity Exchange. Market participants are monitoring closely the impact of the rising interest rates in the US on the near-term demand outlook with a number of players favouring less than optimistic prospects.
Import offers are limited, but as the Yuan hit 7.0 against the US dollar, international suppliers might find it more challenging to implement any real increases.
Meanwhile, Zhongjing Petrochemical reduces export PP offers by $5/ton from last week to $1090/ton for yarn, based on FOB China terms.
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In Southeast Asia, a Saudi Arabia producer opened October PE shipment offers with increases of $70/ton from last month to Vietnam and $40-60/ton to Indonesia citing the limited supply condition.
There are reports that supply from the producer falls to 65% compared to last month as the plant winds down operating rates ahead of a major maintenance shutdown in November. While delaying cargoes sold in August to Vietnamese customers, the maker is planning to suspend new offers in October due to the production disruption, market sources said.
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