Morning Briefing - 18 Apr. 2023
CommoPlast
Morning Briefing
18 April 2023
Brent: $84.76 (- $1.55)
WTI: $80.83 (- $1.69)
Naphtha CFR Japan: $684 (- $8)
Ethylene CFR NEA: $940 (Stable)
Ethylene CFR SEA: $960 (Stable)
Propylene FOB Korea: $905 (Stable)
Propylene CFR China: $930 (Stable)
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The Southeast Asian PP market witnessed limited movement on the first trading day of the week as a segment of market participants are away for the ChinaPlas exhibition. Nevertheless, players did not expect any major changes in pricing trends citing the dwindling demand condition.
In the PP market, Southeast Asian buyers expect a stable to softer trend with cargoes previously priced at the upper end of the overall price range being more prone to downward pressure.
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In China, the market held its breath ahead of key economic data announcements. So far, one of the bullish developments local producers leveraged on is the smaller-than-usual inventory build-up over the weekend to keep spot PP and PE offers firm. Still, traders are not willing to take the risk of waiting for the demand to come back, and hence, were more willing to negotiate with serious buyers.
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