Morning Briefing - 18 Apr. 2024
CommoPlast
Morning Briefing
18 April 2023
Brent: $87.29 (- $2.73)
WTI: $82.69（- $2.67)
Naphtha CFR Japan: $711 (+$1)
Ethylene CFR NEA: $915 (Stable)
Ethylene CFR SEA: $1010 (Stable)
Propylene FOB Korea: $820 (Stable)
Propylene CFR China: $850 (Stable)
*Data represent closing prices of the previous trading day
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International benchmarks for crude oil slipped for the third straight session on Wednesday, 17 April 2023 on another unexpected build-up in US commercial crude inventories, concerns over the economic growth in China, and dimming hope for interest rate cuts from the FED.
The continuous falling crude oil despite the escalating security risk in the Middle East started to ease concern over the PP and PE supply outlook among Asian market participants.
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The Chinese PET bottle market fluctuates in a small range of CNY50/ton throughout the week, influenced by the volatile upstream PX and PTA costs. However, demand is reportedly stable with the peak demand season at the backdrop.
Export PET bottle offers are available in the range of $910-920/ton FOB China.
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In related industry news, an increasing number of Chinese suppliers are facing vessel and container shortages, which caused some delivery delays for previously sold parcels. In Vietnam, several buyers reported that their Chinese homo-PP cargoes had been delayed at least three times over the past month.
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