Morning Briefing - 21 May 2024
CommoPlast
Morning Briefing
21 May 2024
Brent: $83.71 (- $0.27)
WTI: $79.80（- $0.26)
Naphtha CFR Japan: $686 (+ $9)
Ethylene CFR NEA: $855 (Stable)
Ethylene CFR SEA: $965 (Stable)
Propylene FOB Korea: $820 (Stable)
Propylene CFR China: $850 (Stable)
*Data represent closing prices of the previous trading day
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The local PP and PE markets in China continued to rally on the first trading day of the week as the bullish sentiment associated with the latest support measures from the government for the property market remained in place.
At least two key Chinese suppliers lifted export homo-PP offers by $15/ton from the previous week to reflect the firming trend at home. However, higher prices while the shipping costs are already at multi-month high levels are detrimental to sales results.
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Similar to other sectors, the Chinese PVC market surged sharply, adding CNY 200 – 350/ton ($28 - 48/ton) from the previous week on optimism over the demand outlook following the government’s effort to boost the property sector.
Export offers rose $25/ton for carbide-based PVC with no immediate transactions reported.
Regional market participants are monitoring closely the development in China while questioning the sustainability of the trend.
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