Morning Briefing - 22 May 2024
CommoPlast
Morning Briefing
22 May 2024
Brent: $82.88 (- $0.83)
WTI: $79.26（- $0.54)
Naphtha CFR Japan: - $10
Ethylene CFR NEA: Stable
Ethylene CFR SEA: - $10
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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The Asian ethylene market extended the weakening trend amid sluggish downstream demand and comfortable supply conditions. The recent force majeure at Thailand’s Map Ta Phut Olefin did not seem to impact the market significantly.
Regional market participants expected the current lethargic trading sentiment to persist well into June as supply continues to improve, in line with the restart at several cracking units.
In China, Zhejiang Satellite Lianyungang brought online the 1.25 million tons/year ethane cracker after a 47-day maintenance. Zhejiang Petrochemical also restarted its No. 2 naphtha cracker with an annual ethylene output of 1.4 million tons. Both plants are running at full rates.
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Chinese homo-PP yarn surged sharply in Vietnam this week with the overall offers standing in the range of $1015 – 1030/ton based on CIF terms. The rise reflected the recent upswing in the local Chinese market.
Initial responses from Vietnamese buyers were rather subdued. Weak end-product demand coupled with comfortable supply discouraged buyers from rushing any new purchases at the time being.
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