Morning Briefing - 20 Apr. 2026
Morning Briefing
20 April 2026
Brent: $90.38 (- $9.01)
WTI: $83.85 (- $10.84)
Naphtha CFR Japan: á
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: â
Propylene CFR China: â
*Data represent closing prices of the previous trading day
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Indian polymers slide as consumption slumps and removal of import duty remove domestic pricing power
Indian polymers appear to be entering a recalibration phase, as weakening demand, softer crude-linked cost support and renewed import arbitrage drive a broad repricing across PP and PE, shifting the market’s centre of gravity from supply-side concerns to demand fragility. Three producers implemented price reductions last week as post-stocking demand erosion and rising import pressure continued to erode sentiment and unwind part of the previous month’s gains, although lower operating rates and selective supply disruptions are helping to moderate the pace of decline.
Near term, the market is likely to remain in a volatile rebalancing phase, with prices biased lower but downside cushioned by intermittent supply constraints, while buyers remain measured and sellers operate in an increasingly competitive pricing environment.
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Indonesian PET bottle eases from multi-year highs, while rupiah weakness limits deeper correction
Indonesia’s PET bottle market has retreated after touching multi-year highs, as the arrival of previously booked Chinese cargoes eased immediate supply tightness, while a sharp plunge in crude oil prompted traders to lock in margins, triggering profit-taking despite producers largely maintaining elevated headline offers last week.
However, the downside remains constrained. Firm upstream cost support, persistent supply tightness and a weaker rupiah continue to act as key anchors and could limit the depth of the decline despite softer trading sentiment. Near term, the market is expected to remain rangebound and volatile, with producers likely to defend offers while traders oscillate between margin-taking and cautious replenishment.
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