Morning Briefing - 23 Apr. 2026

CommoPlast

Morning Briefing

23 April 2026

Brent: $101.91 (+ $3.41)

WTI: $92.96 (+ $3.29)

Naphtha CFR Japan: á

Ethylene CFR NEA: á

Ethylene CFR SEA: Stable

Propylene FOB Korea: Stable

Propylene CFR China: Stable

*Data represent closing prices of the previous trading day

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Saudi’s APC halts PP production after Al Jubail attacks, raising supply risks

Advanced Petrochemical Company (APC) has announced a halt to PP production at its Al Jubail I and II complexes, abruptly removing more than a million tons/year of capacity from the regional market. The disruption, triggered by the early-April incident at the site, has already resulted in cancelled April liftings and tighter prompt availability, reinforcing a firmer supply backdrop even as demand remains relatively steady.

The key question now is whether the disruption spreads beyond APC’s assets. With nearly half of Al Jubail effectively offline, any additional outages would intensify the supply shock and accelerate upward pressure on prices, shifting near-term momentum decisively in favour of sellers.

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Taiwanese PVC price cut to India highlights building demand retrenchment

A Taiwanese producer has selectively recalibrated its PVC pricing strategy, trimming offers to India while holding levels steady for China and Southeast Asia, signalling a more surgical response to regional demand divergence. The adjustment highlights mounting pressure in India, where domestic sentiment remains firmly bearish and pricing power continues to erode.

Market participants are shifting into a defensive posture, adopting a wait-and-see approach ahead of May arrivals as uncertainty lingers over potential losses and further downside. Converters are limiting purchases and cutting operating rates, compressing consumption and reinforcing the negative feedback loop. It raises the question whether this demand retrenchment could intensify, potentially forcing further price corrections from the import segment.

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