Morning Briefing - 30 September 2026

MORNING BRIEFING

CommoPlast                 Wednesday, 30 September 2026

                                                                                                                             commoplast.com

MARKET MOVEMENT

Closing prices, previous trading day. Monomers show direction only..                                                                                                       

TODAY’S DEVELOPMENTS

FEEDSTOCKS · ASIA

Naphtha extends third weekly decline as Middle East arrivals sidestep Hormuz route

Naphtha has fallen for a third consecutive week, according to CommoPlast's index, as a pickup in Middle East arrivals from August into September, routed around the Strait of Hormuz, brought shipment volumes close to pre-war 2025 levels. The disruption earlier in the conflict had pushed much of Asia's petrochemical industry toward a standstill, forcing crackers to curb output and buyers to chase scarce replacement cargoes at elevated prices.

Reports from Reuters suggested that Asian cracker operating rates have improved from the earlier phase of the conflict, a shift also propped up in propylene and ethylene prices week-on-week up to 29 September. With alternative routing now proving workable at meaningful volume, the key question for the market is whether this flow could hold.

POLYMERS · INDONESIA

Indonesia's PP rally breaks after 11 weeks as import discounting kicks in early

Indonesia's PP market lost momentum in the week ending 25 September, as softer crude, China's approaching Golden Week lull and an expected wave of import arrivals prompted distributors to lock in gains after an 11-week climb. Spot homo-PP fell, though the weakness sits almost entirely at the distribution layer, with domestic producers holding firm on official lists.

The correction looks more expectation-led, given that the seaborne cargoes pressuring sentiment aren't due until mid-fourth quarter. However that softening demand in the spot market could be pulled further as domestic producers compete harder for fourth-quarter contract volumes. PE has so far held up better, caught between weakening cost support and limited prompt availability, with final contract settlements likely to determine which force wins out in the coming weeks.

Read full story:

Indonesian PP stalls after 11-week rally as import cargoes start to land and crude slips

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