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CommoPlast

Morning Briefing

31 March 2026

Brent: $112.78 (+ $0.21)

WTI: $102.88 (+ $3.24)

Naphtha CFR Japan: á

Ethylene CFR NEA: Stable

Ethylene CFR SEA: á

Propylene FOB Korea: Stable

Propylene CFR China: Stable

*Data represent closing prices of the previous trading day

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Indonesian polyolefins extend rally as local market loses appeal

The rally in Indonesia is stretching into a cost-driven extreme, with a third consecutive hike from a key producer reinforcing momentum amidst surging upstream crude benchmarks. Cracks are emerging as buyer fatigue builds and margins tighten, pushing converters toward imports and setting the stage for resistance.

Yet heading into April, the broader Asian market remains structurally tight on feedstock and supply, suggesting any pause is likely to be shallow, with the bias still skewed to the upside.

Read the full story:

Indonesian major pushes further PP hikes while PE rolls over; buyers actively pivot to import channels

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Pre-VAT rush lifts China PVC, but fundamentals remain weak

The Chinese PVC market in the first two months of 2026 was propped up by a final burst of export-driven strength, masking an otherwise fragile structure. A surge in shipments ahead of the April VAT rebate removal has lifted prices and temporarily absorbed excess supply, even as domestic production expands against stagnant property-linked demand.

This support looks fleeting. The export spike reflects policy timing rather than genuine demand, as rising freight costs and narrowing arbitrage threaten to curb flows sharply post-April.

Read the full story:

Statistics: China PVC exports spike on VAT front-loading, post-April correction risk intensifies

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