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Morning Briefing - 22 Apr. 2026Indian market is sliding further into correction territory, with a second consecutive round of PP and PE price cuts underscoring how swiftly March’s rally has unwound. |
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CommoPlast
Morning Briefing
22 April 2026
Brent: $98.48 (+ $3.00)
WTI: $92.13 (+ $2.52)
Naphtha CFR Japan: â
Ethylene CFR NEA: Stable
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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Indian market is sliding further into correction territory, with a second consecutive round of PP and PE price cuts underscoring how swiftly March’s rally has unwound. Demand has deteriorated sharply, forcing domestic producers into aggressive reductions to defend offtake, while buyers remain on the sidelines, anticipating further downside.
The bearish tone is being reinforced by rising import pressure, with Chinese cargoes booked for late April to May arrival adding fresh supply into an already weakening market. As domestic consumption falters and inflows build, near-term momentum may remain lower, with prices could stay under pressure until clearer signs of demand stabilisation emerge.
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Ongoing shipping disruption prompts Lotte Chemical Titan inventory reshuffle
Geopolitical disruption is now spurring a strategic reshuffling of petrochemical feedstocks across Southeast Asia, with producers prioritising operational continuity over margins as supply chains fracture. Lotte Chemical Titan is reallocating naphtha within its network, diverting $25 million worth of feedstock from Malaysia to its Indonesian complex to offset the impact of the Strait of Hormuz disruption.
However, this stopgap strategy is finite. Malaysian inventories, built before the Middle East escalation in late February, are expected to cover production only through May, leaving the system exposed to a sharp supply cliff. With replacement cargoes from the US and West Asia burdened by elevated freight costs, structural pressure is intensifying across the cost chain.
Read full story:
Lotte Chemical Titan executes $25.3M naphtha sale to Indonesian subsidiary for feedstock continuity
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