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MORNING BRIEFING

CommoPlast                 Monday, 21 September 2026

                                                                                                                             commoplast.com

MARKET MOVEMENT

Closing prices, previous trading day. Monomers show direction only. Other monomers than naphtha are unavailable today.

TODAY’S DEVELOPMENTS

POLYVINYL CHLORIDE · MALAYSIA

Malaysia PVC import offers climb, but buyers push back and lean into cheaper Chinese carbide supply

Malaysia PVC import prices held a firm upward bias last week as Indonesian and Thai producers pushed through further increases on tightening regional supply and crude holding above $100 a barrel, with ethylene costs extending a two month climb. Malaysian buyers, however, offered firm resistance, capping workable bids well below the latest offers and turning instead to cheaper Chinese carbide-based PVC, where a significant tonnage deal concluded well under regional ethylene-based levels.

The divergence between the grades is being driven by coal, where softer prices following speculation of government inspections have fed through into cheaper carbide-based offers even as ethylene costs stay firm. That widening gap is increasingly setting the benchmark for Malaysian purchasing decisions, with buyers using the cheaper inflows as leverage against regional sellers.

Read full story:

Regional PVC offers extend bullish tone into Malaysia, but broad buyer caution keeps a lid on demand

PLANTS ·  THAILAND

Thailand's ROC cracker restarts after six month force majeure, pivoting away from Middle East feedstock

Rayong Olefins Company's naphtha cracker returned to operation last week, closing out a six month force majeure triggered when Middle East tensions cut off a route that had supplied significant amount of its feedstock. Siam Cement Group is now targeting group-wide utilization above 80%, a level that would bring operations back near pre-outage norms.

The more significant shift is behind the restart rather than the restart itself, with ROC sourcing replacement volumes from alternative routes rather than returning to its prior single-corridor dependence, buying spot rather than committing to term contracts given the security backdrop.

The pace of the ramp-up is now the variable to watch, with utilization across SCG's broader base the key signal for how smoothly downstream units rebuild. A sustained climb toward 80% would ease PP and PE availability and put further downward pressure on regional polymer prices over coming quarters,

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Rayong Olefins ends six-month force majeure as cracker restarts on diversified feedstock

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