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Morning Briefing - 28 September 2026Malaysia's polyolefin market, long defined by its net exporter status, is leaning on overseas supply, with China the main beneficiary. |
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MORNING BRIEFING
CommoPlast Monday, 28 September 2026
commoplast.com
MARKET MOVEMENT
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Brent CRUDE · $/BBL |
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WTI CRUDE · $/BBL |
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104.32 |
92.41 |
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▼2.28 |
▼2.20 |
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▼ Naphtha CFR JAPAN |
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≈ Ethylene CFR NEA |
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≈ Ethylene CFR SEA |
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≈ Propylene FOB KOREA |
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≈ Propylene CFR CHINA |
Closing prices, previous trading day. Monomers show direction only..
TODAY’S DEVELOPMENTS
POLYMERS · MALAYSIA
Malaysia's import shift deepens as China fills the gap left by feedstock-hit domestic supply
Malaysia's polyolefin market, long defined by its net exporter status, is leaning on overseas supply, with China the main beneficiary. Years of thin margins at a major domestic producer had compounded by the US-Iran conflict, which exposed the fragility of feedstock security and pushed buyers toward imports at a pace few expected. Malaysia has since climbed sharply in the ranking of China's PE and PP export destinations.
The shift looks driven by availability rather than price, with imported material rising faster than local levels as buyers secure volume wherever it can be found. Buyers once reluctant to test the import route are now far more open to it, helped by duty-free Chinese cargoes.
Even a resolution to the disruption would not quickly restore domestic feedstock flows, leaving the open question of whether this is a wartime adjustment or a lasting change in how Malaysia sources its polyolefins.
Read the full story:
POLYETHYLENE· VIETNAM
Saudi major clears October PE offers to Vietnam at sharp premiums as crude rebounds
A Middle Eastern producer has finalised October PE offers to Vietnam with increases of up to $220/ton, as a crude rebound towards the end of the week on 24 September and thin regional inventories overrode early buyer resistance. Counter-bids faded quickly, and most of the producer's film allocations were reportedly sold within days, with prompt delivery commanding a clear premium over cheaper forward cargoes that converters cannot wait for.
The domestic distribution channel followed, with traders withdrawing the discounts offered earlier in the week to protect replacement margins.
Prompt scarcity could keep setting the floor through October, though a more resistant forward cargoes market looks likely to emerge once Chinese participants return from the holiday and delayed vessels start discharging.
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