A Chinese producer offers PET resin bottle grade in India for shipment in June 2019
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A Chinese producer offers PET resin bottle grade in India for shipment in June 2019

On Tuesday, May 28, 2019 at 16:30 IST

Let’s start with energy and feedstock news:
Brent crude prices climbed higher as supply cuts led by OPEC members and US sanctions on Iran and Venezuela’s oil exports outshined worries about an economic slowdown. Brent futures traded at $70.10, a sharp gain of USD 1.41 per barrel. There was no settlement on NYMEX because of the U.S. Memorial Day holiday.



According to Vandana Hari of Vanda Insights –
Brent was weakening in profit-taking early Tuesday in Asia, after jumping 2% on Monday amid thin trading volumes as the UK as well as the US were closed for a holiday.

However, WTI was climbing in the early hours, catching up with Brent’s run-up on Monday. The CME, home to the NYMEX WTI contract, was closed for Memorial Day holiday on Monday.

Open spec naphtha prices inched higher by USD 2/mt to the USD 531/mt CFR Far East Asia levels.

Propylene prices in Asia gained on Monday. The price rise was in line with stronger upstream crude rates last Friday. Reports of limited product avails further supported the price gain in the region.


Import offers for PET resin in India:
A Chinese producer has offered its PET resin bottle grade (IV 0.80) in India at the USD 955/mt levels, for shipment in June 2019, on a CIF Mumbai port basis.


Let’s take a look at Futures on China Dalian Commodity Exchange for today:

On May 28, 2019:
- LLDPE prices are higher by RMB 10/MT at RMB 7775/MT.
- PP rates are up by RMB 7/mt at RMB 8200/MT
- PVC prices are higher by RMB 10/MT at RMB 6790/MT.


In plant news:
- Zhongjing Petrochemical has brought on-stream its 350,000 mt/year PP plant, located in Fujian province in China, on May 25, 2019 following a maintenance turnaround. The plant remained under maintenance for around two weeks.

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