SEATTLE (polymers.in): Rivals of OPEC seeking to reach its most-prized oil customers are finding that the long way around is better than any shortcut to success.
- Two million bbl of oil on a very large crude carrier will take about 55 days to traverse the 15,000 nautical miles from the US to South Korea.
- Brent futures for January settlement traded at USD 48.90/bbl.
Oil Trades Near $48 as OPEC Negotiates Cut With Iran, Russia
- Oil traded near USD 48/bbl as OPEC negotiators worked to convince Iran and non-member Russia to cut output after Iraq’s prime minister signaled his country will curtail production.
- WTI futures for January delivery gained 2 cents to USD 47.98/bbl.
- Brent for January settlement rose 5 cents to USD 49.
Indian Oil plans USD 5.5 B expansion of refinery co-owned by Iran
- Indian Oil Corp unit plans to invest USD 5.5 billion to gradually raise the capacity of its smallest refinery co-owned by Iran to 300,000 bbl/day.
Polypropylene (PP) prices continue to quote lower in Asia
- CFR Far East Asia prices of PP raffia and PP injection were assessed down at UD 1010/MT levels, a week on week fall of USD 20/MT. PP film prices were assessed at USD 1030/MT levels, while BOPP pries were also assessed at USD 1030/MT levels, both decline uSD 20/MT from the previous week. PP block copolymer prices were assessed down at USD 1080/MT levels, a week on week drop of USD 10/MT.
- In South East Asia, PP raffia and PP injection prices were assessed down at USD 1015/MT CFR levels, a fall of USD 15/MT from last week. PP film prices were assessed at USD 1035/MT levels, a week on week drop of USD 15/MT. PP block copolymer prices were assessed at USD 1080/MT CFR levels, a decline of USD 20/MT from the previous week. BOPP prices were down at USD 1035/MT, a week on week fall of USD 15/MT.
- In India, PP raffia and PP injection prices were assessed down at USD 1030/MT CFR levels, a week on week fall of USD 20/MT. PP film pries were also assessed down at USD 1060/MT CFR levels while BOPP prices were also at USD 1060/MT CFR levels. PP block copolymer prices were lower at USD 1100/MT levels, a week on week fall of USD 10/MT.
High density polyethylene (HDPE) prices drop in Asia
- In South East Asia, HDPE yarn prices were down at USD 1180/MT levels, a fall of USD 15/MT from the previous week. HDPE injection prices were lower at USD 1150/MT levels, a week on week drop of USD 20/MT. HDPE BM pries were assessed down at USD 1150/MT levels, a fall of USD 10/MT on the week. HDPE film prices were assessed lower at USD 1145/MT CFR levels, a week on week decline of USD 15/MT.
- In India, HDPE film were assessed at USD 1120/MT levels, a fall of USD 10/MT on the week. HDPE BM were assessed down at USD 1130/MT levels, a week on week drop of USD 5/MT. HDPE injection prices were at USD 1160/MT levels, while HDPE yarn grade prices were at USD 1190/MT levels, both unchanged week on week.
Outlook: Asian PVC to hold firm in H1 2017 as China plant inspections tighten supply
- Asian PVC prices would likely remain stable and strong in the first half of 2017.
- The demand and supply structure in the Asian PVC market is shifting towards balanced due to the tightening of supply.
December PP offers to Pakistan extend falls on weak demand
- A key Gulf Cooperation Council based supplier lowered its offer for PP raffia/flat yarn and injection grades to USD 1040/MT CFR Pakistan, down USD 20/MT from its previous prices.
- A second GCC supplier offered PP film cargoes at USD 1070/MT CFR Pakistan and PP fibre and BOPP cargoes at USD 1060/MT CFR Pakistan.
PP imports into Belarus increased by 14.7% in January-September 2016
- Imports of PP into Belarus reached about 68,900 MT in the first nine months of this year, up 14.7% year on year.
Polish Gekoplast to expand PP layer pad output
- Polish plastic panel marker Gekoplast SA is planning to raise its PP layer pad output capacity as a result of an increased demand for the product from foreign customers.