- Local and import PE offers were under pressure due to slow sales amid Coronavirus
- Lowest deals for Middle Eastern HDPE Film captured at $710/ton
- Tight PE supply on several regional producers’ end was unable to lift sentiment
During March, Southeast Asian PE prices were under a lot of pressure due to the consistently sluggish demand amid intensified Coronavirus outbreak in the region. In the domestic market, March delivery offers from a Malaysian polyolefins producer recorded a reduction of MYR80/ton ($18.5/ton) for HDPE Film, while for HDPE Blow Moulding and LDPE Film remain stable from February. From traders’ end, offers were scarce following the plunge in crude oil prices on March 9, the biggest one-day drop since the 1991 Gulf War. In the Philippines, there were no new offers from the leading polyolefins producer during the month as the company needed to clear backlogs from previous orders amid tight supply. As for Thailand market, SSESSMENTS.COM noted a total reduction of between THB1,500-2,000/ton ($46-61/ton) on local offers for HDPE Film and LLDPE Film C4 during the month. While local offers for LDPE Film in Thailand were relatively stable as supported by limited supply. Detailed information for Indonesia and Vietnam market is available in MonthlySSESSMENTS of the respective countries.
In the import market, PE offers were adjusted down significantly to lure buyers amid bearish market sentiment. SSESSMENTS.COM data showed that by the end of March, Middle Eastern HDPE Film offers were available below $800/ton-level, with the lowest deals captured at $710/ton on LC at sight, CIF Vietnam Main Port basis. However, a Qatari PE producer was persistent to reject low bids from Southeast Asian buyers despite difficulties in closing deals. For Southeast Asian cargoes, Malaysian HDPE Film offers to Philippines dropped by $40/ton on a monthly comparison. For LDPE Film, the offers were relatively stable during the month as supported by limited supply for the grade compared to other PE grades. The significant reduction on LDPE Film offers of Middle East origin was only captured on March 31 by $50/ton on a weekly comparison. For LLDPE Film C4, April shipment offers from a Middle Eastern producer to Thailand dipped by $55/ton from March shipment. For North America origin cargoes, deals for LLDPE Film C4 to Malaysia on March 31 were closed at $730/ton on LC at sight, CIF Main Port basis, or $60/ton lower than the offers available in the market a week earlier.
As mentioned earlier, demand for PE resins in March was sluggish due to sag demand for finished products amid Coronavirus outbreak. Additionally, the softer crude oil prices dampens the buying sentiment in the midst of global economic headwinds. Several measures taken by local governments across Southeast Asian countries in order to curb the spread of Coronavirus had led to slow sales for PE resins. Converters in several countries were forced to reduce operating rates or even shut their factories due to lack of manpower amid Coronavirus lockdown. On the supply side, the availability of PE cargoes from Philippines’ JG Summit Petrochemicals was limited during the month as the producer had issues at its naphtha cracker. Likewise, LDPE Film supply from Thailand’s PTT Public Company Ltd was tight during March due to shutdown at its 300,000 tons/year LDPE plant following technical issue occurred on February 13, SSESSMENTS.COM noted.
Looking into April, the majority of market players opined to SSESSMENTS.COM that PE prices still have room to decrease further as demand will remain subdued amid Coronavirus concern. For local offers, Thai market players predict offers for HDPE Film and LLDPE Film C4 would break below THB29,000/ton-level. Similarly, offers for import cargoes would remain on a downward trend since foreign suppliers need to attract buyers amid weakening local currency against the US Dollar.
Transactions for local/localized PE between March 2 to March 6 on FD basis, excluding VAT (except in PHP term including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Location |
|---|
| Malaysia | HDPE Film | Offer Received | MYR | 3,800-3,860 | 880-894 | 30 Days Credit Term | Malaysia |
| Malaysia | HDPE Film | Offer Given | MYR | 3,850-3,860 | 892-894 | 30 Days Credit Term | Malaysia |
| Malaysia | HDPE Film | Purchased | MYR | 3,800-4,150 | 880-961 | 30 Days Credit Term | Malaysia |
| Malaysia | HDPE Film | Sold | MYR | 3,860 | 894 | 30 Days Credit Term | Malaysia |
| Philippines | HDPE Film | Offer Given | PHP | 59,000-60,000 | 1,035-1,052 | Cash In Advance | Philippines |
| Thailand | HDPE Film | Offer Given | THB | 30,000-31,500 | 915-961 | Cash In Advance | Thailand |
| Thailand | HDPE Film | Offer Received | THB | 29,750-30,000 | 908-915 | Cash In Advance | Thailand |
| Thailand | HDPE Film | Sold | THB | 30,500-31,000 | 930-946 | Cash In Advance | Thailand |
| Malaysia | LDPE Film | Offer Given | MYR | 4,470 | 1,035 | 30 Days Credit Term | Malaysia |
| Malaysia | LDPE Film | Offer Received | MYR | 4,430-4,530 | 1,026-1,049 | 30 Days Credit Term | Malaysia |
| Malaysia | LDPE Film | Sold | MYR | 4,470 | 1,035 | 30 Days Credit Term | Malaysia |
| Malaysia | LDPE Film | Offer Received | THB | 32,500 | 991 | Cash In Advance | Thailand |
| Thailand | LDPE Film | Offer Given | THB | 35,000-35,500 | 1,068-1,083 | Cash In Advance | Thailand |
| Thailand | LDPE Film | Offer Received | THB | 34,500 | 1,052 | Cash In Advance | Thailand |
| Malaysia | LLDPE Film C4 | Offer Given | MYR | 3,900 | 903 | 30 Days Credit Term | Malaysia |
| Malaysia | LLDPE Film C4 | Offer Received | MYR | 3,760-3,800 | 871-880 | 30 Days Credit Term | Malaysia |
| Malaysia | LLDPE Film C4 | Offer Received | USD | 810 | - | Cash In Advance | Malaysia |
| Malaysia | LLDPE Film C4 | Purchased | MYR | 3,800 | 880 | 30 Days Credit Term | Malaysia |
| Malaysia | LLDPE Film C4 | Purchased | USD | 790-810 | - | Cash In Advance | Malaysia |
| Philippines | LLDPE Film C4 | Offer Given | PHP | 59,000 | 1,035 | Cash In Advance | Philippines |
| Thailand | LLDPE Film C4 | Offer Given | THB | 30,000-31,500 | 915-961 | Cash In Advance | Thailand |
| Thailand | LLDPE Film C4 | Offer Received | THB | 29,750-31,000 | 908-946 | Cash In Advance | Thailand |
| Thailand | LLDPE Film C4 | Sold | THB | 30,500-31,000 | 930-946 | Cash In Advance | Thailand |
Transactions for import PE between March 2 to March 6 on LC at sight
| Origin | Product | Transaction Type | Offers (USD/ton) | Delivery Term | Delivery Country |
|---|
| Middle East | HDPE Film | Offer Received | 830 | CIF | Malaysia |
| Middle East | HDPE Film | Sold | 830 | CIF | Malaysia |
| Middle East | HDPE Film | Offer Received | 820 | CIF | Thailand |
| North America | HDPE Film | Offer Received | 830 | EXW* | Malaysia |
| Southeast Asia | HDPE Film | Offer Received | 900 | CIF | Myanmar |
| Middle East | HDPE Pipe Black (100) | Offer Received | 980 | CIF | Thailand |
| Middle East | HDPE Pipe Black (100) | Purchased | 980 | CIF | Thailand |
| Middle East | LDPE Film | Offer Given | 940-960 | CIF | Malaysia |
| Middle East | LDPE Film | Sold | 940-960 | CIF | Malaysia |
| Southeast Asia | LDPE Film | Offer Received | 1,020-1,030 | CIF | Myanmar |
| Middle East | LLDPE Film C4 | Offer Given | 840 | CIF | Malaysia |
| Middle East | LLDPE Film C4 | Bid Received | 800 | CIF | Malaysia |
| Middle East | LLDPE Film C4 | Offer Received | 820 | CIF** | Malaysia |
| Middle East | LLDPE Film C4 | Purchased | 820 | CIF** | Malaysia |
| Middle East | LLDPE Film C4 | Offer Received | 860-870 | CIF | Myanmar |
| Middle East | LLDPE Film C4 | Offer Received | 840-850 | CIF | Thailand |
| Southeast Asia | LLDPE Film C4 | Offer Received | 900 | CIF | Myanmar |
| North America | mLLDPE C6 | Offer Received | 920 | EXW* | Malaysia |
| North America | mLLDPE C6 | Purchased | 920 | EXW* | Malaysia |
Description: *Offers on EXW Port Klang basis **Offers on CIF Penang Port
Transactions for local/localized PE between March 9 to March 13 on FD basis, excluding VAT (except in PHP term including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Location |
|---|
| Malaysia | HDPE Film | Offer Given | MYR | 3,750-3,860 | 869-894 | 30 Days Credit Term | Malaysia |
| Philippines | HDPE Film | Offer Given | PHP | 59,000-60,000 | 1,035-1,052 | Cash In Advance | Philippines |
| Thailand | HDPE Film | Offer Given | THB | 30,000-31,000 | 915-946 | Cash In Advance | Thailand |
| Thailand | HDPE Film | Offer Received | THB | 30,000 | 915 | Cash In Advance | Thailand |
| Thailand | HDPE Pipe Black (100) | Offer Received | THB | 42,000 | 1,281 | 30 Days Credit Term | Thailand |
| Malaysia | LDPE Film | Offer Given | MYR | 4,450-4,470 | 1,031-1,035 | 30 Days Credit Term | Malaysia |
| Thailand | LDPE Film | Offer Received | THB | 34,500 | 1,052 | 15 Days Credit Term | Thailand |
| Thailand | LDPE Film | Purchased | THB | 34,500 | 1,052 | 15 Days Credit Term | Thailand |
| Qatar | LDPE Film | Offer Given | THB | 33,500 | 1,022 | Cash In Advance | Thailand |
| Malaysia | LLDPE Film C4 | Offer Given | MYR | 3,800 | 880 | 30 Days Credit Term | Malaysia |
| Philippines | LLDPE Film C4 | Offer Given | PHP | 59,000 | 1,035 | Cash In Advance | Philippines |
| Thailand | LLDPE Film C4 | Offer Given | THB | 30,000-31,000 | 915-946 | Cash In Advance | Thailand |
| Thailand | LLDPE Film C4 | Offer Received | THB | 30,000 | 915 | Cash In Advance | Thailand |
Transactions for import PE between March 9 to March 13 on LC at sight, CIF Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) | Delivery Country |
|---|
| Southeast Asia | HDPE Blow Moulding | Purchased | 920 | Philippines |
| Middle East | HDPE Film | Offer Given | 830 | Malaysia |
| Middle East | HDPE Film | Offer Given | 845 | Philippines |
| Middle East | LDPE Film | Offer Given | 970-980** | Cambodia |
| Middle East | LDPE Film | Sold | 950** | Cambodia |
| Middle East | LDPE Film | Offer Given | 940-960 | Malaysia |
| Southeast Asia | LDPE Film | Offer Received | 990 | Thailand |
| Southeast Asia | LDPE Film | Purchased | 990 | Thailand |
| Indian Subcontinent | LLDPE Film C4 | Offer Received | 820* | Malaysia |
| Indian Subcontinent | LLDPE Film C4 | Offer Given | 830 | Southeast Asia |
| Middle East | LLDPE Film C4 | Offer Given | 840 | Malaysia |
| Middle East | LLDPE Film C4 | Offer Given | 865 | Philippines |
| Middle East | LLDPE Film C4 | Offer Received | 910 | Philippines |
| Middle East | LLDPE Film C4 | Buy Idea | 820-830 | Southeast Asia |
Description: *Offers on CIF Penang Port **Shipment from Singapore
Transactions for local PE between March 16 to March 20 on FD basis, excluding VAT (except in PHP term including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Location |
|---|
| Malaysia | HDPE Film | Offer Given | MYR | 3,750 | 869 | 30 Days Credit Term | Malaysia |
| Malaysia | HDPE Film | Offer Given | MYR | 3,860 | 894 | Cash In Advance | Malaysia |
| Philippines | HDPE Film | Offer Given | PHP | 59,000-60,000 | 1,035-1,052 | Cash In Advance | Philippines |
| Thailand | HDPE Film | Offer Given | THB | 30,000-30,500 | 915-930 | Cash In Advance | Thailand |
| Thailand | HDPE Film | Offer Received | THB | 30,000 | 915 | Cash In Advance | Thailand |
| Thailand | HDPE Film | Sold | THB | 29,500 | 900 | Cash In Advance | Thailand |
| Malaysia | LDPE Film | Offer Given | MYR | 4,450 | 1,031 | 30 Days Credit Term | Malaysia |
| Thailand | LDPE Film | Offer Given | THB | 34,000 | 1,037 | Cash In Advance | Thailand |
| Thailand | LDPE Film | Offer Received | THB | 34,500 | 1,052 | 15 Days Credit Term | Thailand |
| Malaysia | LLDPE Film C4 | Offer Given | MYR | 3,800 | 880 | 30 Days Credit Term | Malaysia |
| Philippines | LLDPE Film C4 | Offer Given | PHP | 59,000 | 1,035 | Cash In Advance | Philippines |
| Thailand | LLDPE Film C4 | Offer Given | THB | 30,500-31,000 | 930-946 | Cash In Advance | Thailand |
| Thailand | LLDPE Film C4 | Offer Received | THB | 30,000 | 915 | Cash In Advance | Thailand |
| Thailand | LLDPE Film C4 | Sold | THB | 29,500 | 900 | Cash In Advance | Thailand |
Transactions for import PE between March 16 to March 20 on LC at sight, CIF Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) | Delivery Country |
|---|
| Southeast Asia | HDPE Blow Moulding | Offer Given | 910-920 | Philippines |
| Middle East | HDPE Film | Offer Given | 830 | Malaysia |
| Southeast Asia | HDPE Film | Offer Given | 910-920 | Philippines |
| Southeast Asia | HDPE Film | Offer Received | 880 | Philippines |
| Middle East | LDPE Film | Offer Given | 940-960 | Malaysia |
| Indian Subcontinent | LLDPE Film C4 | Offer Given | 830 | Southeast Asia |
| Middle East | LLDPE Film C4 | Buy Idea | 750* | Malaysia |
| Middle East | LLDPE Film C4 | Offer Given | 830-840 | Malaysia |
| North America | mLLDPE C6 | Offer Received | 1,070 | Philippines |
Description: *Offers on CIF Penang Port
Transactions for local PE between March 23 to March 27 on FD basis, excluding VAT (except in PHP term including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Location |
|---|
| Malaysia | HDPE Film | Offer Given | MYR | 3,750 | 869 | 30 Days Credit Term | Malaysia |
| Philippines | HDPE Film | Offer Given | PHP | 59,000-60,000 | 1,035-1,052 | Cash In Advance | Philippines |
| Thailand | HDPE Film | Offer Given | THB | 29,250-30,00 | 892-915 | Cash In Advance | Thailand |
| Thailand | HDPE Film | Offer Received | THB | 29,750 | 908 | Cash In Advance | Thailand |
| Thailand | HDPE Film | Offer Received | THB | 29,750 | 908 | 30 Days Credit Term | Thailand |
| Malaysia | LDPE Film | Offer Given | MYR | 4,450 | 1,031 | 30 Days Credit Term | Malaysia |
| Thailand | LDPE Film | Offer Given | THB | 33,500-34,250 | 1,022-1,045 | Cash In Advance | Thailand |
| Thailand | LDPE Film | Offer Received | THB | 34,250 | 1,045 | Cash In Advance | Thailand |
| Thailand | LDPE Film | Offer Received | THB | 35,000 | 1,068 | 30 Days Credit Term | Thailand |
| Thailand | LDPE Film | Purchased | THB | 35,000 | 1,068 | 30 Days Credit Term | Thailand |
| Malaysia | LLDPE Film C4 | Offer Given | MYR | 3,800 | 880 | 30 Days Credit Term | Malaysia |
| Philippines | LLDPE Film C4 | Offer Given | PHP | 59,000 | 1,035 | Cash In Advance | Philippines |
| Thailand | LLDPE Film C4 | Offer Given | THB | 29,000-30,000 | 885-915 | Cash In Advance | Thailand |
| Thailand | LLDPE Film C4 | Offer Received | THB | 29,750 | 908 | Cash In Advance | Thailand |
| Thailand | LLDPE Film C4 | Offer Received | THB | 29,750 | 908 | 30 Days Credit Term | Thailand |
Transactions for import PE between March 23 to March 27 on LC at sight, CIF Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) | Delivery Country |
|---|
| Middle East | HDPE Film | Offer Given | 810-820 | Malaysia |
| Middle East | HDPE Film | Offer Given | 830 | Southeast Asia |
| Middle East | HDPE Film | Offer Received | 750-780 | Thailand |
| Middle East | LDPE Film | Offer Given | 930 | Malaysia |
| Middle East | LDPE Film | Sold | 930 | Malaysia |
| Middle East | LDPE Film | Offer Received | 930 | Malaysia |
| Southeast Asia | LDPE Film | Offer Received | 960 | Thailand |
| Middle East | LLDPE Film C4 | Offer Given | 810-820 | Malaysia |
| Middle East | LLDPE Film C4 | Offer Received | 800 | Malaysia |
| Middle East | LLDPE Film C4 | Buy Idea | 700-750 | Malaysia |
| Middle East | LLDPE Film C4 | Offer Given | 830 | Southeast Asia |
| Middle East | LLDPE Film C4 | Offer Received | 800-820 | Thailand |
| North America | LLDPE Film C4 | Offer Received | 790 | Malaysia |
Transactions for local PE between March 30 to March 31 on FD basis, excluding VAT (except in PHP term including 12% VAT, all equivalent in USD excluding VAT)
| Origin | Product | Transaction Type | Currency | Offers/ton | Equivalent in USD/ton | Payment Term | Delivery Location |
|---|
| Malaysia | HDPE Film | Offer Given | MYR | 3,750 | 869 | 30 Days Credit Term | Malaysia |
| Philippines | HDPE Film | Offer Given | PHP | 59,000-60,000 | 1,035-1,052 | Cash In Advance | Philippines |
| Thailand | HDPE Film | Offer Given | THB | 29,000 | 885 | Cash In Advance | Thailand |
| Malaysia | LDPE Film | Offer Given | MYR | 4,450 | 1,031 | 30 Days Credit Term | Malaysia |
| Thailand | LDPE Film | Offer Given | THB | 34,000 | 1,037 | Cash In Advance | Thailand |
| Malaysia | LLDPE Film C4 | Offer Received | MYR | 3,580 | 829 | 30 Days Credit Term | Malaysia |
| Philippines | LLDPE Film C4 | Offer Given | PHP | 59,000 | 1,035 | Cash In Advance | Philippines |
| Thailand | LLDPE Film C4 | Offer Given | THB | 29,000 | 885 | Cash In Advance | Thailand |
Transactions for import PE between March 30 to March 31 on LC at sight, CIF Main Port basis
| Origin | Product | Transaction Type | Offers (USD/ton) | Delivery Country |
|---|
| Middle East | HDPE Film | Offer Given | 770 | Malaysia |
| Middle East | HDPE Film | Purchased | 730 | Thailand |
| North America | HDPE Film | Buy Idea | 700 | Malaysia |
| Middle East | LDPE Film | Offer Given | 880 | Malaysia |
| Middle East | LLDPE Film C4 | Offer Given | 770-800* | Malaysia |
| Middle East | LLDPE Film C4 | Purchased | 780 | Malaysia |
| Middle East | LLDPE Film C4 | Offer Received | 840 | Philippines |
| Middle East | LLDPE Film C4 | Offer Received | 780-830 | Thailand |
| Middle East | LLDPE Film C4 | Purchased | 810 | Thailand |
| North America | LLDPE Film C4 | Purchased | 730 | Malaysia |
Description: *Shipment from Singapore
Tags: Asia Pacific,English,Monthly,PE,SEA
Published on April 1, 2020 8:10 PM (GMT+8)
Last Updated on April 2, 2020 7:21 PM (GMT+8)
