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MonthlySSESSMENTS: March SEA PE Prices

Author: SSESSMENTS

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  • 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)

OriginProductTransaction TypeCurrencyOffers/tonEquivalent in USD/tonPayment TermDelivery Location
MalaysiaHDPE FilmOffer ReceivedMYR3,800-3,860880-89430 Days Credit TermMalaysia
MalaysiaHDPE FilmOffer GivenMYR3,850-3,860892-89430 Days Credit TermMalaysia
MalaysiaHDPE FilmPurchasedMYR3,800-4,150880-96130 Days Credit TermMalaysia
MalaysiaHDPE FilmSoldMYR3,86089430 Days Credit TermMalaysia
PhilippinesHDPE FilmOffer GivenPHP59,000-60,0001,035-1,052Cash In AdvancePhilippines
ThailandHDPE FilmOffer GivenTHB30,000-31,500915-961Cash In AdvanceThailand
ThailandHDPE FilmOffer ReceivedTHB29,750-30,000908-915Cash In AdvanceThailand
ThailandHDPE FilmSoldTHB30,500-31,000930-946Cash In AdvanceThailand
MalaysiaLDPE FilmOffer GivenMYR4,4701,03530 Days Credit TermMalaysia
MalaysiaLDPE FilmOffer ReceivedMYR4,430-4,5301,026-1,04930 Days Credit TermMalaysia
MalaysiaLDPE FilmSoldMYR4,4701,03530 Days Credit TermMalaysia
MalaysiaLDPE FilmOffer ReceivedTHB32,500991Cash In AdvanceThailand
ThailandLDPE FilmOffer GivenTHB35,000-35,5001,068-1,083Cash In AdvanceThailand
ThailandLDPE FilmOffer ReceivedTHB34,5001,052Cash In AdvanceThailand
MalaysiaLLDPE Film C4Offer GivenMYR3,90090330 Days Credit TermMalaysia
MalaysiaLLDPE Film C4Offer ReceivedMYR3,760-3,800871-88030 Days Credit TermMalaysia
MalaysiaLLDPE Film C4Offer ReceivedUSD810-Cash In AdvanceMalaysia
MalaysiaLLDPE Film C4PurchasedMYR3,80088030 Days Credit TermMalaysia
MalaysiaLLDPE Film C4PurchasedUSD790-810-Cash In AdvanceMalaysia
PhilippinesLLDPE Film C4Offer GivenPHP59,0001,035Cash In AdvancePhilippines
ThailandLLDPE Film C4Offer GivenTHB30,000-31,500915-961Cash In AdvanceThailand
ThailandLLDPE Film C4Offer ReceivedTHB29,750-31,000908-946Cash In AdvanceThailand
ThailandLLDPE Film C4SoldTHB30,500-31,000930-946Cash In AdvanceThailand

Transactions for import PE between March 2 to March 6 on LC at sight

OriginProductTransaction TypeOffers (USD/ton)Delivery TermDelivery Country
Middle EastHDPE FilmOffer Received830CIFMalaysia
Middle EastHDPE FilmSold830CIFMalaysia
Middle EastHDPE FilmOffer Received820CIFThailand
North AmericaHDPE FilmOffer Received830EXW*Malaysia
Southeast AsiaHDPE FilmOffer Received900CIFMyanmar
Middle EastHDPE Pipe Black (100)Offer Received980CIFThailand
Middle EastHDPE Pipe Black (100)Purchased980CIFThailand
Middle EastLDPE FilmOffer Given940-960CIFMalaysia
Middle EastLDPE FilmSold940-960CIFMalaysia
Southeast AsiaLDPE FilmOffer Received1,020-1,030CIFMyanmar
Middle EastLLDPE Film C4Offer Given840CIFMalaysia
Middle EastLLDPE Film C4Bid Received800CIFMalaysia
Middle EastLLDPE Film C4Offer Received820CIF**Malaysia
Middle EastLLDPE Film C4Purchased820CIF**Malaysia
Middle EastLLDPE Film C4Offer Received860-870CIFMyanmar
Middle EastLLDPE Film C4Offer Received840-850CIFThailand
Southeast AsiaLLDPE Film C4Offer Received900CIFMyanmar
North AmericamLLDPE C6Offer Received920EXW*Malaysia
North AmericamLLDPE C6Purchased920EXW*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)

OriginProductTransaction TypeCurrencyOffers/tonEquivalent in USD/tonPayment TermDelivery Location
MalaysiaHDPE FilmOffer GivenMYR3,750-3,860869-89430 Days Credit TermMalaysia
PhilippinesHDPE FilmOffer GivenPHP59,000-60,0001,035-1,052Cash In AdvancePhilippines
ThailandHDPE FilmOffer GivenTHB30,000-31,000915-946Cash In AdvanceThailand
ThailandHDPE FilmOffer ReceivedTHB30,000915Cash In AdvanceThailand
ThailandHDPE Pipe Black (100)Offer ReceivedTHB42,0001,28130 Days Credit TermThailand
MalaysiaLDPE FilmOffer GivenMYR4,450-4,4701,031-1,03530 Days Credit TermMalaysia
ThailandLDPE FilmOffer ReceivedTHB34,5001,05215 Days Credit TermThailand
ThailandLDPE FilmPurchasedTHB34,5001,05215 Days Credit TermThailand
QatarLDPE FilmOffer GivenTHB33,5001,022Cash In AdvanceThailand
MalaysiaLLDPE Film C4Offer GivenMYR3,80088030 Days Credit TermMalaysia
PhilippinesLLDPE Film C4Offer GivenPHP59,0001,035Cash In AdvancePhilippines
ThailandLLDPE Film C4Offer GivenTHB30,000-31,000915-946Cash In AdvanceThailand
ThailandLLDPE Film C4Offer ReceivedTHB30,000915Cash In AdvanceThailand

Transactions for import PE between March 9 to March 13 on LC at sight, CIF Main Port basis

OriginProductTransaction TypeOffers (USD/ton)Delivery Country
Southeast AsiaHDPE Blow MouldingPurchased920Philippines
Middle EastHDPE FilmOffer Given830Malaysia
Middle EastHDPE FilmOffer Given845Philippines
Middle EastLDPE FilmOffer Given970-980**Cambodia
Middle EastLDPE FilmSold950**Cambodia
Middle EastLDPE FilmOffer Given940-960Malaysia
Southeast AsiaLDPE FilmOffer Received990Thailand
Southeast AsiaLDPE FilmPurchased990Thailand
Indian SubcontinentLLDPE Film C4Offer Received820*Malaysia
Indian SubcontinentLLDPE Film C4Offer Given830Southeast Asia
Middle EastLLDPE Film C4Offer Given840Malaysia
Middle EastLLDPE Film C4Offer Given865Philippines
Middle EastLLDPE Film C4Offer Received910Philippines
Middle EastLLDPE Film C4Buy Idea820-830Southeast 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)

OriginProductTransaction TypeCurrencyOffers/tonEquivalent in USD/tonPayment TermDelivery Location
MalaysiaHDPE FilmOffer GivenMYR3,75086930 Days Credit TermMalaysia
MalaysiaHDPE FilmOffer GivenMYR3,860894Cash In AdvanceMalaysia
PhilippinesHDPE FilmOffer GivenPHP59,000-60,0001,035-1,052Cash In AdvancePhilippines
ThailandHDPE FilmOffer GivenTHB30,000-30,500915-930Cash In AdvanceThailand
ThailandHDPE FilmOffer ReceivedTHB30,000915Cash In AdvanceThailand
ThailandHDPE FilmSoldTHB29,500900Cash In AdvanceThailand
MalaysiaLDPE FilmOffer GivenMYR4,4501,03130 Days Credit TermMalaysia
ThailandLDPE FilmOffer GivenTHB34,0001,037Cash In AdvanceThailand
ThailandLDPE FilmOffer ReceivedTHB34,5001,05215 Days Credit TermThailand
MalaysiaLLDPE Film C4Offer GivenMYR3,80088030 Days Credit TermMalaysia
PhilippinesLLDPE Film C4Offer GivenPHP59,0001,035Cash In AdvancePhilippines
ThailandLLDPE Film C4Offer GivenTHB30,500-31,000930-946Cash In AdvanceThailand
ThailandLLDPE Film C4Offer ReceivedTHB30,000915Cash In AdvanceThailand
ThailandLLDPE Film C4SoldTHB29,500900Cash In AdvanceThailand

Transactions for import PE between March 16 to March 20 on LC at sight, CIF Main Port basis

OriginProductTransaction TypeOffers (USD/ton)Delivery Country
Southeast AsiaHDPE Blow MouldingOffer Given910-920Philippines
Middle EastHDPE FilmOffer Given830Malaysia
Southeast AsiaHDPE FilmOffer Given910-920Philippines
Southeast AsiaHDPE FilmOffer Received880Philippines
Middle EastLDPE FilmOffer Given940-960Malaysia
Indian SubcontinentLLDPE Film C4Offer Given830Southeast Asia
Middle EastLLDPE Film C4Buy Idea750*Malaysia
Middle EastLLDPE Film C4Offer Given830-840Malaysia
North AmericamLLDPE C6Offer Received1,070Philippines
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)

OriginProductTransaction TypeCurrencyOffers/tonEquivalent in USD/tonPayment TermDelivery Location
MalaysiaHDPE FilmOffer GivenMYR3,75086930 Days Credit TermMalaysia
PhilippinesHDPE FilmOffer GivenPHP59,000-60,0001,035-1,052Cash In AdvancePhilippines
ThailandHDPE FilmOffer GivenTHB29,250-30,00892-915Cash In AdvanceThailand
ThailandHDPE FilmOffer ReceivedTHB29,750908Cash In AdvanceThailand
ThailandHDPE FilmOffer ReceivedTHB29,75090830 Days Credit TermThailand
MalaysiaLDPE FilmOffer GivenMYR4,4501,03130 Days Credit TermMalaysia
ThailandLDPE FilmOffer GivenTHB33,500-34,2501,022-1,045Cash In AdvanceThailand
ThailandLDPE FilmOffer ReceivedTHB34,2501,045Cash In AdvanceThailand
ThailandLDPE FilmOffer ReceivedTHB35,0001,06830 Days Credit TermThailand
ThailandLDPE FilmPurchasedTHB35,0001,06830 Days Credit TermThailand
MalaysiaLLDPE Film C4Offer GivenMYR3,80088030 Days Credit TermMalaysia
PhilippinesLLDPE Film C4Offer GivenPHP59,0001,035Cash In AdvancePhilippines
ThailandLLDPE Film C4Offer GivenTHB29,000-30,000885-915Cash In AdvanceThailand
ThailandLLDPE Film C4Offer ReceivedTHB29,750908Cash In AdvanceThailand
ThailandLLDPE Film C4Offer ReceivedTHB29,75090830 Days Credit TermThailand

Transactions for import PE between March 23 to March 27 on LC at sight, CIF Main Port basis

OriginProductTransaction TypeOffers (USD/ton)Delivery Country
Middle EastHDPE FilmOffer Given810-820Malaysia
Middle EastHDPE FilmOffer Given830Southeast Asia
Middle EastHDPE FilmOffer Received750-780Thailand
Middle EastLDPE FilmOffer Given930Malaysia
Middle EastLDPE FilmSold930Malaysia
Middle EastLDPE FilmOffer Received930Malaysia
Southeast AsiaLDPE FilmOffer Received960Thailand
Middle EastLLDPE Film C4Offer Given810-820Malaysia
Middle EastLLDPE Film C4Offer Received800Malaysia
Middle EastLLDPE Film C4Buy Idea700-750Malaysia
Middle EastLLDPE Film C4Offer Given830Southeast Asia
Middle EastLLDPE Film C4Offer Received800-820Thailand
North AmericaLLDPE Film C4Offer Received790Malaysia

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)

OriginProductTransaction TypeCurrencyOffers/tonEquivalent in USD/tonPayment TermDelivery Location
MalaysiaHDPE FilmOffer GivenMYR3,75086930 Days Credit TermMalaysia
PhilippinesHDPE FilmOffer GivenPHP59,000-60,0001,035-1,052Cash In AdvancePhilippines
ThailandHDPE FilmOffer GivenTHB29,000885Cash In AdvanceThailand
MalaysiaLDPE FilmOffer GivenMYR4,4501,03130 Days Credit TermMalaysia
ThailandLDPE FilmOffer GivenTHB34,0001,037Cash In AdvanceThailand
MalaysiaLLDPE Film C4Offer ReceivedMYR3,58082930 Days Credit TermMalaysia
PhilippinesLLDPE Film C4Offer GivenPHP59,0001,035Cash In AdvancePhilippines
ThailandLLDPE Film C4Offer GivenTHB29,000885Cash In AdvanceThailand

Transactions for import PE between March 30 to March 31 on LC at sight, CIF Main Port basis

OriginProductTransaction TypeOffers (USD/ton)Delivery Country
Middle EastHDPE FilmOffer Given770Malaysia
Middle EastHDPE FilmPurchased730Thailand
North AmericaHDPE FilmBuy Idea700Malaysia
Middle EastLDPE FilmOffer Given880Malaysia
Middle EastLLDPE Film C4Offer Given770-800*Malaysia
Middle EastLLDPE Film C4Purchased780Malaysia
Middle EastLLDPE Film C4Offer Received840Philippines
Middle EastLLDPE Film C4Offer Received780-830Thailand
Middle EastLLDPE Film C4Purchased810Thailand
North AmericaLLDPE Film C4Purchased730Malaysia
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)

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