Recycled Plastic Morning Briefing: Market Expected to Continue Weak Performance This Week

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On June 12 (Friday), multiple sources reported that the U.S. and Iran were about to reach a peace agreement, leading to an optimistic expectation in the market regarding the easing of geopolitical tensions, which put pressure on oil prices and resulted in a decline. The WTI crude oil spot contract for July on the New York Mercantile Exchange closed down $2.83 per barrel at $84.88 per barrel, a decrease of 3.23%. The Brent crude oil spot contract for August on the Intercontinental Exchange closed down $3.05 per barrel at $87.33 per barrel, a decrease of 3.37%. The Shanghai crude oil prices fell in the night session, with the main contract SC2607 closing at 544 yuan per barrel, down 22.6 yuan per barrel, a decline of 3.99%.

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Last week, the recycled plastics market remained weak, and it is expected to continue its weak trend this week. Persistent high temperatures and rainy weather may further reduce operating rates at downstream product manufacturers, with purchases mainly driven by rigid demand. Resistance to high-priced goods is likely to persist, making bulk transactions difficult to achieve. Prices of raw scrap materials remain high and stable, but recycled plastic producers show weak purchasing willingness, weakening cost support, and crushed materials may see sporadic price concessions. Market sentiment remains bearish, recycled producers are more willing to ship, and downstream buyers mainly inquire with price pressure, leaving more room for negotiation in actual deals. Overall, recycled plastics prices are expected to fluctuate weakly.

Note:

(1) Crude oil prices are tax-inclusive, while prices for recycled plastic products are tax-exclusive reference prices.

(2) Price selection time: Take the prices from the previous trading day and the day before that; purpose: to compare the prices from the two days and determine the price change percentage; market average reference value.

(3) Principle for selecting regions: Priority should be given to key plastic distribution and consumption areas.