GLYCERINE AP - 24-Oct-2024

25/10/2024, 09:09 ICIS Glycerine Asia-Pacific - Pricing & Insight-24-Oct-2024
Glycerine (Asia-Pacific)
By Helen Yan
24-Oct-2024
Overview Outlook Prices Upstream
Please click here for full details on the criteria ICIS uses in making these price assessments.
OVERVIEW
Demand picks up for Nov-Dec cargoes on restocking

Crude glycerine from Brazil higher on Chinese demand
SE Asia suppliers separately lift spot offers for refined glycerine
Asia's glycerine market continued to face upward price pressure as spot offers were independently revised up on demand.
Restocking activities from China and India have picked up for November-December shipments.
Spot availability remained limited, with November loadings having largely been sold out.
In the crude glycerine market, spot offers for Brazilian or Latin American material have increased as Chinese buyers sought to lock
in November shipments.
The downstream industrial epichlorohydrin (ECH) prices had risen recently due to unplanned outages at two ECH plants in China.
The higher ECH domestic prices in China had bolstered the glycerine prices.
Apart from the industrial ECH market, demand from the home personal care (HPC) and food and beverage sectors had also been
robust.
Meanwhile, the upstream crude palm oil and palm stearin prices have been on an uptick, lending support to the glycerine prices.
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OUTLOOK
Demand to remain firm on restocking for December shipments

Spot supply to remain limited, most November cargoes sold out
Rising upstream crude palm oil prices to bolster glycerine price
PRICES
SPOT PRICES
Price Range Four Weeks Ago US CTS/lb
Glycerine Crude 80%
CIF China Main Ports
USD/tonne +10 400-410 +10 350-360 18.14-18.60
Bagged
Glycerine Refined
CFR NE Asia Drummed USD/tonne +20 780-850 +20 660-750 35.38-38.56
CFR China Drummed USD/tonne +20 780-850 +20 660-750 35.38-38.56
FOB SE Asia Drummed USD/tonne +20 760-820 +20 640-720 34.47-37.19
Refined glycerine
Spot prices rose further this week, up $20/tonne week-on-week, reflecting higher offers, current discussions and trades for
November shipments.
Demand from China and India had picked up for November shipments of refined glycerine, spurring suppliers to increase their
offers for December loadings.
Spot offers for December shipments have increased to $820-850/tonne FOB SE Asia for drummed material from Malaysia.
Refined glycerine material from Indonesia was heard available around $760/tonne FOB SE Asia this week for drummed product,
given its lower production costs.
There is talk that the escalating upstream crude palm oil price could further lift offers for refined glycerine in the coming weeks.
Crude glycerine
Spot prices of crude glycerine were assessed at $400-410/tonne CIF China, reflecting trades for November shipments from Latin
America.
Restocking activities for November-December shipments had been picking up from the downstream ECH market, given relatively
affordable refining costs in China.
ECH is used in the downstream epoxy resins which is applied in the construction industry.
Meanwhile, China’s economic growth is expected to rebound in Q4 when positive effects of aggressive stimulus measures begin to
take place.
The central government has stepped up efforts to boost growth since late September with a series of aggressive measures to lift
consumer confidence, particularly to address the protracted property slump.
UPSTREAM
Product Delivery 22-Oct 15-Oct
CPO DEL, south Malaysia (M$) 4,490.00 4,400.00
PKO DEL, south Malaysia ($) 1,483.68 1,404.75
Palm Olein FOB, Malaysia ($) 1,090.00 1,070.00
Palm Stearin FOB, Malaysia ($) 1,085.00 1,065.00
PFAD FOB, Malaysia ($) 920.00 905.00
All prices are on a per tonne

basis.
Source: Matthes & Porton
Glycerine (Asia-Pacific) | 24-Oct-2024. ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised
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25/10/2024, 09:09 ICIS Glycerine Asia-Pacific - Pricing & Insight-24-Oct-2024

Overview Outlook Prices Upstream

Demand picks up for Nov-Dec cargoes on restocking

Demand to remain firm on restocking for December shipments

Product Delivery 22-Oct 15-Oct

CPO DEL, south Malaysia (M$) 4,490.00 4,400.00

PKO DEL, south Malaysia ($) 1,483.68 1,404.75

Palm Olein FOB, Malaysia ($) 1,090.00 1,070.00

Palm Stearin FOB, Malaysia ($) 1,085.00 1,065.00

PFAD FOB, Malaysia ($) 920.00 905.00

All prices are on a per tonne

Source: Matthes & Porton

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