• PTA prices decline on weaker upstream costs, PTA fundamentals stable.
• China PET resin export prices ebb lower; raw material spread show upward trend.
• Whilst export sales are robust, slower domestic sales, new capacity, and trade barriers threaten.

Despite heavy pressure from the US, Brazil will maintain tariffs on US ethanol imports. Brazil increased its tariff on ethanol imported from the US from 16% to 18% this year.

The decline in urea prices has come to a temporary halt mainly due to uncertainty over the confusing export restriction policy in China. Other fertiliser markets are quiet. Ammonia could gain some temporary support from a Ma’aden plant shutdown.

Daily Market Price Updates and Commentary 

China imported 220,000 tonnes of liquid sugar and 100,000 tonnes of premix powder in Q1’24. But customs have now decided to regulate whites imports in bonded area for liquids and premix. Could it affect China’s white sugar demand?

• Global per capita sugar stocks are the lowest in at least a decade.
• Stocks should start to rebuild as sugar production increases in 2024/25.
• But stocks are likely to be held in Brazil and India, rather than where they’re needed.