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Wanhua Chemical H1 profit decreased amid pandemic

August 20/2020

MOSCOW (MRC) -- Chinas Wanhua Chemical posted a 49.56% decrease in net profits in the first half of the year, as sales and prices both took a hit from the coronavirus pandemic, the company said.

Slump in oil prices also dampened demand and prices of its products.

Prices of pure methylene diphenyl diisocyanate (MDI), its major product, decreased to CNY15,800-CNY18,700 in the first half year from CNY23,700-CNY27,200 in the same period of 2019.

Prices of petrochemical products the company makes also recorded a double-digit drop.

For the second half year, the company said it would adjust its sales strategies more actively based on market conditions.

The company targets to bring on stream its 1m tonne/year cracker at Yantai later this year.

As MRC informed earlier, ADNOC Logistics and Services (ADNOC L&S), a subsidiary of the Abu Dhabi National Oil Company (ADNOC) had formed a shipping joint venture with Wanhua Chemical Group. The new company, AW Shipping Limited, is incorporated in Abu Dhabi Global Market (ADGM), a statement by ADNOC said.

As MRC informed earlier, in late July 2019, ADNOC said its Ruwais refinery west cracker was offline for maintenance.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
Author:Anna Larionova
Tags:PP, PE, Wanhua Chemical Group.
Category:General News
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