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COVID-19 - News digest as of 25.08.2020

August 25/2020

1. China imports record high PVC from India in June amid nationwide lockdown

MOSCOW (MRC) -- China imported a record-high 27,207 mt of polyvinyl chloride (PVC) from India in June - more than five times compared to 5,174 mt recorded in May - as India accelerated PVC exports amid pandemic-related nationwide lockdown, reported S&P Global with reference to the latest statistics data. It is a rare move as the Indian PVC market is net short by close to 2 million mt/year. India started its nationwide lockdown on March 25 and it was initially scheduled to be lifted on May 3, but the government extended the lockdown by another two weeks with new restrictions.

2. Crude prices fall on weak European data, rise in novel coronavirus cases

MOSCOW (MRC) -- Oil prices fell Aug. 21 as weak European economic recovery news teamed up with concerns about sluggish crude demand amid the ongoing coronavirus pandemic, reported S&P Global. Crude prices were trading substantially more than USD1/b lower in midday US trading, but finished closer to 50 cents down as the curtain came down on the week. Front-month NYMEX WTI shaved off 48 cents and settled at $42.34/b while ICE October Brent dropped 55 cents to USD44.35/b.

3. Twin US Gulf Coast storms stir deep production cuts by energy giants

MOSCOW (MRC) -- Energy companies are weighing production cuts at U.S. Gulf Coast oil refineries after shutting half the areas offshore crude oil output ahead of back-to-back storms aiming for the coast this week, reported Reuters. Tropical Storms Marco and Laura, a rare double-team approach to the US Gulf Coast, threaten days of heavy rains and strong winds this week. Firms had shut wells accounting for 1 million barrels per day of oil on Sunday, as one storm is forecast to become a damaging Category 2 hurricane. Oil prices on Monday rose 1% to USD44.83 a barrel on hopes for a COVID-19 vaccine and despite lackluster demand for fuels amid economic declines from the pandemic. The Louisiana Offshore Oil Port, the largest Gulf Coast oil-export facility, halted operations at its marine terminal.

4. EMS Group profits, sales fall on COVID-19 impact

MOSCOW (MRC) -- EMS Group (Domat, Switzerland), a producer of high-performance polymers and specialty chemicals, reports first-half 2020 results that deviate slightly from the provisional results it announced in July, according to Chemweek. The company says net income declined 27.8% year on year (YOY) to 192 million Swiss francs (USD211 million) on sales that fell 26.8% YOY to SFr845 million. EBITDA and EBIT also went down 26.4% and 28.2%, to SFr254 million and SFr227 million, respectively.
Author:Margaret Volkova
Tags:Europe, PVC, crude and gaz condensate, SPVC, petrochemistry, adhesives, EMS Group, COVID-19, India, China, USA, Switzerland.
Category:General News
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