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1. Indorama reports lower profit despite higher volume
MOSCOW (MRC) --
Thailand-listed Indorama Ventures Ltd (Ltd) expects demand recovery for its
products to continue this year after it swung to a net profit of Thai baht (Bt)
1.61bn ($54m) in the fourth quarter of 2020, said Chemweek. Fourth-quarter
earnings were driven by stronger production volumes and contributions from its
polyethylene terephthalate (PET) business. IVL's overall production rose by 21%
year on year to 3.48m tonnes in the fourth quarter. Core EBITDA at its combined
PET business rose by 31% year on year to USD177m in October-December 2020. In
2021, the uptrend in crude oil prices is expected to positively impact its PET
premiums this year and result in positive inventory valuation gains, IVL said in
a statement. "We see robust demand for PET and tightness in the market, which
will be positive for spreads across our value chain of paraxylene (PX), purified
terephthalic acid (PTA) and monoethylene glycol (MEG)," the company
said.
http://www.mrcplast.com/news-news_open-384318.html
2.
Chemtrade loss deepens YOY on finance costs
MOSCOW (MRC) -- Chemtrade
Logistics Income Fund (Toronto, Ontario, Canada) reports a fourth-quarter net
loss of CD25.8 million (USD20.7 million), down from a loss of CD12.6 million in
the prior-year quarter on higher finance costs, said Chemweek. Revenue totaled
CD319 million, down 10% year over year (YOY) from CD355 million. Chemtrade
attributes the decline in revenue to lower sales volumes and selling prices for
caustic soda and hydrochloric acid, and lower sales volumes of sodium chlorate,
regen acid, and merchant sulfuric acid. "The year has started with some
weather-based challenges and the continuing uncertainty about the duration and
extent of the pandemic’s effects on the economy,” says Scott Rook, who becomes
Chemtrade’s president and CEO on 1 March. “The pandemic uncertainty means that
the outlook for some of our businesses is difficult to predict for 2021,
although we are confident that our water solutions business should continue to
perform well."
http://www.mrcplast.com/news-news_open-384338.html
3.
Crude oil futures fall on stronger dollar, OPEC+ uncertainty
MOSCOW (MRC)
-- Crude oil futures dived during mid-morning trade in Asia March 2, as a
stronger US dollar eroded buying sentiment, and as uncertainty over the upcoming
OPEC+ meeting continued to weigh on the market, reported S&P Global. At
11:05 am Singapore time (0305 GMT), the ICE Brent May contract was down 96 cents
(1.5%) from the March 1 settle to USD62.73/b, while the April NYMEX light sweet
crude contract fell $1.07/b (1.76%) to USD59.57/b. The fall in crude prices was
precipitated by a stronger US dollar, which makes purchasing oil more expensive
for buyers using other currencies. At 10:54 am, the March US Dollar Index
futures on ICE was trading at 91.235, up 0.388% from the March 1 settle of
91.036.
http://www.mrcplast.com/news-news_open-384479.html |
