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COVID-19 - News digest as of 07.09.2021

September 07/2021

1. Russian producers maintain September PVC prices at record high level

MOSCOW (MRC) -- September did not bring the long-awaited reduction in polyvinyl chloride (PVC) prices to Russian converters. A shortage still remained in the market, no producers reduced their prices for September shipments with one exception, according to ICIS-MRC Price report. The last year"s situation is repeated in the Russian PVC market. Converters expected prices to drop in September under the pressure of the end of shutdowns for maintenance and the approach of the "winter season". But as in the previous year, strong demand and insignificant imports allowed Russian producers to maintain record high prices in the domestic market. This month, two producers further raised their PVC prices, and only one producer reduced its prices. Higher imports in August and stable operations of domestic producers did not lead to a surplus of resin in the market. Moreover, there were still restrictions on PVC supplies from several large producers. And these restrictions played a decisive role in pricing for September.

2. Gasoline demand in India may hit record this fiscal year on easing of COVID-19 curbs

MOSCOW (MRC) -- India"s gasoline demand is set to hit a record this fiscal year, with consumption accelerating as more people hit the road for business and leisure travel after easing of COVID-19 curbs, reported Reuters. Shunning trains, buses and planes, safety-conscious Indians are buying more cars and increasingly using personal vehicles to commute as they embark on "revenge travel" - flocking to tourist destinations after months of restrictions, despite record high fuel prices. Annual passenger vehicle sales in India rose by 45% to 264,442 units in July, driven by pent-up demand, according to data from the Society of Indian Automobile Manufacturers. The stronger-than-expected gasoline consumption growth could prompt Indian refiners to import the fuel or boost gasoil exports in coming months. Indian refineries are traditionally configured to maximise production of diesel, where demand is still below pre-COVID levels, hurt by an uneven economic recovery.

3. Crude oil futures mixed in Asia amid Aramco price cuts and as weaker economic data put demand concerns back in focus

MOSCOW (MRC) -- Crude oil futures were seen mixed in midmorning trade in Asia Sept. 7 as weaker economic data put demand concerns back in focus and on spillover effects of Saudi Aramco"s price cuts for Asian buyers, reported S&P Global. At 10:55 am Singapore time (0255 GMT), ICE November Brent futures were 27 cents/b (0.37%) higher at USD72.49/b while the NYMEX October WTI contract was down 19 cents/b (0.27%) at USD69.10/b. The Labor Day holiday Sept. 6 meant most US markets were closed. "Oil prices have largely been trading in consolidation as investors digest a series of push and pull factors. On one end, the lackluster US jobs report last week and the price cuts from Saudi Arabia seems to bring some questions for oil demand outlook, while on the other end, supplies are capped by the ongoing impact from Hurricane Ida, which underpins oil prices near-term," IG Market Strategist Yeap Jun Rong told S&P Global Sept. 7. Several analysts have said oil prices would be impacted by Saudi Arabia cutting prices for Asian buyers. The cuts suggest an uncertain demand outlook as COVID-19 cases are still on the rise in many countries, analysts from Phillip Futures said in a note.
Author:Margaret Volkova
Tags:Asia, PVC, crude and gaz condensate, SPVC, petrochemistry, COVID-19, India, China, Russia, Saudi Arabia.
Category:General News
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