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COVID-19 - News digest as of 14.10.2021

October 14/2021

1. Asia crude oil imports stay soft in September

MOSCOW (MRC) -- Despite a rally in crude oil prices to three-year highs, there is scant evidence that demand in the top importing region of Asia is recovering. In fact, imports across the region dropped in September from the previous month, as high prices and economic disruption from the coronavirus pandemic continued to affect fuel demand, reported Reuters. What there is early evidence of is that the major producers in the OPEC+ group of exporters are re-gaining market share lost due to their earlier output cuts, as they ramp up production and cut their official selling prices. Asia's crude imports were 22.99 MM barrels per day (bpd) in September, according to Refinitiv Oil Research, down from 23.24 MMbpd in August and only just above July's 22.61 MMbpd.

2. U.S. plastics industry trade improves in 2021 after 2020 pandemic slump

MOSCOW (MRC) -- During the 2020 COVID-19 recession, stimulated by federal relief dollars, U.S. plastics consumption held up at a time when employment was down and capacity was constrained, a new report from the Plastics Industry Associations says, with the result being higher imports and a trade deficit, said Canplastics. The U.S. plastics industrys trade balance fell to a USD5.5 billion deficit in 2020, from a US$0.7 billion surplus in 2019, according to executive summary of the Plastics Industry Associations Global Trends report, which was released Oct. 13. Industry exports fell 8.2 per cent and imports rose 1.8%, the summary said, with Mexico and Canada remaining the U.S. plastics industrys largest export markets. In 2020, the industry exported USD13.7 billion to Mexico and USD11.7 billion to Canada.

3. Celanese raises October prices for acetate tow globally

MOSCOW (MRC) -- Celanese Corporation, a global chemical and specialty materials company, has announced it will raise prices of all acetate tow product grades sold globally, as per the company's press release. Thus, prices for the stated above products will rise by USD0.40/kg or EUR0.34/kg. This price increase will be effective for orders shipped on or after October 18, 2021, or as contracts otherwise allow. Over the past 18 months, the entire industry has been confronted with a great number of challenges which structurally impact all producers. New regulatory and legislative restrictions have increased the complexity of manufacturing and portfolio requirements, leading to high utilization rates; logistics complexities including equipment and operator availability have added cost and lead-time uncertainties; and major production costs have risen sharply in response to sector demand, conversions and availability, said Harald Bruggeman, Vice President Commercial, Acetate Tow, for Celanese.
Author:Margaret Volkova
Tags:Asia, PP, PE, crude and gaz condensate, nonwovens, petrochemistry, Celanese, COVID-19, Canada, Mexico.
Category:General News
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