London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950

Our Clients

Order Informer

Home > News >

COVID-19 - News digest as of 08.04.2021

April 08/2021

1. Refiners may get some hope on recovery of jet fuel demand

MOSCOW (MRC) -- Jet fuel demand is picking up, which could give refiners some hope after the global pandemic boosted distillate inventories and sank margins, reported Reuters with reference to a senior refining executive. Refiners have been mixing jet fuel into diesel inventories for the last several months, since they have been unable to sell the product due to the sharp decline in air travel. УJet fuel demand numbers are starting to improve and show signs of life, allowing refiners to drop less jet into diesel which will eventually provide well-needed relief on distillate stock,Ф said Joe Israel, chief executive officer of Par Pacific, a West Coast refiner.

2. IMF raised its forecast for Ukraine GDP growth to 4%

MOSCOW (MRC) -- The IMF predicts GDP growth in Ukraine in 2021 at 4% against 3% in the October report, Epravda said. In 2022, growth will be 3.4%. The IMF also provided forecasts for inflation and unemployment. According to the Fund, in 2021 the price level in Ukraine will grow by 7.9%, in 2022 - by 6.8%. The unemployment rate is expected to be 8.6% in 2021, and 8.4% in 2022. As noted in the Fund, the better predicted results for 2020 are associated with quarantine mitigations and the adaptation of economies to work in the new conditions. In addition, additional fiscal support in the "big economies" and vaccination expectations have worked.

3. High prices and shortages hit the production of PVC windows in Europe

MOSCOW (MRC) -- EPPA member companies are very concerned about the wave of force majeure statements from European raw material suppliers, which has not been seen since 2015, said the department. Massive supply chain problems on PVC resin put PVC window system suppliers under pressure. These are consequences of the global pandemic that heavily impacts logistics combined with multiple force majeures that have been declared by resin producers in the past weeks. As a main consumer of PVC resin in the European market, PVC window system suppliers suffer from increasing shortages of material paired with price surges, both impacting their production. At the same time the demand for construction products such as windows has been increasing in the past months. The shortage of raw materials, additives and related goods is generating unacceptable supply bottlenecks and worsening the overall difficult economic situation caused by the pandemic. If demand for PVC resin cannot be met, PVC profile producers cannot continue to produce as planned. The situation is further burdened by the lack of imports in particular from the USA as well as from Middle and Far Eastern Countries.

4. IMF improved forecast for Russian economic growth in 2021 to 3.8%

MOSCOW (MRC) -- The International Monetary Fund (IMF) has improved its estimate of Russia's GDP growth in 2021 to 3.8% from 3% it expected in January and 2.8% it forecast last October, reported Interfax. The world economy, according to the IMF, will grow by 6% this year (in January the rise was estimated at 5.5%, in October 2020 - at 5.2%), according to the World Economic Outlook: Managing Divergent Recoveries. released by the IMF on Tuesday.The IMF estimate is now somewhat at odds with the official forecast of the Ministry of Economic Development for 2021 - 3.3%, which was made back in September. At the same time, the head of the ministry, Maxim Reshetnikov, last week announced a slight revision of this forecast downward against the background of a smaller drop in GDP in 2020 than expected (the GDP of the Russian Federation in 2020 fell by 3% against the forecast of the Ministry of Economic Development of 3.9%, so the 2020 base year will be higher than the ministry laid down in September with the forecast for 2021).
Author:Margaret Volkova
Tags:Asia, Near East, PVC, crude and gaz condensate, medicine, petrochemistry, construction, window profile, COVID-19, Russia, USA, Ukraine.
Category:General News
| More

Leave a comment

MRC help


 All News   News subscribe