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COVID-19 - News digest as of 07.05.2021

May 07/2021

1. May prices of European PVC rise by three-digit amount for CIS markets

MOSCOW (MRC) -- Negotiations on prices of European polyvinyl chloride (PVC) for May shipments to the CIS markets began this week. An acute shortage continued to weigh heavily on export prices of European producers. As a month earlier, European producers announced a price increase of EUR100/tonne and higher, according to ICIS-MRC Price report. May contract price of ethylene was agreed up by EUR5/tonne from the previous month, which theoretically allowed to talk about the same net cost of PVC production, compared to April. But since last year, a shortage of resin both in the domestic market and in a number of export directions has been the main factor in the pricing of producers in Europe. And the acute shortage of polymer in the market allowed to achieve a three-digit increase in domestic and export PVC prices. European producers announced an increase in their export prices for the CIS countries by EUR100/tonne and higher in May.

2. Gunvor Group posted a record gross profit for 2020

MOSCOW (MRC) -- Commodities trader Gunvor Group posted a record USD1.66 billion gross profit for 2020 even though revenue fell by a third as its trading desks profited from the unprecedented volatility in the oil market triggered by the coronavirus pandemic, said Hydrocarbonprocessing. While revenue fell to USD50 billion from USD75 billion in 2019 the oil demand crash in the second quarter of 2020 created profitable trading opportunities and desks continued to generate healthy margins in the second half, Gunvor said on Wednesday. "It's been a good year for the group and we continue to be on a good path in the first quarter focusing on the energy transition," Chief Financial Officer Muriel Schwab said in a phone interview. "Thanks to strong earnings and cash flows, we have been able to strengthen our balance sheet in two ways. The first was taking a very conservative valuation of our refining assets ... and second, building up our equity levels," Schwab told Reuters.
Author:Margaret Volkova
Tags:Europe, PVC, crude and gaz condensate, SPVC, petrochemistry, COVID-19, Russia.
Category:General News
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