- Sasol’s spot earnings declined as oil prices and refining margins in particular were lower this week. Spot earnings for FY21 is at R5.01/share. Singaporean petrol spreads weakened amid new COVID-19 cases as well as floods in India and China (link)..
- Polymer prices have been relatively stable in Asia, but prices have continued to rise in North America. LLDPE and HDPE prices are now around 35% higher than prices achieved in April. LDPE prices which have been most resilient through the downturn are up 15% since April.
Global chemical news
- Total reported 2Q results and although chemicals are not reported separately the company reported resilient petchem margins. Polymer production grew 6% YoY and US petchem production was 34% higher but 2Q19 was impacted by maintenance shuts (link).
- ChemOrbis reports that buying interest in Chinese PE markets have started to fade after a strong nine-week rally. Supply is also increasing as plants are starting after maintenance shuts (link).