- Sasol’s spot earnings increased sharply this week, boosted by higher oil prices as well as a weaker rand. Spot earnings for the group is at R10.61/share while the LCCP earns a loss of R4.53/share. Refining margins continue to weaken, however.
- Asian ethylene, propylene and LLDPE prices were lower. US ethylene and polyethylene prices were slightly higher than the previous week, however. US integrated margins have remained resilient despite an increase in natural gas and ethane prices.
Global chemical news
- China’s cumulative polyethylene imports achieved a record of more than 8.6million tons in 1H2020, 7% higher than the same period in 2019. HDPE imports increased by 10%, LLDPE was 11% higher while LDPE imports declined by 6.6% (link).
- Polyethylene markets are buoyant in the USA and additional price increases are expected in August following price increases in previous months. A series out outages, maintenance shuts and increased exports have increased tightness in US markets (link).