- Spot earnings increases slightly to R10.77/share this week as refining margins in particular moved higher. Refining margins remain well below normal levels, however. Spot earnings for the LCCP is at a loss of R4.82/share.
- Ethylene prices continue to fall in Asia and are now $100/t below the price at the start of June. A number of outages and maintenance has contributed to rising ethylene prices in the US (link). Ethylene prices in the US have increased by $120/t (+48%) since the start of June. Ethane prices continue to move higher however and increased 3% this week.
Global chemical news
- Royal Dutch Shell plans to buy a 50% stake in a $9bn petrochemical project in India. The project includes a 1.8mn ton cracker and is set to be completed in the next five years (link).
- LG Chem (Korea) has delayed the start of production of a new 800kt polyethylene complex from 1Q21 to 4Q21 due to COVID-19 induced delays (link).