• Spot earnings dropped back this week as oil prices and refining margins declined with a slightly stronger rand.  FY21 spot earnings are now at R5.78/share.
  • Chemical prices in Asia were generally higher this week with ethylene prices increasing by almost 13% due to tight regional availability (link).  Propylene prices were 3% higher and polymer prices increased by around 1%.  US ethylene was slightly higher and polyethylene prices were flat.

Global chemical news

  • A U.S. subsidiary of state-owned Thai oil and gas company PTT PCL said it is working to “move forward” a proposed petrochemical plant in Ohio.  The project includes an ethane cracker which is set to cost almost $6bn (link).
  • The use of recycled plastics for use in food contact is being considered in a number of Asian countries.  Certain recycled plastics are allowed in food contact in Korea while China has launched a survey to initiate risk assessment of the same.  The use of recycled plastics for food contact will enhance the circularity of plastic (link).