- Sasol’s spot earnings were slightly higher this week as higher oil prices were offset by a stronger rand and lower refining margins. Petrol and diesel cracks were lower. Spot earnings for FY21 are at R27.20 and at R45.16 for FY22.
- Chemical prices in Asia were lower across the board with only PVC remaining flat. US ethylene prices were lower again but LLDPE prices continue to surge higher. LDPE prices remained flat.
Global chemical news
- China’s state-controlled Sinopec Engineering has signed an engineering and construction contract with ExxonMobil for the US firm’s planned Huizhou petrochemical complex in south China. The complex in Guangdong province will include a 1.6mn ton flexible feed steam cracker and downstream polyethylene and polypropylene plants (link).
- IHS believes the cleaning sector (Sasol’s PC chemicals) will rebound strongly and sustain growth rates for many years to come. Surfactant demand increased by around 5% in 2020. Growth in industrial cleaning should be strong as economies reopen (link).