Current Chemical Updates
As a result of a weaker demand outlook, oil prices fell on Friday. Oil prices are back at the levels they were before Russia invaded Ukraine, illustrating traders’ focus on a global recession and demand destruction. WTI crude was assessed at $88.48/barrel, down 6 cents while Brent crude dropped 10
SM prices increased on bullish buying sentiments from industry players across the Asian region. On, Friday, FOB Korea SM prices were assessed in the range of USD 1130-1140/mt while CFR China prices were assessed in the range of USD 1140-1150/mt. As per the source, feedstock benzene FOB Korea prices have
As per the report, Formosa Chemicals & Fibre Corp is planning to take maintenance shut down in mid-July 2022 instead of August 2022. The plant is situated at Mailiao in Taiwan, the No. 2 cracker has a propylene production capacity of 520,000 mt/year.
As a result of low buying sentiments from industry users and ample product availability, the price of propylene plunged last week. As per the report, CFR South East Asia prices of propylene were assessed in the range 975-985/mt down by USD 30/mt week on week basis. In the CFR China
On Friday, Oil prices increased about 3% due to supply outages in Libya. The likelihood of a shutdown in Norway outweighed the possibility of a slowdown in the economy. As per the report, Brent crude futures were up $2.71 at $111.74 a barrel increasing by 2.75 % while WTI crude
Petrochemical demand in the Middle East is weak, while the material is plentiful. There has been a decline in demand from industry players due to higher inflation rates.
In an effort to become Mega Ports by 2047, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal asked all ports to create a master plan. The meeting was co-chaired by Ministers of State for Ports, Shipping and Waterways and attended by Chairpersons of all major ports, and Senior Officials
At King Abdullah Port, Sipchem has signed an agreement with shipping giant Maersk to collaborate on ocean transportation and storage. As a result of this deal, sipchem will attain a strong position in the petrochemical industry both locally and internationally. As per report, sipchem is planning to swell its export
Vipul Shah, Managing Director, Vipul Organics Limited said, “We faced headwinds in the form of increasing raw material costs due to the global crisis. The pandemic also affected our working as we were not able to utilise our production capacities to the optimal for the entire year. However, we are