Riyadh - Mubasher: The majority of petrochemical product prices continued an upward trend in August, backed by increasing oil prices, robust demand, and restricted supply scenario due to production outages, according to Al-Rajhi Capital Research.
Ethylene, propylene, MEG, MTBE, Benzene and Toluene prices rose in the range of 5 to 15% month-on-month, while polyethylene and polypropylene prices remained weak during the month, according to the Al-Rajhi Capital’s report issued on Sunday.
Feedstock prices also rose, limiting the gains for petrochemical producers. In addition to some unplanned shutdowns, a number of petrochemical plants have been shut in China over the past couple of weeks in preparation for the G20 summit in Hangzhou, creating a tight supply situation, the report indicated.
Similar issues are impacting product prices in US and Europe. However, data indicated that global manufacturing activity slowed down in August, the report concluded.
