MOSCOW – Benzene prices in Asia fell below USD500 per tonne, FOB Korea this week, this is the level that was last observed during the financial crisis in 2008, ICIS reports.
The crude oil market collapsed last week to below USD30 per barrel and has since struggled to gain a foothold.
Fears of a slowdown in global demand due to the spread of supply chains, as well as coronavirus, have put pressure on markets around the world.Asian benzene prices slowdown
According to the latest WHO data, a total of 168,019 people have been confirmed to be infected with 6,610 deaths in 148 countries, areas or territories.
Naphtha, a feedstock for benzene, fell below USD300 per ton, reaching a 17-year low.
At the same time, manufacturing activity in China began to return to a relative norm, and infection with coronavirus seems to have become under control.Asian benzene prices slowdown
Benzene is a raw material for the production of styrene, which, in turn, is the main raw material component for the production of polystyrene (PS).
According to ScanPlast of Market Report, the total estimated consumption of PS and styrene plastics decreased by 10% in January 2020 compared to the same month a year earlier and amounted to 41.42 thousand tons. In the reporting month, the total operating time at the facilities of Russian plants also decreased (by 3%) compared with January a year earlier and amounted to 43.26 thousand tons. Asian benzene prices slowdown
Copper has been essential to human technology since its early days–it was even used to make tools and weapons in ancient times. It is widely used even today, especially in electronic devices that require wiring.
But, a challenge with using copper is that its surface oxidizes over time, even under ambient conditions, ultimately leading to its corrosion.Petrochemicals Bioeconomy Polyolefins
And thus, finding a long-term method to protect the exposed surfaces of copper is a valuable goal.
One common way of protecting metal surfaces is by coating them with anti-corrosive substances.
Dr Roger Storey, who was the Technical Director of Colloids Limited for 17 years until his retirement, passed away peacefully on 26 February 2020.
A scientist, with extensive technical expertise and knowledge of polymer science, Dr Storey graduated from Brunel University London in 1973, where he read Polymer Technology, and later went on to complete a PhD at the University of Manchester, gaining his doctorate in 1979.Petrochemicals Bioeconomy Polyolefins
Petrochemicals and chemicals plants in Spain stepped up safety measures over the weekend as the country entered on Monday morning a two-week state of emergency due to the coronavirus outbreak.
The Spanish chemicals trade group FEIQUE, BASF Spain, and the trade group representing the petrochemicals hub of Tarragona said to ICIS that operations at all plants are running, but strict social distancing measures have been taken.Petrochemicals Bioeconomy Polyolefins
All office-based employees have been sent to work from home.
As the coronavirus spreads around the world and countries implement containment measures, energy supply and demand is being disrupted.
Italian demand was hit in week 11 as authorities enforced measures to slow the spread of the virus. Other European countries like Spain, France and Austria are following suit. These measures are likely to pressure prompt and near curve contracts, particularly as warmer weather also reduces heating demand.Petrochemicals Bioeconomy Polyolefins
The impact that country-wide lockdowns and demand slowdowns will have on energy markets will be evolving every day.
Under its Green Deal, the European Commission has presented a circular (bio)economay action plan that prepares the ground for a sustainable bio-economy.
A main goal of the new Circular Economy Action Plan as a major pillar of the European Green Deal, is sustainable growth.
The new Action Plan aims to strengthen the EU’s competitiveness while protecting natural resources and give new rights to consumers.Petrochemicals Bioeconomy Polyolefins
As resouces are limited, the action is focused on the design and production for a circular bio-based economy, with the aim to ensure that the resources used are kept in the EU economy for as long as possible.
The initiatives therein will be developed with the close involvement of the business and stakeholder community.