Polymer Industry Tumbles; Oil Price War and Covid-19 Worst Encounters yet!
Polymer producers around the world are forced to curtail their production activities as the combined blow of Coronavirus and crude oil crash has hard hit the sector. Prices of Polyethylene and Polypropylene in the international markets have followed a downtrend as feedstock ethene, ethane and propylene witnessed downward pressure due to sudden slump in crude oil. The oil price war initiated by Saudi Arabia has brought a huge downturn in the oil industry which is anticipated to impact almost all the economy driving sectors of the world. When China is resuming factory operations, the unprecedented campaigns launched by the governments in rest of the countries to prevent the spread of the contagious virus have almost put a halt on the economic activities. Asian refiners are curtailing production sensing muted demand from the downstream polymer industry. Demand Outlook Demand for polymers being used in food packaging, healthcare products and sanitizers is high as consumpt