China's renewed plastics appetite, cheap oil revive petchem margins [Reuters]
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Source: Reuters
China's renewed plastics appetite, cheap oil revive petchem margins SINGAPORE/SEOUL (Reuters) - Plunging oil prices and China’s industrial reboot after its coronavirus lockdown have lifted Asian petrochemical margins to over one-year highs as the country’s mammoth manufacturing sector revs up its use of plastics and packaging. The restart of thousands of factories across China since Beijing began lifting movement restrictions last month has re-ignited demand for key polymers like polypropylene (PP) and polyethylene (PE), found in everything from grocery bags to medical goods and automobile dashboards. “We have expectations for normalisation of Chinese plants,” Lee Ho-woo, department leader of petrochemicals at South Korea’s LG Chem said on Tuesday, pointing to an expected rise in demand for materials related to COVID-19 such as latex, used in medical gloves, and melt-blown PP, the raw material for facial mask filters. The rebound comes as global oil prices have collapsed, slashing the
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