In the second quarter of this year, according to the report, according to the ICIS, the major margins of major petrochemicals and various variable grade plastics experienced a major decline. Feed costs were lower in the first six months of this year compared to the same period last year. However, petrochemical companies could not escape the results of the US-China trade war and weak global economic prospects.
Leading European Chemical Company
Bassef, the leading chemical company in Europe, announced a financial statement and profit results at the end of July 17, explaining that most of the petrochemical companies of the Green Continent fell sharply. Despite the increase in supply, demand increase continued or deteriorated. When it wanted to change the price of liquid based feed stock, it was not possible to maintain or increase past prices.
The Petrochemical Index (IPEX), based on 12 main petrochemicals and plastics, fell 18% in June compared to the same period of last year. The Northeast Asia index fell 21 percent in June compared to last year’s figure. On the other hand, ICI’s global petrochemical index dropped by 15% in the second quarter.