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Demand for petrochemical products in the Middle East is rising

 Last Update: 2021-09-04
 Source: Internet
 Author: User

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According to the news from Sinochem Singapore, the demand for petrochemical products in the Middle East is on the rise.
At the same time, market participants have to continue to cope with high freight rates and serious shortages of containers
.

Polyethylene (PE) and polypropylene (PP) suppliers in the Gulf Cooperation Council (GCC) countries are looking forward to a recovery in Asia-led demand from now on
.

Due to the sluggish market demand for manufactured goods, China’s PE and PP import market remained weak in the second quarter, but the demand for plastics is expected to increase from September to supplement seasonal inventory for the fourth quarter holiday

Lorenzo Meazza, Market Analyst at Acsens, said: “For the remainder of 2021, China’s demand is expected to remain strong and the Middle East will increase exports
.

However, logistics problems continue, which may reduce the flexibility to respond to changes in demand

The severe shortage of container supply and high freight rates continue to exist, and may continue beyond 2021
.

GCC processors continue to bear high freight costs when exporting finished products

Market participants said that as for polyethylene terephthalate (PET), the UAE's demand outlook is the same as the current one
.

Tight transportation conditions and high freight from Asia to the Middle East hindered Asia’s exports to GCC, but at the same time, tight transportation conditions restricted GCC’s exports to the Americas, leaving ample supply for the GCC market

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