Wikiplast

Petrochemical Market Report: 5nd week of May 2024

Adjusting the market with Dollar in 580.000 Rial / 4,000 tons of trading growth

In the fourth week of May, trading grew by 4,000 tons to 88,000 tons. Part of this increase can be attributed to the growth of 2,800 tonnes of supply. But the next thing is to adjust the market to the recession. While trading has been steadily declining over the previous weeks, the dollar's relative stability in the 580.000 Rial channel shows signs that the market is adjusting to this rate.

According to WikiPlast, As the weather warms, the challenge every year and the repetitive of manufacturers is power outages. The Minister of Energy, May 28, explicitly announced that industrial estates will have electricity for six days on hot days ahead. The Minister of Energy said that according to the labor law, industries based in industrial towns and similar industries will receive electricity in the hot season 6 days a week and around the clock, saying, "These industries will only be closed one fixed day a week, in coordination with the Ministry of Industry and Industrial Estate Company."

Put simply, the problem of power outages is still in place this year, and manufacturers must coordinate their production schedule with the days of power outages and be prepared to prevent any damage to machinery.

Brent trades in the $83 range
Brent ended trading on the global markets at $82 last week, and this week it started trading at the same price range. On Tuesday, Brent climbed to $83 and Wednesday at $84, but bounced back to $83 today. Current oil market rates suggest that the trend will continue this week, with a steady or limited fluctuation in global petrochemical prices.