MOSCOW (MRC) - Dow Inc's second-quarter profit doubled from the previous quarter on the back of rising polymer prices, demand and declining inventories, the company said.
Prices were up 16% from the prior period and volumes were up 1%, boosted by increased demand in the infrastructure, industrial and personal care markets.
Net operating income increased in the first quarter by USD2.06 billion, or USD2.72 per share, from USD1.02 billion, or USD1.36 per share, to USD2.06 billion in the third quarter.
Earlier it was reported that Dow Chemical, one of the largest US petrochemical companies, on 19 July began the process of restarting production at its cracker No.7 in Freeport (Freeport, TX, USA) after a technological disruption earlier this month.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
Dow Chemical is an American diversified chemical company headquartered in Midland, Michigan. It is a major manufacturer of polymer products, including polystyrene, polyurethane, polyethylene, polypropylene and synthetic rubbers. The company produces more than five thousand products at 188 production facilities in 37 countries.