More COVID-19 news relevant to the plastics industry:
After jumping more than 20% yesterday, a single-day record, oil prices rose further this morning on news that Russia, Saudi Arabia and other oil-producing nations will meet Monday. Brent crude closed at $29.94 Thursday and WTI closed at $25.32.
While our supply chains remain steady, some suppliers are informally cautioning that disruptions could occur if the spreading COVID-19 directly affects their operations. We are examining our supply by geography to develop contingency plans.
PE and PP continue to show strong demand in “essential” market segments.
PE is seeing some tightness in certain grades as the supply community is rationalizing assets to support “essential” segments.
Despite strong demand, we are seeing downward pricing pressure based on global dynamics.
The global economic response to COVID-19 may make it difficult for LATAM countries to leverage weak currencies to export their way out of recession, the pattern of past downturns.
German factories continue to operate at 80% of capacity, providing a blueprint of how to maintain production while fighting the spreading virus.
NOTICE TO CLIENTS: M. Holland Company will be closed on Good Friday, April 10.
M. Holland is open for business, deemed essential and will continue to operate at full capacity. We have issued the following status statement:
In accordance with the guidance provided by the U.S. Department of Homeland Security Cybersecurity & Infrastructure Security Agency (CISA), M. Holland Company is considered a member of a critical infrastructure industry and will therefore remain operative. As such, with any necessary accommodations made to ensure the health and safety of our staff and business partners, we will continue to fully perform our normal business operations.
M. Holland Company
We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.