1.Since last few months linde ind and refex have moved with some correlation in price movement. However they have very little in common.Linde has rallied on back of increased demand of oxygen while refex has shown move in view of possible foray into Oxygen and current refrigerant demand.However refex revenues from gases is miniscule and mostly from coal handling.
2. Now the anticipation of third Covid wave seems less probable Lindes price should normalise however due to coal shortage for next six months and build up of reserves refex fortune should see an upside.
3. Their correlation thus ends here.