Americas top stories - weekly summary

08 August 2011 14:00  [Source: ICIS news]

HOUSTON (ICIS)--Here are some of the top stories from ICIS Americas for the week ended 05 August 2011.

(Please click on the link to read the full text.)

US petchem market fears likelihood of another recession
The US could be veering towards another recession, petrochemical market participants said on Friday, as a massive sell-off in chemical stocks became the latest sign of a slowdown.

Braskem to explore US propylene supply options
Brazil-based polymers firm Braskem will seek other sources of propylene in the US after its expected completion of its $340m (€241m) acquisition of US-based Dow Chemical’s polypropylene (PP) business, an executive said on Friday.

Chems clobbered as US Dow Jones Industrial Average falls 513 pts
Stocks in North American chemical companies plunged on Thursday – with several falling more than 7% – as the Dow Jones Industrial Average lost nearly 513 points.

US Huntsman reports Q2 net income flat at $114m, sales rise 25%
Huntsman reported second-quarter net income at $114m (€80m), unchanged from the same period last year, despite sales rising 25% year on year to $2.93bn, the US-based chemicals major said on Thursday.

US Aug BD heads to 5, 11 cent/lb split settlement on SBR demand
The US August butadiene (BD) contract was heading towards a split settlement of 5 cents/lb ($110/tonne, €77/tonne) and 11 cents/lb, a buyer said on Wednesday.

US Eastman halts production at Texas cracker for valve repair
Eastman Chemical is halting ethylene production at its HCC-4 Longview cracker in Texas, to repair a valve on one of the unit's cracking furnaces, the US-based company said on Wednesday.

US Westlake to add 226,800 tonnes/year of ethylene capacity
US-based Westlake plans to increase ethylene capacity by nearly 226,800 tonnes/year by expanding its two crackers in Louisiana, the polyethylene (PE) and polyvinyl chloride (PVC) producer said on Tuesday.

US ethylene for July settles flat at 56.75 cents/lb
US ethylene contracts for July settled flat with June after higher production costs last month were offset by a drop in spot prices, market sources said on Tuesday.

US House approves crucial debt ceiling bill
The US House of Representatives voted 260-161 on Monday to approve a controversial debt ceiling bill, and the measure is expected to get Senate approval and President Barack Obama’s signature on Tuesday.

By: Staff Reporter
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