Americas top stories - weekly summary

14 May 2012 15:00  [Source: ICIS news]

HOUSTON (ICIS)--Here are some of the top stories from ICIS Americas for the week ended 11 May 2012.

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US PP May contracts settle down 10 cents/lb with propylene
US polypropylene (PP) contract prices fell by 10 cents/lb ($220/tonne, €168/tonne) in May, following an identical drop in feedstock propylene, sources said on Thursday.

Braskem’s first quarter net income falls 50% year on year
Brazil’s Braskem, Latin America’s largest petrochemical company, posted a net income of reais (R) 152m ($78m, €60m) for the first quarter, down 50% from R305m a year earlier, the company said in a regulatory filing on Thursday.

US propylene contracts fall 13% in May, PGP at 67.50 cents/lb
US propylene contracts for May fell by 10 cents/lb ($220/tonne, €169/tonne), market sources said on Wednesday, confirming initial settlements reached the previous day.

US ethylene spot prices plummet 12% in one day
US ethylene spot prices fell sharply on Tuesday, losing around 12% in one day likely as a result of supply pressure after the restart of two crackers in recent days.

Corrected: US May propylene contracts settling down 10 cents/lb
US propylene contracts for May were settling down by 10 cents/lb ($220/tonne, €169/tonne), market sources said on Tuesday, pressured by weaker demand and softer energy prices in recent days.

Canada NOVA Chemicals’ Q1 profit rises 17% on higher olefins margins
NOVA Chemicals’ first-quarter profit rose 17% year on year to $191m (€147m), mainly because of higher margins in its olefins segment, the Canadian petrochemicals producer said on Tuesday.

US Momentive Specialty swings to a net loss on lower sales, volumes
Momentive Specialty Chemicals swung to a net loss of $16m in the first quarter of 2012 from a net income of $63m in same period last year, as sales fell on lower volumes, the US-based chemical firm said on Monday.

By: Staff Reporter
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