Ethanolamines

SAN ANTONIO (ICIS)—Dow Chemical has indefinitely shut down its ethylene glycols (EG) unit at its Seadrift, Texas site, according to a company representative at this year’s International Petrochemicals Conference (IPC). The site went down due to an electrical failure before Winter Storm Enzo in late January, and remained down for the planned maintenance, originally scheduled for mid-February. The EG unit at the site has an annual capacity of 300,000 tonnes, according to the ICIS Supply & Demand Database. The ethylene oxide (EO) unit at the site is expected to restart in May, following the turnaround. Dow will focus on producing purified EO at the site for other derivatives consumption, including ethanolamines and glycol ethers. Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC takes place on 23-25 March in San Antonio, Texas. Visit the US tariffs, policy – impact on chemicals and energy topic page Visit the Macroeconomics: Impact on chemicals topic page Visit the Logistics: Impact on chemicals and energy topic page

23-Mar-2025

HOUSTON (ICIS)–Winter storm Enzo, which caused a hard freeze along the US Gulf Coast, led to widespread shutdowns among chemical plants and refineries. Companies shut down at least five ethylene glycol (EG) units and at least eight crackers because of bad weather. Other plants, such as a propane dehydrogenation (PDH) unit, also shut down. Pre-emptive shutdowns and operational disruptions reported so far include: BASF idles Geismar, Louisiana, EO operations following winter weather BASF TotalEnergies cracker shuts down due to weather Dow's Plaquemine, Louisiana, glycol ethers site down following winter weather Dow's Taft, Louisiana, glycol ethers site down following winter weather Dow idles Taft, Louisiana, EO site following winter weather Dow's Taft, Louisiana, ethanolamines site down following winter weather Enterprise's PDH1 unit in Texas has unplanned shutdown Formosa shuts Louisiana PVC unit ahead of freeze GCGV Portland, Texas, EG site down ahead of freezing temperatures Indorama's Clear Lake, Texas, EG site down for winter weather Indorama Lake Charles cracker shut due to weather Indorama shuts Port Neches, Texas, cracker ahead of winter storm Indorama's Port Neches, Texas, ethanolamines unit down due to winter weather Indorama's Port Neches, Texas, EG unit down ahead of winter weather Ingleside, Texas, cracker shut before winter storm LACC Lotte/Westlake Louisiana cracker and EG unit down ahead of winter weather Lyondell Channelview, Texas, crackers flaring on operations issues Lyondell La Porte, Texas, cracker shutting due to weather Shell's Geismar, Louisiana, EO, EG site down following winter weather SHUTDOWNS AT REFINERIES AND BIOFUELSMotiva's refinery in Port Arthur, Texas, experienced unexpected interruptions and shutdowns of several critical pieces of equipment, it said in a filing with the Texas Commission on Environmental Quality (TCEQ). The disruptions caused emissions at a catalytic reformer, a fluid catalytic cracking (FCC) unit and a delayed coker unit. Renewable Biofuels conducted a planned shutdown at its biodiesel plant in Port Neches, Texas, for freeze protection, according to a filing with the TCEQ. MIDSTREAM DISRUPTIONSIn some cases, midstream companies reported freeze offs and hydrates forming. If these happen on a wide enough scale, they could interrupt the supply of natural gas. Chemical plants and refineries burn natural gas to produce process heat, and power plants use it to produce electricity. PORTSPorts in Houston and New Orleans were closed through Wednesday because of cold weather. Container vessel operations will begin at Port Houston at 19:00 local time on Wednesday, while all Port Houston facilities will begin normal operations on Thursday. NO WIDESPREAD POWER OUTAGES Texas avoided the widespread power outages that had led to several plant shutdowns during winter storm Uri in 2021. FREEZING TEMPERATURES TO END BY FRIDAYTemperatures rose above freezing during Wednesday, and daily highs should continue to rise as the week progresses. Lows should be just below freezing on Wednesday and Thursday, according to meteorologists. (Thumbnail shows snow, which can precipitate in the type of cold weather that can disrupt plant operations. Image by Michael Ainsworth/AP/Shutterstock)

22-Jan-2025

SINGAPORE (ICIS)–India’s currency – the rupee – slumped to a record low in the week, pushing up both domestic and import prices of some petrochemicals in the south Asian country amid stable demand. Strong US dollar sends Indian rupee tumbling Acetone, EVA import prices jump India inflation within central bank target range The Indian rupee (Rs) is currently trading at above Rs86 against the US dollar, having shed more than 3% since the early November, when Donald Trump won the US election. At 07:10 GMT, the rupee was trading at Rs86.49. A strong US dollar and heavy outflows of short-term investments sent the currency tumbled to a record low of Rs86.9964 on 14 January, according to foreign exchange platform xe.com. India’s demand for overseas goods will likely be dented as a weaker currency makes imports more expensive. PETROCHEMICAL BUYERS TURN CAUTIOUS With import prices of several products on uptrend amid the rupee weakness, some buyers have adopted a wait-and-see attitude on markets. India is a major importer of petrochemicals including polymers. Rupee’s tumble has notably adversely affected PE Black 100 pipe import offers from Gulf Cooperation Council (GCC) and Asian sellers as buyers switch to domestic PE Natural. PE Black 100 and PE Natural are specific grades of high-density polyethylene (HDPE) used primarily for high pressure water pipes. In the recycled polyethylene (rPE) and recycled polypropylene (rPP) markets, downstream converters in India that import cargoes from northeast Asia are feeling the pinch. Fewer India-bound rPE and rPP cargoes are expected in the coming weeks, compounded by high intra-Asia freight rates. For exporters of recycled polyethylene terephthalate (rPET), meanwhile, there was no upsurge in shipments despite the rupee’s weakness. India continues to position itself as net exporter of rPET cargoes,  mainly bound to long-haul buyers in the Americas and in Europe. India’s aggressive expansion of rPET materials have posed competition to other Asian producers, particularly those in southeast Asia. In the toluene di-isocyanate (TDI) and ethanolamines markets, market sentiment is mixed. “Import and domestic prices for India TDI are unchanged from last week, but sentiment is mixed due to positive demand versus the weak rupee/US dollar rate,” a market player said. TDI is primarily used in the production of flexible polyurethane foams, which are widely used in furniture, bedding, and automotive seating. Meanwhile, after several months of decline, ethanolamines’ domestic prices moved higher, with players attributing the sudden rebound on the steep devaluation of the rupee, while demand was stable. For ethylene vinyl acetate (EVA) and acetone, import and domestic prices have spiked while demand was stable. EVA restocking momentum and discussions have been weighed down by the falling rupee due to higher cost of imports, market players said. “I have not booked yet because of the currency depreciation; import costs have gone up so it has really impacted importers… we'll wait for negotiations with suppliers,” said a distributor. For acetone, fresh import demand is being hampered by the weak rupee amid a prevailing supply surplus in the Indian domestic market. US DOLLAR TO REMAIN STRONG The US dollar remains strong on better-than-expected job growth in the world’s largest economy, while the unemployment rate fell to 4.1%, reducing the chances of interest rate cuts by the Federal Reserve in February. A weaker currency fuels inflation as it raises the cost of imported goods. “The RBI intervened extensively in the FX market last year but the appointment of a new central bank governor last month has raised market expectations of a less active intervention approach to smooth the rupee’s volatility,” Netherlands-based banking and financial service firm ING said in a note on 13 January. “The recent equity market correction, foreign institutional investor (FII) outflows and overvaluation of the Indian rupee suggest that the rupee will continue to face downward pressure in the near term,” ING added. DEC INFLATION EASES; NOV INDUSTRIAL OUTPUT UP 5% India’s inflation rate eased to a four-month low of 5.22% in December from 5.48% in the previous month, continuing its decline from 6.21% recorded in October, official data showed. The December figure was within the 2.0% to 6.0% tolerance band set by the Reserve Bank of India (RBI). Easing food prices had some analysts predicting a possible cut in RBI’s repurchase rate as early as February, but the weakness of the rupee could delay adoption of a looser monetary policy. “We maintain our base case for RBI to begin monetary policy easing via a 25 bps points reduction to the repo rate in the upcoming Feb 2025 … meeting,” Singapore-based UOB Global Economics & Markets Research analysts said in a 14 January macro note. Meanwhile, India’s factory output in November, as measured through the Index of Industrial Production (IIP), rose 5.2% year on year driven by growth in manufacturing activity and power generation. Manufacturing output growth in November accelerated to 5.8% year on year from 1.3% in the same period last year. In April to November 2025, industrial output posted a slower year-on-year growth of 4.1% from 6.5% in the previous corresponding period. India, which is a giant emerging market in Asia, is expected to post a slower GDP growth of 6.6% in the fiscal year ending March 2024, down from 7.2% in the previous year, based on RBI’s projections. Nonetheless, India is still predicted to be the fastest-growing country in Asia, according to ING, which forecasts 6.8% growth for India for the current fiscal year. Focus article by Jonathan Yee Additional reporting by Helen Lee, Clive Ong, Shannen Ng, Veena Pathare, Nadim Salamoun and Arianne Perez Thumbnail image: Indian rupee notes – 5 January 2025 (Firdous Nazir/NurPhoto/Shutterstock)

16-Jan-2025

LONDIN (ICIS)–Here are the 2025 Europe Outlook stories which ran on ICIS news from 23 December 2024 to 3 January 2025. Click on a headline to read the full story. 2025 OUTLOOKS SUMMARY OUTLOOK ’25: Global fertilizer sector braced for a tricky start to 2025 The global fertilizer sector is bracing itself for a bumpy ride moving into 2025 as it starts the year with high operating costs and struggling grain markets, making affordability for farmers and growers a key concern. OUTLOOK ‘25: New production capacity expected to drive the ammonia market in 2025 Ammonia players are expecting more supply to come onstream in 2025 which could support a subdued market. OUTLOOK ‘25: Refining constraints, Dangote disruption, cracker closures to shake Europe naphtha market After a tumultuous 2024, the outlook for the naphtha and gasoline markets in 2025 reflects a complex interplay of supply dynamics, demand fluctuations, and geopolitical factors. OUTLOOK: 2025 will be critical to Europe pyrolysis oil scalability Legislative uncertainty, long commissioning times and macroeconomic headwinds will continue to negatively weigh on European pyrolysis oil market growth and investment decisions in 2025. OUTLOOK '25: Jet fuel demand poised for take-off despite oversupply worries Jet fuel demand in Europe is expected to maintain an upward trajectory in 2025 despite a potential supply glut. However, much will depend on the airline industry's ability to navigate through economic and geopolitical turbulence and its commitment to adopt sustainable aviation fuel (SAF). OUTLOOK ’25: Europe ethanol market could face supply challenges amid demand stability Mixed harvest yields in 2024 lead as one of several supply factors that is likely to shape the European ethanol market in 2025. OUTLOOK ’25: Europe biodiesel to face mixed supply, sluggish blending rates Evolving supply factors are set to meet relatively stable-to-low demand in the European biodiesel market for 2025. OUTLOOK '25: More of the same for Europe ethylene, propylene The best we can hope for is a re-run of 2024, European ethylene and propylene market players say, and there is very little expectation that Europe’s base case demand improves in any meaningful way in 2025. OUTLOOK '25: Europe ethanolamines market 2025 expectations subdued but braced for any supply shocks For 2025, similar underlying demand trends seen in the second half of 2024 are expected to carry across into the first half of 2025 with sentiment to remain broadly subdued. OUTLOOK '25: Europe PE faces triple threat of cost squeeze, overcapacity, longer supply chains European polyethylene (PE) markets face a triple whammy of high local costs, overcapacity globally and the risk of lengthening supply chains at a time when global trade flows are threatened by tariff wars in 2025 OUTLOOK ’25: Economic woes to continue stifling Turkish PE/PP demand Economic concerns continue to dampen demand expectations for Turkish polyethylene (PE) and polypropylene (PP) for the first half of 2025. OUTLOOK '25: Africa PE/PP players expect year of stagnation on oversupplied market Could 2025 finally be the year? A return to healthy polyethylene (PE) and polypropylene (PP) demand across Africa? OUTLOOK ’25: Positive view for European R-LDPE packaging grades, other sectors face tough start Demand for low and high melt flow index (MFI) grades of recycled low density polyethylene (R-LDPE) from the packaging sector will continue to grow in 2025 but construction-related grades may suffer due to low end-use market demand. OUTLOOK '25: Europe R-HDPE packaging/non-packaging divide deepens The fragmentation between packaging and non-packaging grades of Europe recycled high density polyethylene (R-HDPE) is expected to continue in 2025, while consolidation risk across the market remains high – particularly for companies heavily exposed to the construction sector. OUTLOOK '25: Europe R-PP increasingly fragmented by end-use demand Demand for Europe recycled polypropylene (R-PP) has radically diverged by the end-use market across 2024, and this is expected to continue in 2025. OUTLOOK '25: Europe PP players eye pain points from old plants, tariff threats and limp manufacturing 2024 was dominated by supply-driven dynamics and 2025 looks unlikely to be much different for Europe's polypropylene (PP) market. OUTLOOK '25: Europe Mixed plastic waste demand remains driven by mechanical recycling in 2025 Europe mixed plastic waste demand will remain weak for as long as overall industrial production remains limited by macroeconomic headwinds. OUTLOOK ’25: Europe ACN set for another year of confined demand Downstream demand constraints brought on by geopolitics-led macroeconomic challenges are anticipated to persist into 2025 for Europe's acrylonitrile (ACN) market. OUTLOOK ’25: Europe BDO demand pessimism to continue under the gloom of rising capacities in China There is a growing sense of apathy among players in the European butanediol (BDO) market when it comes to discussing demand hopes for 2025 as there are no expectations of an uptick and there is a prevalence of worry ahead of growing capacity in China in an already oversupplied market. OUTLOOK ’25: Europe SBR demand overshadowed by automotive challenges European styrene butadiene rubber (SBR) demand could lift slightly in January on restocking activity, but there are still longer-term concerns over the timeline for recovery of the automotive industry. OUTLOOK '25: Europe ABS and SAN demand to stay weak, imports unclear as ABS ADD investigation begins Demand has been mostly weak throughout 2024 in the Europe acrylonitrile butadiene styrene (ABS) and styrene-acrylonitrile (SAN) markets, as downstream sectors have continued to be impacted by ongoing pressures, and similar is expected to continue into 2025. OUTLOOK ’25: Europe OX market to see little demand recovery despite lower interest rates The European orthoxylene (OX) market is gearing up for 2025 with the expectation of stable-to-slightly firmer downstream demand, in particular from the second quarter onwards. OUTLOOK ’25: Europe PX demand to remain downbeat in H1 2025 amid downstream rationalizations, imports Paraxylene (PX) demand pessimism in Europe is expected to continue in the first half of 2025 due to the rationalization of downstream purified terephthalic acid (PTA) plants in the region. OUTLOOK '25: Europe CX, capro markets face stable, low demand in 2025 The European cyclohexane (CX) and caprolactam (capro) markets face broadly stable but overall weak demand in 2025, as a lack of optimism in key downstream sectors and ongoing challenging macroeconomic conditions hit sentiment. OUTLOOK ’25: Europe MX consumption to remain subdued Downstream requirements for mixed xylenes (MX) in Europe was limited in 2024 and there are similar expectations for 2025. OUTLOOK '25: Europe styrene market squeezed as imports climb, demand feeble The European styrene market is expected to face increased competition and complexity in 2025, requiring players to navigate fragile domestic supply, a bearish and uncertain demand outlook, and rising import volumes. OUTLOOK '25: Europe PS, EPS demand mostly unchanging, potential PS import competition Throughout 2024, the Europe polystyrene (PS) market has faced stable demand at a low level, and expandable polystyrene (EPS) demand has been very weak, as ongoing pressures have continued to impact downstream activity in both markets, and 2025 could be similar. OUTLOOK '25: Europe benzene market limps into 2025 as supply surplus, demand uncertainty prevails The Europe benzene market is expected to see generally sufficient supply in the first half of 2025, with tightness likely only in the Mediterranean region. OUTLOOK '25: Europe toluene supply conditions to be in better shape than demand Consumption of toluene in Europe ended up limited in 2024 with supply in relatively in good condition, with similar views for 2025. OUTLOOK ’25: Europe PET/PTA markets hang by a thread in battle to survive The polyethylene terephthalate (PET) value chain in Europe remains in survival mode as consumption is negatively affected by macroeconomics, while costs and logistics remain challenging. OUTLOOK ’25: Europe R-PET hopes for better year but challenges remain Participants across the European recycled polyethylene terephthalate (R-PET) market are hoping for better demand from Q1 2025 after the Single Use Plastics Directive (SUPD) comes into force in January, but cheap PET, imports of R-PET flake and pellet, and unpredictable consumer spending all pose potential problems. OUTLOOK ’25: European MEG supply more limited at end Q1, demand expectations bearish European monethylene glycol (MEG) supply could be more balanced at the end of the first quarter or beginning of the second on turnarounds, but general concerns surrounding oversupply and slow demand continue to dampen expectations of a sustained market recovery. OUTLOOK '25: Low but steady demand expected in Europe nylon market Europe nylon 6 and nylon 6,6 markets face ongoing low but overall stable demand in 2025, as key downstream markets are in peril from persistently challenging macroeconomic conditions and low end-buyer demand. OUTLOOK 25’: PVC demand may return to growth but unlikely to offset overcapacity The polyvinyl chloride (PVC) market in Europe is likely to see a modest recovery in 2025 after demand weakness in 2024, but this will be offset by excess global capacity and low utilization rates at existing plants. OUTLOOK 25’: Last caustic soda producer to sit down is out 2025 is likely to resemble a high-stakes game of musical chairs for European chlor-alkali producers. OUTLOOK '25: Ample supply for Europe acetic acid and VAM despite import constraints, outages Weak demand was the most significant influence on European acetic acid and derivative vinyl acetate monomer (VAM) conditions throughout 2024. OUTLOOK '25: Europe AA bracing for ‘more of the same’ for 2025 The Europe acrylic acid (AA) market is bracing itself for “more of the same” with the challenges of 2024 set to roll into the New Year. OUTLOOK '25: Europe acrylate esters bracing for continued challenges in 2025 The Europe acrylate ester market is bracing for the challenges of 2024 to continue into 2025, with added geopolitical and economic volatility. OUTLOOK '25: Europe MMA set to see 2024 challenges continue into 2025 The Europe methyl methacrylate (MMA) is bracing itself for the challenges seen in 2024 to continue into the New Year. OUTLOOK '25: Europe PMMA hoping for demand growth, but bracing for stagnant market The Europe polymethyl methacrylate (PMMA) market is bracing for 2025 to be “more of the same” with the challenges of 2024 continuing. OUTLOOK '25: European phenol and acetone markets face demand stagnation and global capacity growth in 2025 Fresh global capacity, low domestic demand, logistics difficulties and volatile feedstocks will all challenge Europe's phenol and acetone markets in 2025. OUTLOOK '25: European refinery solvents to track feedstocks in 2025, demand trends unchanged In 2025, European refinery solvents markets will be pinned to the developments in upstream crude and energy sectors. OUTLOOK ’25: Europe methylene chloride consumption to remain stable in H1 Demand for methylene chloride (MEC) in Europe is projected to stay stable at a low level, as persistent challenges that plagued the market in 2024 are expected to continue in 2025. OUTLOOK '25: Europe EO demand expected to lift slightly in January European ethylene oxide (EO) 2025 discussions largely centred around stable-to-soft agreements, depending on starting point and account, at the end of 2024, even as demand is expected to increase in January. OUTLOOK ’25: Demand stagnates, capacity expands in Europe MPG, PO markets Players in the European mono propylene glycol (MPG) and upstream propylene oxide (PO) markets expect familiar challenges, including oversupply and weak demand, will persist well into 2025. OUTLOOK '25: Europe polyols and isocyanates demand recovery handicapped by sluggish downstream markets The polyols and isocyanates market in Europe is finishing 2024 with lethargic consumption, with 2025 being held back by slow momentum from major end user sectors. OUTLOOK '25: Slow start to 2025 expected in Europe propylene glycol ethers market, no significant supply concerns A subdued start is anticipated in the European market for propylene glycol ethers in 2025. Price changes are expected to continue to be led by availability fluctuations with few anticipating much demand recovery in the first half of the year and potentially beyond. OUTLOOK '25: Europe butyl glycol ethers market set for lacklustre H1 2025, focus remains on availability The outlook for the European butyl glycol (BG) and butyl di-glycol (BdG) market is largely subdued heading into 2025. Despite a spate of planned maintenances scheduled for Q1, there is not significant supply concern in the main. OUTLOOK ’25: Europe BPA market set to navigate various challenges The European bisphenol A (BPA) market is not likely to face an easy ride in terms of demand in 2025, with no sign of any recovery in key end sectors, a few lost outlets structurally and with competition from Asia likely to remain strong. OUTLOOK ’25: MA, PA demand weakness ongoing, H1 supply outlooks differ but Asian reliance growing European maleic anhydride (MA) and phthalic anhydride (PA) markets in Europe will face similar supply-demand dynamics in 2025 to those in 2024, with a challenging macroeconomic environment expected to continue crippling demand for most of the year and complex supply scenarios with difficult logistics continuing. OUTLOOK '25: Europe melamine still in survival mode amid poor demand, high production costs European melamine suppliers remain pressured by high production costs and low margins heading into 2025. OUTLOOK '25: Europe IPA and MEK supply to remain ample despite import constraints, capacity consolidation The European isopropanol (IPA) and methyl ethyl ketone (MEK) markets were defined by muted consumption and ample availability for most of 2024. OUTLOOK '25: Europe ECH supply rather than demand under the spotlight for 2025 Europe epichlorohydrin (ECH) supply rather than demand is likely to be subject to more change in 2025, in view of Westlake’s ECH Pernis plant idling and possible adjusted trade flows in response to various trade defense cases and measures. OUTLOOK ’25: Europe fatty acids, alcohols to grapple with ongoing high feedstock costs in H1 European oleochemicals face another challenging year ahead, with squeezed fatty alcohol supply and improved palm-based fatty acids availability versus elevated feedstock costs. OUTLOOK '25: EU epoxy players on the cusp of a new normal, pending EU AD decision EU Epoxy market players are preparing for a new normal in 2025 and shifts in sourcing strategy, based on expected anti-dumping (AD) duties on Chinese and other Asian product, but the prospect of a recovery remains slim. OUTLOOK ’25: Europe paraffin wax market likely to see minimal demand recovery The forecast for European paraffin wax in 2025 is weak, particularly during the first half. The market is expected to face ongoing challenges like those experienced in 2024. OUTLOOK '25: EU ADD leverage on Chinese TiO2 imports dimmed by weak demand The final EU anti-dumping measures on Chinese TiO2 imports are unlikely to bring any domestic support into 2025, despite profitability struggles in the TiO2 industry, as the underlying demand outlook remains bleak. OUTLOOK ’25: Poland’s Azoty, Orlen face hard yards on journey back to health When in November Poland’s Grupa Azoty fairly leapt at the chance to move into the government-backed production of explosives, it served as a further confirmation of the deep hole Europe’s second largest fertilizer maker finds itself in.

13-Jan-2025

SINGAPORE (ICIS)–Here are the 2025 Asia Outlook stories which ran on ICIS news from 23 December 2024 to 3 January 2025. Click on a headline to read the full story. 2025 OUTLOOKS SUMMARY OUTLOOK '25: Asia naphtha Q1 sentiment upbeat on better demand Asia's naphtha market has rebounded from oversupply and weak demand, with sentiment expected to be lifted higher by gasoline buying interest, refinery maintenance and new cracker startups. OUTLOOK ’25: New C2 capacity in SE Asia may transform landscape While southeast Asian ethylene markets will see – by far – a smaller capacity expansion in 2025 compared to northeast Asia, expansion in the former is already shaping up to be significantly more impactful. INSIGHT: NE Asia C2 oversupply makes for soft landing in 2025 Northeast Asia ethylene markets are facing a wave of new China-led capacities in 2025 that will tip the fundamental scales further into oversupply for the continent. OUTLOOK ‘25: Asia, India brace for potentially more ethanolamines from China Participants in southeast Asia and India are bracing for a potential deluge of Chinese cargoes flowing into their markets in the first quarter of 2025. OUTLOOK ‘25: SE Asia PE to see sluggish start to 2025 as slow demand persists The southeast Asian polyethylene (PE) market is expected to face a sluggish start to the new year, with strong pricing competition and slow demand likely to guide sentiment. OUTLOOK '25: China PE faces surge in domestic capacity, trade challenges Despite expectations for a mild recovery in China's polyethylene (PE) demand in 2025, supported by the country’s stimulus policies, a supply-demand imbalance is likely to exert pressure on both domestic and foreign PE markets. OUTLOOK ‘25: South Asia PE, PP face supply pressure India’s polyethylene (PE) and polypropylene (PP) markets are expected to face sustained pressure amid healthy domestic supply. However, strong domestic demand growth is likely to aid market rebalancing to some extent. OUTLOOK '25: Tourism, plant turnarounds, geopolitics to shape Mideast PP/PE markets Weak market demand and an overall bearish sentiment were prevalent in both the Gulf Cooperation Council (GCC) and East Mediterranean (East Med) polymer markets in Q4 2024. OUTLOOK ’25: Demand for premium rPE, rPP cargoes from Asia to gain support from brands Sustainability targets of major brand owners will continue to lend support to the uptake of high-quality recycled polyolefins with certifications, in 2025. OUTLOOK '25: Asia C3 poised for sustained capacity expansions, increased spot talks Oversupply has been a running theme for the Asian propylene (C3) market for the past few years, as many C3 plants started up in the post-pandemic period while consumer demand struggled to keep up as economic recovery slowed. OUTLOOK ’25: China propylene market may enter a new cycle on fewer new PDH units expected China’s propylene market will continue to see new units come onstream in 2025, and the market may enter a new phase of structural transformation with the new capacities mainly coming from steam crackers and propane dehydrogenation (PDH) units. OUTLOOK ’25: Supply overhang maintains pressure on SE Asia PP market Southeast Asia’s polypropylene (PP) market will continue to see pressure from oversupply, which will lengthen further as new projects in China commence commercial operation. OUTLOOK ’25: China’s PP supply-demand imbalance to intensify, exports to continue China's polypropylene (PP) market is expected to become increasingly imbalanced in 2025, driven by continued export growth and a decline in imports. OUTLOOK '25: China BD supply and demand to increase, exports to balance market In 2025, butadiene (BD) capacity in China will expand and supply tightness in the local market is expected to ease compared with 2024. OUTLOOK ’25: Asia ACN supply growth to outpace demand, margins under pressure The acrylonitrile (ACN) market is likely to face another challenging year for regional producers with oversupply and competition from China to keep the wider Asia market under pressure. OUTLOOK ’25: Asia BDO remains a buyer’s market amid oversupply The Asia 1,4-butanediol (BDO) market is expected to come under even more pressure, with capacities in China still increasing and demand not keeping up with the expansions. OUTLOOK ’25: China BDO to remain mired in supply glut China's supply surplus in 1,4-butanediol (BDO) is expected to extend into 2025 amid a heavy schedule of new capacities – a situation that is likely to see domestic suppliers press for new solutions. OUTLOOK ’25: Asia PBT demand weakness continues, capacities stay idled In 2024, the Asian polybutylene terephthalate (PBT) market saw regional producers facing more competition from China-origin materials due to overcapacity there. OUTLOOK '25: Uneven automotive sector growth weighs on Asia synthetic rubber demand Import demand for various synthetic rubber grades in Asia – from styrene-butadiene-rubber (SBR), polybutadiene rubber (PBR) to acrylonitrile-butadiene-rubber (NBR) – will lean on how recovery and growth of major downstream industries behave. OUTLOOK '25: Asia PX looks to downstream demand growth, gasoline markets The paraxylene (PX) markets in Asia may fare better in 2025 than in 2024 due to capacity expansions in the downstream purified terephthalic acid (PTA) sector amid controlled run rates at PX facilities. OUTLOOK ’25: Asia MX to face persistent headwinds from lackluster derivatives demand The Asia mixed xylenes (MX) market is likely to see an extension of its existing demand struggles and bearish market sentiment going into 2025, with limited significant fundamental upturn expected in the long run. OUTLOOK ’25: Asia SM market focuses on China exports, contract-spot trade-offs For Asia's styrene monomer (SM) market players, the year 2024 was marked by squeezed margins, slow consumption recovery and a gradually transforming trade landscape. OUTLOOK ’25: China styrene expansion slows, all eyes on trade flows The pace of styrene capacity expansion in China is expected to slow in 2025, with only four units being put into operation including Shandong Chambroad Petrochemicals, Shandong Yulong PC, PetroChina Jilin and PetroChina Guangxi. OUTLOOK '25: Asia PS/EPS to see further competition and track SM changes Despite slow global end-consumption recovery for polystyrene (PS) and expandable polystyrene (EPS), Asian suppliers’ margins remained at workable levels, with production adjustment and flexible inventory management in second-half 2024. OUTLOOK '25: Asia benzene to begin new year on upbeat note The benzene markets in Asia are expected to rebound in H1 2025 from the traditional slowdown seen in Q4 2024, on the back demand drivers from both the East and the West. OUTLOOK ’25: China benzene to remain tightly balanced, supply growth to lag demand China's benzene market is expected to remain tightly balanced into 2025 on expectations of a rise in both supply and demand, although supply tightness may ease next year compared with 2024. OUTLOOK ‘25: Asia toluene market gears up for volatility, demand likely modest Asia toluene markets are bracing for a challenging trading environment, amid anticipated moderate demand in the first half of 2025 and increased supply. OUTLOOK ’25: China toluene seeks export opportunities amid subsiding gasoline demand The average price of China toluene during January-November 2024 fell by around 4% compared to the full-year average in 2023, according to ICIS data. OUTLOOK '25: Asia PET capacity additions to slow; trade flow shift continues Asia’s polyethylene terephthalate (PET) new capacity expansions are expected to slow down in 2025, while the global trade flow may shift further with more trade restrictions against Chinese exports. OUTLOOK '25: Asia PTA supply growth to outstrip demand, margins under pressure The purified terephthalic acid (PTA) market is expected to face a challenging year in 2025, with further expansion in supply, while demand is likely unable to catch up with the supply growth. OUTLOOK ’25: China PTA supply glut to increase despite slowing capacity expansion The capacity growth of China’s purified terephthalic acid (PTA) is expected to slow to about 8.3 million tonnes/year in 2025, down from 11.25 million tonnes/year in 2023. The 2024 capacity addition of 7.2 million tonnes/year was also lower than the 2023 level. OUTLOOK ‘25: China MEG market to see limited new capacities, slowing demand growth Planned new China monoethylene glycol (MEG) capacity for 2025 is still relatively limited, and fundamentals may not exert significant pressure, providing some support to the MEG market. OUTLOOK ’25: China DEG supply remains high, cautious outlook for demand Despite a lack of new capacity, domestic diethylene glycol (DEG) output still rose sharply in 2024 driven by improved co-product monoethylene glycol (MEG) margins. OUTLOOK '25: China’s capro self-sufficiency reshapes Asia trade The caprolactam (capro) market in the Asia-Pacific region in 2024 saw China achieve self-sufficiency as it shifted its trade status from a net importer to a net exporter. China looks to solidify its position as a key exporter in the region with an additional 600,000 tonnes/year of capro capacity to come online in 2025. OUTLOOK '25: China strengthens position in Asia-Pacific nylon trade The Asia-Pacific nylon market in 2024 saw demand grow largely in the Chinese domestic market due to increased demand for industrial plastics. OUTLOOK ’25: China caps ACN run rates, looks to increase exports The supply of acrylonitrile (ACN) in China's domestic market is expected to increase significantly in 2025, especially because Sinopec Zhenhai Refining & Chemical (ZRCC) and Sinochem Quanzhou are due to start up new units in the first half of the year. OUTLOOK ’25: Asia EDC suppliers to focus on contractual commitments amid suppressed demand Asia's ethylene dichloride (EDC) spot market is expected to remain structurally thin into 2025 due to lackluster downstream performance. OUTLOOK ’25: Mideast PVC trade shifts expected amid India ADDs, China supply growth Polyvinyl chloride (PVC) supply is expected to improve in the coming year with new capacities to the tune of 2 million tonnes slated to come online in China. OUTLOOK ’25: Asia caustic soda demand growth likely to be uneven Asia’s caustic soda spot market holds an optimistic demand outlook for certain markets, but players acknowledge that difficulties remain as market players head into 2025. OUTLOOK '25: Producers tweak Asia VAM plants as China supply-demand rebalances Tightening supply is expected to support vinyl acetate monomer (VAM) spot prices in Asia amid differing downstream demand outlooks for China and other major Asia markets. OUTLOOK ’25: Asia MMA trade flows shift significantly The winds of change are blowing hard for the methyl methacrylate (MMA) industry in Asia, with market players having witnessed significant shifts in trade flows and price influences in 2024. OUTLOOK ’25: China MMA to face export opportunities amid capacity changes worldwide Global supply and demand growth for methyl methacrylate (MMA) is expected to be roughly balanced in 2025, with capacity growth mainly concentrated in China and the US. OUTLOOK '25: New capacity to weigh on Asia phenol/acetone market Asia’s phenol/acetone to feedstock spread may remain in the negative territory for the fourth consecutive year amid new capacities and a gloomy demand outlook even as the industry undergoes capacity consolidation. OUTLOOK ’25: China phenol to face persistent supply-demand challenges China’s phenol capacity will continue to expand in 2025, but this will meet limited demand increases due to downstream margin pressure. OUTLOOK '25: China's acetone market to see increases in both supply and demand In 2025, both supply and demand for acetone in China are expected to increase, but there are market concerns that issues in some downstream sectors may limit the actual demand growth. OUTLOOK '25: China to dominate growth of Asia EVA supply, demand 2024 marked the year that China shifted to lower imports of ethylene vinyl acetate (EVA), and 2025 is set to see capacity additions in China increasingly meet demand growth – mainly from the downstream photovoltaics (PV) sector. OUTLOOK ’25: Asia PO imports demand likely to weaken further Asia’s propylene oxide (PO) import markets are likely to face further weakening in demand in 2025, with supply in China set to lengthen. OUTLOOK’25: China PO market faces challenge of oversupply China's propylene oxide (PO) capacity is expected to continue to grow in 2025 even as downstream capacity expands. Players largely hold the view oversupply will continue. OUTLOOK ’25: Asia polyols demand outlook mixed but pessimism dominant Demand in the Asian region for slabstock polyether polyols is expected to be flat for the first half of 2025, with the outlook for H2 hazy but largely pessimistic. OUTLOOK '25: Middle East polyols face supply pressures The Middle East polyols markets are expected to remain under pressure in 2025 due to persistent excess supply, relatively weak demand, and ongoing supply chain disruptions. These challenges are compounded by the addition of new polyols and propylene oxide (PO) capacities, macroeconomic uncertainties, and the volatility of upstream feedstock markets. OUTLOOK ’25: Asia isocyanates demand likely hampered, supply lengthy Asian import markets of methylene diphenyl diisocyanate (MDI) and toluene diioscyanate (TDI) are set to face lengthy supply in 2025, and the downstream sectors are likely to continue facing headwinds. OUTLOOK '25: Middle East isocyanates face demand, freight challenges In 2024, the isocyanates market in the Middle East experienced significant disruptions in shipping and supply chains due to a prolonged regional conflict. Despite these challenges, imports of polymeric methylene diphenyl diisocyanate (PMDI) increased year on year, while export volumes remained steady. Toluene diisocyanate (TDI) trade volumes were largely stable across both imports and exports. OUTLOOK '25: Asian PC market downturn to persist Asia's polycarbonate (PC) market is expected to remain downbeat in the next quarter as import demand is anticipated to be subdued but supplies will stay persistently high. OUTLOOK ’25: Asia's bisphenol A market faces challenges in 2025 Asia’s bisphenol A (BPA) market will remain hampered by ample supplies and weak demand through the first quarter of 2025 as trade wars impact exports of countries involved in the conflict and further erode consumer confidence. OUTLOOK ’25: China BPA capacity to expand further, export outlets sought New Chinese bisphenol A (BPA) capacities are expected to come into operation in 2025, which may reduce the country’s reliance on imports and help China turn into a major exporter to broader Asia. OUTLOOK ’25: Asia’s MA demand anticipated to pick up in Q1 on stimulus measures Asia’s maleic anhydride (MA) demand is expected to strengthen in early 2025 on restocking ahead of the Lunar New Year holidays. China’s planned economic stimulus measures to boost its domestic economy is likely to lend positive support to MA demand. OUTLOOK ’25: SE Asia to drive phthalic anhydride demand in early 2025 Sellers of lower priced Chinese origin phthalic anhydride (PA) material are expected to focus on southeast Asia post Lunar New Year, where demand is expected to remain firm in the first quarter of 2025. OUTLOOK '25: China plasticizers demand to remain subdued amid ample domestic supplyChina's import market for plasticizers will likely continue to see thin trade in 2025, as demand for imports has steadily dwindled amid ample domestic supplies. OUTLOOK ’25: China 2-EH to face supply-demand headwinds in Q1 China's 2-ethyl hexanol (2-EH) market will face a challenging year in 2025, particularly in the first quarter, as a result of more ample supply and uncertainty in downstream demand. OUTLOOK '25: Asia to become net MIBK exporter in new year An excess methyl isobutyl ketone (MIBK) capacity emerging in Asia has dampened spot prices in the region and widened the arbitrage for trade across the Atlantic heading into 2025. OUTLOOK ’25: Asia acetic acid supply glut to balloon on capacity expansion Asia acetic acid supply is likely to outstrip demand on the back of China’s significant capacity growth into 2025, prompting producers to review regional plant run rates and supply contracts. OUTLOOK ‘25: China acetic acid to rely on cost support amid supply growth While China’s acetic acid market experienced fluctuations in 2024 , the mismatch in the growth of upstream and downstream capacities allowed acetic acid suppliers to maintain relatively healthy margins for most of the time. OUTLOOK ’25: China acrylic acid supply to rise, exports and run rates monitored China’s acrylic acid market is expected to see increasing supply in 2025 due to start-ups of new plants, and participants may turn their attention to the export market in the face of weak growth potential in domestic demand. OUTLOOK '25: China NBA supply to remain limited, demand to pick up in Q1 China’s domestic n-butanol (NBA) supply may remain tight in the first quarter of 2025, due to no unit start-up plans, multiple scheduled maintenance outages and low import volumes, while the launch of new downstream capacities may boost demand. OUTLOOK ’25: Lack of demand outlets may limit growth for Asia adipic acid Asia’s adipic acid markets have been through a tough 2024 on both demand and supply fronts. OUTLOOK ’25: Asia LAB remains stagnant, continues to underperform mid-cut fatty alcohols The Asia linear alkylbenzene (LAB) market remained mostly flat in the fourth quarter of 2024, and the malaise in the market looks set to continue into 2025. OUTLOOK '25: Asia ABS, SAN to start year on upbeat note The acrylonitrile-butadiene-styrene (ABS) and styrene acrylonitrile (SAN) markets in Asia are expected to start the new year on an upbeat note after festivity-driven trades, amid caution about possible tariffs on exports to the US. OUTLOOK ’25: Asia melamine demand could gain momentum, H2 '25 capacity additions monitored Asia’s melamine market could see some support in early 2025 from improving demand in China’s export market as buyers replenish inventories ahead of the Lunar New Year at end-January. OUTLOOK ‘25: Asia IPA margin pressure to persist amid new capacity Isopropanol (IPA) makers in Asia are bracing for a challenging start to 2025 as production margins remain poor and upcoming new capacity in China could disrupt market balance. OUTLOOK ‘25: Asia MEK tight supply may ease; cost pressure to persist Asia’s methyl ethyl ketone (MEK) markets gleaned support from tightened China supply in H2 December. OUTLOOK '25: Asia glycol ethers face demand headwinds, BG may tighten in Q2 The butyl glycol (BG) markets in Asia could see ample supply against a backdrop of tepid demand in Q1 2025, but supply could tighten in Q2. OUTLOOK '25: Asia ECH, LER oversupply to endure, ADD investigations to shape trade flows Asia's epichlorohydrin (ECH) and liquid epoxy resins (LER) markets will continue to grapple with regional oversupply, while antidumping duty (ADD) investigations of Asian LER makers in the US and Europe will shape trade flows. OUTLOOK ’25: Asia fatty acids demand to remain tepid in Q1 on upstream oil palm volatility Asia’s fatty acids demand for the first quarter of 2025 is expected to be tepid, due to volatility in the upstream oil palm complex and weak consumer confidence. OUTLOOK ’25: Volatile feedstock to weigh on Asia fatty alcohol mid-cuts in Q1 Buyers and sellers of fatty alcohols mid-cuts in Asia are expected to tussle over the market’s trajectory in the first quarter of 2025 amid volatile feedstock palm kernel oil (PKO) prices. OUTLOOK ’25: Asia glycerine Q1 supply may rise on Indonesia mandate Asia’s glycerine supply may increase in the first quarter of 2025 as Indonesia is poised to increase its biodiesel mandate to B40 in January 2025, up from B35 in 2024. OUTLOOK '25: Asia soap noodles demand tepid in Q1 on upstream volatility Asia’s soap noodles demand is likely to remain tepid in the first quarter of 2025 amid expected continued volatility in upstream crude palm oil (CPO) and palm kernel oil (PKO) markets. OUTLOOK ’25: Asia FAE demand to remain tepid in Q1 amid squeezed margins Asia’s demand for fatty alcohol ethoxylates (FAE) is likely to remain stable in the first quarter of 2025, but spot offers may be revised up due to squeezed margins. OUTLOOK ‘25: Asia Group II/III base oils supply to rise, demand to improve from March An increase in the supply of Asia Group II base oils is expected to gain traction from around mid-2025, with supply of heavy grade 500/600N likely to remain relatively tighter than that of light grade 150N. OUTLOOK '25: Asia Group I base oils to navigate supply tightness Entering into 2025, structural supply tightness of Group I base oils will remain the key market driver.  Where substitution is more likely, such as for SN150 and SN500, price dynamics will also depend on supply length for Group II 150N and 500N. On the other hand, brightstock availability will be a challenge amid supply disruptions in 2025. OUTLOOK ’25: China base oils demand unlikely to rebound sharply; imports to fall further Overall demand for base oils in China is unlikely to improve significantly in 2025, because the domestic economy will still face challenges. Base oils imports have been in a downtrend since 2020, and the market share of domestically produced cargoes has been continuously rising, which will extend into 2025. OUTLOOK '25: Asia's oxo-alcohols market braces for oversupply, squeezed margins Asia's oxo-alcohols spot markets are poised for a rocky year ahead due to oversupply and weak derivative margins, while a large buy-sell gap between Chinese buyers and Asian exporters will likely lead to more merchant volumes. OUTLOOK ’25: Asia AA, acrylates to see increased competition, slow demand growth The Asia glacial acrylic acid (AA) and acrylates market is going to see capacity expanding at a faster pace in 2025 than the expected demand growth in Asia. OUTLOOK ‘25: Asia etac, butac demand skewed towards conservative in H1 2025 Asia ethyl acetate (etac) and butyl acetate (butac) markets are bracing for a challenging demand landscape over the first half of 2025, factoring in supply length and macroeconomic concerns. OUTLOOK '25: Asia chemical freight unlikely to stir in Q1 2025 The chemical tanker market in Asia is expected to soften into Q1 2025, with lackluster demand persisting amid a likely warmer winter in the northern hemisphere. OUTLOOK '25: Asia methanol demand still uncertain amid new capacities The outlook for methanol in Asia continues to be uncertain, with factors such as additional capacity, seasonal gas issues and upcoming downstream demand expected to play a role in this. OUTLOOK ’25: China’s methanol demand growth may outpace supply increase amid slowing expansion China’s methanol market may remain balanced to tight in the first half of 2025, as supply increase may fall behind demand growth, but domestic and overseas supply are expected to sustain modest growth. OUTLOOK ’25: Asia MTBE demand to depend on gasoline, China’s oversupply remains The outlook for Asian methyl tertiary butyl ether (MTBE) remains uncertain, with factors such as added supply in China, volatility in crude prices and demand for gasoline expected to impact market movements in the coming months. OUTLOOK ’25: China MTBE supply-demand imbalance to intensify, exports remain key More capacity expansions and a lack of growth in gasoline blending amid sluggish domestic gasoline demand will keep methyl tertiary butyl ether (MTBE) producers in China under heavy pressure to maintain domestic sales in 2025, with exports still their main area for growth momentum. OUTLOOK ‘25: China titanium dioxide makers poised for challenges ahead Players in Asia’s spot titanium dioxide (TiO2) market are set to start the new year with two big questions.

13-Jan-2025

HOUSTON (ICIS)–A startup company expects demand for carbon dioxide (CO2) from enhanced oil recovery and other uses could exceed supplies of the gas, opening an opportunity for the firm's carbon-capture units, which forego solvents to capture the gas from the atmosphere. Enhanced oil recovery (EOR) in the US consumed 1.9 billion cubic feet/day of CO2 in 2022 to produce 245,000 bbl/day of crude, according to the consultancy Advanced Resources International, implying that each barrel required 7,755 cubic feet or 2.5 tonnes of CO2. The start-up company, Carbon Capture & Commercialization, expects a shortage of CO2 given its use in oil production and depletion from natural reservoirs. Companies like Occidental Petroleum are already turning to direct air capture (DAC) to secure supplies of the gas for EOR. Carbon Capture estimates that its units will be able to capture CO2 from the atmosphere at a cost of $100/tonne. The company does not plan on operating the units and selling the CO2, said Sam Adams, managing director at Carbon Capture. He talked about the company in an interview with ICIS. Instead, Carbon Capture intends to sell or lease the units and leave the business of capturing CO2 to another company. THE CO2 SHORTAGECarbon Capture is betting that US oil producers will require new sources of CO2 to replace supplies from natural underground reservoirs. Natural sources accounted for more than three-quarters of the CO2 used in enhanced oil recovery in 2022, according to the consultancy Advanced Resources International. The following shows the principal natural reservoirs that supply CO2 for EOR: McElmo Dome in Colorado state. Jackson Dome in Mississippi state. Bravo Dome in New Mexico state. Doe Canyon in Colorado state. Sheep Mountain in Colorado state. Source: Advanced Resources International Kinder Morgan says it is the largest CO2 transporter in North America, with shipments of 1.5 billion cubic feet/day. Other large players in the CO2 market include ExxonMobil, which increased its role with the 2023 acquisition of Denbury, and Occidental Petroleum. Occidental Petroleum has already realized that it would run out of CO2 if it wanted to develop an additional 2 billion bbl of oil in the Permian basin, CEO Vicki Hollub said in 2022 at the CERAWeek by S&P Global energy conference. That impending shortage is what initially compelled Occidental to pursue direct air capture. Developing more natural sources was not worth the cost, according to Hollub. Other oil and gas producers could face the same constraints in the next few decades, according to Global Energy Monitor, a non-profit organization that monitors energy projects with the intent to promote decarbonization. It said most estimates point to the US running out of natural CO2 by mid-century. Before such shortages take place, oil producers will need to operate wells that could benefit from EOR. Developing new reservoirs of natural CO2 will need to be prohibitively expensive. And other sources of CO2, such as natural gas processing plants or ethanol plants, will need to be insufficient to meet demand. OTHER MARKETS FOR CO2While EOR is the most significant market for CO2, it is not the only one. Concrete is another one as well as older buildings, said Adams of Carbon Capture. Many of these older buildings will be unable to meet new greenhouse gas regulations without prohibitively expensive upgrades. Modular carbon-capture units could allow these buildings to satisfy regulations, including those mandating net-zero CO2 emissions. Carbon Capture cited also greenhouses. Some polyols are made with CO2, and other CO2-based products could become commercialized if producers could secure a pure, low-cost and reliable source of the gas. If algae-based chemical and fuel production ever reaches a large enough scale, these operations could require CO2. If fertilizer producers want to convert green ammonia into urea, they will need a source of CO2. If e-fuels and e-chemicals take off, these would require a source of CO2 to react with green hydrogen. Cold storage and carbonation in the food and beverage market are well established markets, although they would require food-grade CO2. CO2'S JOURNEY FROM TRASH TO TREASURETo speed up CO2's transition into a commodity, production costs will have to decline. The current ethanolamines-based process used in carbon capture is not cheap because of the costs involved in releasing the CO2 from the solvents, Adams said. Those carbon-capture costs can be $900/tonne, according to Adams. The World Economic Forum (WEF) places the cost of direct air capture at $600-1,000/tonne. That compares with $100/tonne that Carbon Capture expects that it can achieve with its technology. CCC DITCHES SOLVENTS FOR GRAPHENE INKCarbon Capture's technology is avoiding the costs inherent in solvent-based DAC by relying on ceramic beads coated with plasma-functionalized graphene ink, Adams said. When it is time to release the CO2, a current is passed over a stack of the beads, heating them to 100-120 degrees Celsius, Adams said. It can take up to an hour to regenerate the beads and release the captured CO2. In all, the system consumes 100kWh/tonne of CO2, Adams said. So far, the company's beads have gone through 20 regeneration cycles without any significant degradation, Adams said. However, the graphene-based ink will degrade if it is overheated, and that limits how many watts can go through a single system and how large that system can be. Larger systems take longer to regenerate. To work around this constraint, Carbon Capture installs the systems in shipping containers that are up to 40 feet, according to Adams. A 40-foot unit could capture 1,500 tonnes/year in an urban setting. At full production, that could reach 1,800-1,850 tonnes/year. Regeneration times take 45-60 minutes for a 40-foot container. The ceramic beads would be contained in a cartridge, Adams said. These can be collected from the units and shipped to a central location, where the beads could be regenerated and the CO2 is extracted. WORKING ON SERIES A FUNDINGThese are still early days for Carbon Capture's technology. The company is working on starting its Series A funding, with an initial tranche of $2 million, Adams said. If Carbon Capture can close that first tranche, it could develop a pilot plant in the subsequent six to nine months. The company does have a prototype, and Adams uses technology readiness levels (TRL) to measure the technology's. On a scale from 1 to 9, the carbon capture capabilities are at TRL7, while the release is at TRL3, he said. Still, Carbon Capture's thesis for future commodity market for CO2 holds true, then the oil industry will need to find a source for the gas if it intends to continue EOR. The future of carbon capture could depend on continued oil production. Insight by Al Greenwood

02-Jan-2025

SINGAPORE (ICIS)–Oversupply and higher freight costs are driving down petrochemicals demand in India, with trades likely to remain subdued after the Diwali holidays. Prolonged monsoon season hurt pre-Diwali demand Seasonal demand lull begins mid-November US election worries weigh on Indian rupee Demand traditionally picks up post-Diwali but a prolonged monsoon season, coupled with ample inventories, has led to a lack of import demand which is unlikely to change for the rest of the year. India was on holiday on 31 October to 1 November for Diwali or the Hindu festival of lights. Sentiment among market players was mixed, with some hopeful that post-holiday demand will pick up in certain products like polyvinyl chloride (PVC) ahead of implementation of import certification deadline under the Bureau of Indian Standards on 24 December. Demand lull typically sets in after the holiday, particularly for the pharmaceutical and manufacturing sectors, until end-November, when operations are ramped up in preparation for the summer holidays – between May and August. Overall production in the south Asian country typically increases along with demand in the January-March period – India’s fiscal Q4. For isopropanol (IPA), India’s import demand will be dented by antidumping duties (ADDs) imposed on Chinese cargoes. In the ethanolamines and acrylonitrile butadiene styrene (ABS) markets, domestic supplies remains ample, with post-Diwali demand likely to remain soft. India is a major importer of Chinese petrochemicals. It has been adopting protectionist measures against Chinese exports amid an oversupply in the world’s second-largest economy, whose own domestic demand is weak. US ELECTIONS A CONCERN India's economy is slowing down, causing the rupee (Rs) to depreciate, with petrochemical import discussions scant amid ample inventories. A weaker currency makes imports expensive. The rupee plummeted to a near-record low of Rs84.075 against the US dollar on 31 October, partly on uncertainties over the US elections results. The Reserve Bank of India (RBI) had intervened to limit the rupee’s fall, selling US dollars to stem the loss and allowing it to climb back from a record low of Rs83.79, according to newswire agency Reuters. At 05:08 GMT, the rupee was trading at Rs84.03 against the US dollar. There are concerns that intra-Asian exports by China would increase on the possibility of further US punitive tariffs on Chinese products if Donald Trump was elected a second time as US president. His administration in 2017-2021 kicked off the US-China trade war in 2018. Trump is running under the Republican ticket against Democrat Kamala Harris in the US elections, which will be held on 5 November 2024. Focus article by Jonathan Yee Additional reporting by Veena Pathare, Clive Ong, Angeline Soh, Aswin Kondapally, Hwee Hwee Tan and Pearl Bantillo

04-Nov-2024

SINGAPORE (ICIS)–China has extended its antidumping duties (ADD) on imports of ethanolamines from four countries, for another five years from 30 October. The extension was necessary to prevent potential dumping activities from damaging the country's domestic industries, China's Ministry of Commerce said on 29 October 2024. China's ADDs on ethanolamines from the US, Saudi Arabia, Malaysia and Thailand first came into effect on 29 October 2018. The ADD quantum remains unchanged as below: Country Company ADD rates US The Dow Chemical Company 76.0% US INEOS Americas LLC 97.1% US Huntsman Petrochemical LLC 97.1% US All Others 97.1% Saudi Arabia Saudi Basic Industries Corporation 10.1% Saudi Arabia All Others 27.9% Malaysia PETRONAS CHEMICAL DERIVATIVES SDN BHD/ PETRONAS CHEMICALS MARKETING(LABUAN) LTD 18.3% Malaysia All Others 20.3% Thailand TOC GLYCOL COMPANY LIMITED 37.6% Thailand All Others 37.6% In late October 2023, when the ADD period was due to expire, the ministry announced that it would conduct a year-long review following requests by Chinese participants. (adds table, with recasts throughout) Thumbnail image: At a container terminal at Nantong port in Jiangsu province in east China on 19 October 2024.(Xinhua/Shutterstock)

30-Oct-2024

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 11 October. Vietnam Q3 economy grows 7.4% despite heavy typhoon losses By Nurluqman Suratman 07-Oct-24 14:16 SINGAPORE (ICIS)–Vietnam’s economy expanded by 7.4% year on year in the third quarter despite hefty losses from Typhoon Yagi, with growth marking its strongest in two years on robust exports. PODCAST: UAE base oils may see higher Q4 imports; US Group II offers keenly awaited By Damini Dabholkar 07-Oct-24 14:29 SINGAPORE (ICIS)–The base oils market in UAE is likely to see an uptick in demand in the fourth quarter, with the impact of escalating tensions in the region on crude prices and Group I supply from Iran closely monitored in the weeks ahead. Asia MMA import trade to stay subdued amid weak buyer confidence By Jasmine Khoo 09-Oct-24 13:18 SINGAPORE (ICIS)–The methyl methacrylate (MMA) spot trade in Asia is likely to stay curtailed in the near term. China ethanolamines dull post holidays while SE Asia and India struggle By Clive Ong 10-Oct-24 15:13 SINGAPORE (ICIS)–The ethanolamines market in China remained slow after the country’s Golden Week holidays. Demand remained tepid while domestic prices held steady. S Korea's Hyundai Motor seeks to raise $3.3 billion from India IPO By Nurluqman Suratman 10-Oct-24 16:40 SINGAPORE (ICIS)–Hyundai Motor's subsidiary in India is seeking to raise up to won (W) 4.4 trillion ($3.3 billion) through an initial public offering (IPO) on 15 October. China Sept petrochemicals weaken; Oct demand pick-up unlikely By Yvonne Shi 11-Oct-24 12:25 SINGAPORE (ICIS)–Falling costs of crude oil and weaker-than-expected seasonal end-demand caused China's domestic petrochemical markets to weaken in September, with players expecting the current supply-demand imbalance to persist for the rest of the year. S Korea central bank cuts key interest rate to 3.25% amid slowing inflation By Jonathan Yee 11-Oct-24 17:33 SINGAPORE (ICIS)–South Korea's central bank on Friday lowered its benchmark interest rate by 25 basis points to 3.25% after holding rates for nearly two years, seeking to revitalize the economy amid moderating inflation.

14-Oct-2024

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 9 August. Europe propylene glycol ethers market to focus on imports until year end A balanced propylene glycol ethers market in Europe is widely expected to continue for the remainder of the year with the focus to remain heavily on changes in supply. Supply changes to drive European ethanolamines market into the autumn Supply changes are expected to remain the driving force in the European ethanolamines market for the remainder of the year. Europe ACN market to see seasonal demand shift in H2 2024 Evolving geopolitics-led supply chain developments and the macroeconomic picture will dominate changes to supply and demand in the European acrylonitrile (ACN) market in H2 2024. Europe methanol run rates to remain low to counterbalance demand European methanol demand is likely to remain stable in the second half of 2024, with limited recovery in derivative markets expected. Europe chems stocks tumble amid global sell-off on US economic fears Chemical stocks in Europe slumped in early trading on Monday after a market rout in Asia following bearish US economic data at the end of last week prompted fears of a slowdown.

12-Aug-2024