Mixed plastic waste and pyrolysis oil

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Gain a transparent view of the opaque mixed plastic waste and pyrolysis oil markets in Europe. With the growth of chemical recycling in Europe, competition for mixed plastic waste feedstock is intensifying. Pyrolysis-based plants targeting mixed plastic waste (with a focus on polyolefins) as feedstock account for ~60% (2023) of all operating chemical recycling capacity in Europe.

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Pyrolysis oil pricing includes naphtha substitute, non-upgraded and tyre derived grades.
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Mixed plastic waste and pyrolysis oil news

Brazil’s chemicals importers mobilize against tariffs hike proposed by producers

SAO PAULO (ICIS)–Brazil’s importers of chemicals are lobbying the cabinet not to implement the hikes to import tariffs proposed by the country’s producers, represented by trade group Abiquim. Brazil’s Chamber of Foreign Commerce (Camex), a body under the government’s umbrella, concluded on 30 April a public consultation about import tariffs on chemicals. In it, Abiquim presented more than 60 proposals to hike import tariffs, while individual companies presented dozens more. In total, the proposals contemplate hikes in import tariffs in more than 100 products, most of them to be raised from 12.6% to 20%. Some proposals, however, aim to raise some import tariffs from 9% to 35%. A decision by Camex is expected in coming weeks. IMPORTERS MOBILIZEA key actor lobbying against the tariff hikes is Brazil’s plastics transformers trade group Abiplast, who benefit from imports into the country. Abiquim often describes those imports as coming into Brazil at “depredatory prices” which are putting some national production chains at risk due to unfair competition. China’s overcapacities continue casting a shadow in the global chemical industry, and Latin America’s historical trade deficit in the sector makes the region the perfect ground for Chinese producers to send their product, at times below costs of production. On the other hand, Abiplast and consumer groups have said a hike in import tariffs would only increase prices for consumers and industrial players alike and would only benefit Brazil’s chemicals producers. “There should be no increase in import tariffs as this is not a viable solution at this moment, nor at any time in the future. An increase would result in direct increases in prices in the Brazilian market,” said to ICIS a spokesperson for the trade group. Earlier in May, sources in Brazil’s chemicals sector said to ICIS it would be unwise to hike import tariffs right now, as the country reels from severe flooding in Rio Grande do Sul, which has a strong plastics sector, and when more imports may be needed. The floods have brought the state’s industrial fabric to a standstill, although the petrochemicals hub of Triunfo, near Porto Alegre, restarted in mid-May albeit at a slow pace as infrastructure in the state is still heavily disrupted. Abiquim, however, remains unrelentless in its request for fast action, arguing that the restart at Triunfo, with Brazil’s polymers major Braskem leading the way, will be enough to guarantee supply, without the need for more imports. Braskem has a commanding voice in Abiquim. “We don’t agree [with any pause in the hike, if finally approved, because of the floods’ effect]. Braskem resumed operations last week and, furthermore, the high level of predatory imports [in past months] mean that resin producing companies had sufficient stocks to supply the market,” said to ICIS a spokesperson at the trade group. Abiquim is hopeful it will gain the day. His lobbying to the government has gone as high as President Luiz Inacio Lula da Silva, with whom the trade group and a few chemicals producers met last week in Brasilia to make their case for the import tariffs hike. Lula’s center-left cabinet has been since the start more friendly towards chemicals producers than his predecessor Jair Bolsonaro, who favored a more free-market line. In 2023, the cabinet hiked import tariffs for several polymers twice, and reintroduced a tax break for chemicals called REIQ. Lula’s Workers’ Party (PT) main constituency is industrial workers, to whom the President promised during the electoral campaign to create more and better paid industrial jobs. Propping up domestic chemicals production would fall within that line of action. However, after Lula’s meeting with Abiquim, the backlash followed. According to a report by Brazilian daily Valor, Abiplast and 15 other trade groups have requested their own meeting with the President, hoping to stop the proposed increases in import tariffs. Among others, the groups opposing the hike include those representing sectors such as personal care, cleaning products, rubber articles, non-woven fabrics, paints, mattresses, toys, electronics, pharmaceutical products, food, polyolefin fibers, fabrics and clothing, footwear and civil construction. The groups said they were aiming to show to the President the “importance of tariff balance in maintaining industrial activities” in Brazil. BIG (AND CLOSED) CHEMICALS SECTORBrazil’s chemicals demand has always surpassed domestic supply, and around half of the country’s needs are covered by imports. That has been the case in the past few years. What has made the past year extraordinary is China dumping its product in Latin America, depressing prices – and margins for local producers. The fact that a 215-million market such as Brazil has not developed a bigger chemicals industry is surprising. Moreover, the country produces mostly commodity chemicals, which are to suffer from global downturns more than the higher-margin specialized grades. A source at Brazil’s chemicals industry, who deals with Braskem on a regular basis, was not impressed with Abiquim or Braskem’s strong stance in favor of higher tariffs. The source said it preferred to remain anonymous because “creating animosity by going against” the company’s position could put its business relationship at risk. “This [request for higher tariffs] is the cry of business mediocrity, which sees import restrictions as the solution to its productivity and technology problems. A country must not be built on protectionism but on investment in technology, productive capacity, creativity, and scale,” said the source. “Brazil's political class has never prioritized competition as a source of development. Businessmen want to be alone in their businesses and the Federal Government wants to keep only Petrobras [in the crude oil sector] as a form of political financing.” Petrobras is the state-owned energy major, which holds a commanding position in the market despite other foreign players having some licenses to explore for and produce crude oil. The source added that when import tariffs are hiked generally, for all foreign potential exporters to Brazil, that is very different to potential anti-dumping duties (ADDs) imposed against a certain country – in this case, potentially China. “If the request was about ADDs on China’s product, this would be reasonable. But Abiquim and Braskem's request for hikes in import tariffs will affect all imports and this is not correct … We need more competition, not less. With more competition, some companies would have to close their doors indeed," it said. “Other companies, however, those which are more efficient, intelligent and audacious, would grow. Competition is always good and bringing foreign companies to compete in the local market would be interesting. Whenever and invariably private companies need the government to survive, there is a decrease in productivity and investments in new technologies.” However, the government’s ears are so open to chemicals producers’ demands that, on top of two import tariffs hikes in 2023 and the reintroduction of REIQ, earlier this year the cabinet announced the imposition of ADDs on US’ polypropylene (PP). The measure was taken even though PP imports into Brazil only represented 5% of the total in 2023 – 26,000 tonnes out of nearly 510,000 tonnes. Braskem is Brazil’s sole producer of PP as well as polyethylene (PE), the two mostly widely used polymers. A second source in the Brazilian chemicals distribution sector said the import tariff hikes could benefit all parts of the chain – apart from producers, distributors and transformers as well – but only if all players rise prices in line with the increase in the import tariffs. “If the tariffs are finally hiked, it could represent a problem for us at first if Braskem lowers its prices, for instance – my product acquired pre-import tariff hike would be more expensive and I would have difficulty placing it in the market,” said the distribution source. “If Braskem does not lower its prices immediately, I would be able to maintain my prices. But if prices drop, I would be facing higher costs and lower selling prices: my margins would be greatly squeezed.” Focus article by Jonathan Lopez Additional reporting by Bruno Menini

28-May-2024

Midstream consolidation continues as US Energy Transfer makes $3.25 billion deal

HOUSTON (ICIS)–Energy Transfer plans to acquire WTG Midstream for $3.25 billion, the latest deal in an ongoing consolidation of the industry that provides feedstocks to chemical plants. Energy Transfer is acquiring WTG from affiliates of Stonepeak, the Davis Estate and Diamondback Energy, it said on Tuesday. The deal should close in Q3 2024. The deal includes eight natural gas processing plants that have a total capacity of 1.3 billion cubic feet/day. Two additional plants are under construction that will add another 400 million cubic feet/day of capacity, with the first starting up in Q3 2024 and the second in Q3 2025. Natural gas processing plants extract ethane and other natural gas liquids (NGLs) from raw gas produced from oil and gas wells. The NGLs are then shipped to fractionators which extract the individual products. Ethane and other NGLs are the main feedstock that US crackers use to make ethylene. The deal also includes a 20% stake in the Belvieu Alternative Natural Gas Liquid (BANGL) pipeline. The BANGL will stretch for 425 miles (683 km) and will have an initial capacity of 125,000 barrels/day, expandable to more than 300,000 barrels/day. It will connect the Permian basin to the fractionation hub in Sweeny, Texas, on the Gulf Coast. The pipeline could be completed in H1 2025. Other partners in the pipeline include MPLX and Rattler Midstream, a company formed by Diamondback Energy. SURGE IN MIDSTREAM M&AEnergy Transfer's acquisition is the latest in a surge of deals in the midstream industry. The following lists some of the more recent mergers and acquisitions (M&A). Phillips 66 agreed to buy Pinnacle Midland Parent from Energy Spectrum Capital for $550 million ONEOK is buying NGL pipelines from Easton Energy for $280 million EQT is acquiring Equitrans Midstream in a deal that the Wall Street Journal valued at $5.5 billion Energy Transfer completed its $7.1 billion merger with Crestwood Equity Partners in November 2023 ONEOK completed its $18.8 billion acquisition of Magellan Midstream Partners in September 2023 Phillips 66 completed a deal for additional units of DCP Midstream, raising its stake to 86.8% The deals come amid a flurry of new projects being built by midstream companies, which includes processing plants, pipelines, fractionators and terminals. When completed, the infrastructure will provide feedstock to petrochemical plants in the US and the world. Thumbnail shows pipeline. Image by Global Warming Images/REX Shutterstock

28-May-2024

Singapore Apr chemicals output rises 3.1%; overall manufacturing down 1.6%

SINGAPORE (ICIS)–Singapore's April chemicals output rose by 3.1% year on year, supported by strong growth in the petroleum segment, official data showed on Friday. April output from the petroleum segment within the chemicals cluster rose by 9.3%, the Economic Development Board (EDB) said in a statement. Specialties and petrochemicals output within the overall chemicals cluster posted a 1.2% and a 0.8% year-on-year growth in April, respectively, with the former recording higher production of mineral oil and food additives. In the first four months of the year, output of the chemicals cluster increased by 5.6% year on year. Singapore's overall manufacturing output in April fell by 1.6% year on year, but was up 7.1% on a month-on-month seasonally adjusted basis. Singapore is a major manufacturer and exporter of petrochemicals in southeast Asia. Its petrochemicals hub Jurong Island houses more than 100 global chemical firms, including energy majors ExxonMobil and Shell. The country's petrochemical shipments abroad rose by 26.5% year on year in April, reversing the 3.6% decline in the previous month. Overall exports of chemicals and chemical products in April fell by 34.5% year on year, extending the 37% contraction in March. The country's overall non-oil domestic exports (NODX) fell by 9.3% year on year in April, extending the 20.8% decline in the preceding month. GDP GROWTH FORECAST UNCHANGED Singapore maintained its gross domestic product (GDP) growth forecast for the year at a range of 1 to 3% as its economy grew by 2.7% year-on-year in the first quarter of 2024, the Ministry of Trade and Industry said on 23 May. The first quarter growth was in line with the ministry’s advance estimates and faster than the 2.2% growth recorded in the last quarter of 2023. The first quarter was also the quickest pace in 18 months since the economy grew 4.1% on a year-on-year basis in the third quarter of 2022. “Base effects continue to remain favorable in Q2 while growth momentum could strengthen in H2 2024 driven by the anticipated recovery in externally oriented sectors as financial conditions gradually ease should central banks in the advanced economies commence their rate cut cycles,” said Jester Koh, an associate economist at Singapore-based UOB Global Economics & Markets Research. Meanwhile, China's recovery, bolstered by measures promoting equipment renewals, consumer goods trade-ins, and property market stabilization, should have positive spillover effects on Singapore and the broader region, Koh said. “We maintain our 2024 GDP growth forecast at 2.9%, which sits at the upper end of MTI’s unchanged forecast range of 1.0-3.0%,” he added. Focus article by Nurluqman Suratman

24-May-2024

Eyes on US Gulf chem production as Atlantic hurricane season could be busiest on record

HOUSTON (ICIS)–There is likely to be increased focus on US Gulf petchem production this summer as the US National Oceanic and Atmospheric Administration (NOAA) is predicting the greatest number of hurricanes in the agency’s history. NOAA forecasters with the Climate Prediction Center said on Thursday that the hurricane season, which starts on 1 June and runs through 30 November, has an 85% chance to be above-normal, a 10% chance of being near-normal, and only a 5% chance of being below-normal. The prediction of 17-25 named storms is the highest ever, topping the 14-23 predicted in 2010. A storm is named once it has sustained winds of 39 miles/hour (63 km/hour). Several factors support the prediction, including near-record warm ocean temperatures in the Atlantic ocean, development of La Nina conditions in the Pacific, reduced Atlantic trade winds and less wind shear, all of which tend to favor tropical storm formation. At the same time, abundant oceanic heat content in the tropical Atlantic ocean and Caribbean Sea creates more energy to fuel storm development, NOAA said. La Nina is typically associated with a stronger US hurricane season because as storms move across the Atlantic ocean, weaker upper- and lower- level winds combine to reduce the vertical wind shear and increased hurricane activity. The two most-active seasons in the past 24 years, 2005 and 2020, were both transitional climate periods (from El Niño to La Niña, which is what we are currently experiencing). The water temperature in the mid-Atlantic is already much warmer than normal, which can strongly influence the rapid development and intensity of storms. The picture below shows the same period comparison (May 14-20) in 2005 and 2024. In the Caribbean, sea surface temperatures are already at levels normally seen in the peak hurricane development period (August/September). These factors are some of the ones scientists consider when setting their forecasts, which helps explain the call for an above-average hurricane season in 2024. During a news conference to announce the 2024 Atlantic Hurricane Season Outlook, officials noted that storms can intensify rapidly and urged preparation ahead of time. Ken Graham, director of the National Weather Service, said every category 5 hurricane that made landfall was a tropical storm three days earlier. Rapidly intensifying storms leave oil companies and chemical plants less time to decide whether they should shut down operations. As a result, they may err on the side of caution and shut down because they do not have enough time to see if the storm will veer course or hit them. The forecast predicts 8-13 of the named storms will reach hurricane strength, with 4-7 of them becoming major hurricanes. Hurricanes are rated using the Saffir-Simpson Hurricane Wind Scale, numbered from 1 to 5, based on a hurricane’s maximum sustained wind speeds, with a Category 5 storm being the strongest. Saffir-Simpson Hurricane Wind Scale Category Wind speed 1 74-95 miles/hour 2 96-110 miles/hour 3 111-129 miles/hour 4 130-156 miles/hour 5 157+ miles/hour Hurricanes and tropical storms can disrupt the North American petrochemical industry because many of the nation's plants and refineries are along the US Gulf Coast in the states of Texas and Louisiana. In 2022, oil and natural gas production in the Gulf of Mexico accounted for about 15% of total US crude oil production and about 2% of total US dry natural gas production, according to the US Energy Information Administration (EIA). Even the threat of a major storm can disrupt oil and natural gas supplies because companies often evacuate US Gulf platforms as a precaution. The hurricane forecast from Colorado State University’s Weather and Climate Research department also predicted an extremely active season, expecting 23 named storms, 11 hurricanes and five major hurricanes. Additional reporting by Josh Dillingham (Recasts to add additional information in paragraphs 8-10)

23-May-2024

Proman Stena Bulk launches methanol-fueled chemical tanker in Singapore

SINGAPORE (ICIS)–Proman Stena Bulk, a joint venture between Sweden-based tanker firm Stena Bulk and Swiss methanol producer Proman, on Thursday officially launched its sixth methanol-fueled joint venture chemical tanker in Singapore. The 49,900-deadweight tonnage (DWT) vessel called Stena Prosperous will be bunkered with a 20:80 green methanol and conventional methanol blend, they said in a joint statement. The fuel blend used by the vessel delivers carbon dioxide equivalent (CO2e) savings of 31% compared with a ship that runs on Very Low Sulphur Fuel Oil (VLSFO), with lower emissions of particulate matter (PM), sulphur oxides (SOx), and nitrogen oxides (NOx). Stena Prosperous is the last of six vessels in Proman Stena Bulk’s joint venture fleet of methanol-fueled tankers order placed in 2019, with the first ship delivered in June 2022. “With its cleaner burning qualities, methanol delivers immediate air quality benefits today, and the pathway demonstrated by our 20/80 blending strategy here in Singapore means that ship owners are also increasingly seeing it as a viable marine fuel for the future,” Proman CEO David Cassidy said. All six vessels running on methanol are now in commercial operation, with two on long-term time-charter. The fleet is currently crewed and operated by Stena Sphere company Northern Marine Group, which has highlighted that technical similarities of the tankers to conventionally fueled vessels mean they do not require a completely new set of operating procedures. Using methanol instead of conventional marine fuels virtually eliminates particulate matter and SOx, and cuts NOx by up to 80% during combustion. Technologies such as carbon capture, storage and utilization used in the production process cut emissions further, and green methanol produced from biogas can bring more than 90% greenhouse gas (GHG) emissions savings. Additional reporting by Keven Zhang

23-May-2024

BLOG: A personal view of the new petrochemicals world

SINGAPORE (ICIS)–Click here to see the latest blog post on Asian Chemical Connections by John Richardson: Here is a personal view of where the petrochemicals world is heading with the conclusions or scenarios from today’s post detailed below (the debate is the thing as this is how we move forward together): The US chemicals industry (with benefits trickling down to Canada) continues to thrive thanks to the Inflation Reduction Act, tariffs and feedstock advantages. Local demand growth could surprise on the upside as local investments, especially in greener petrochemicals production, continue. Dow Chemical is, for example, pressing-ahead with its two-phase plans for developing its site at Fort Saskatchewan in Canada, involving lower-carbon capacity additions. It is also talking about building a lower-carbon cracker in the US Gulf later-on which would be “scrap and build” – shutting down an older higher-carbon cracker complex. Europe sees a new industrial master plan. It won’t be perfect, there will be lots of trial and error and the problems will remain of coordinating government policies across the 27 EU members, enforcing EU-level policies that are only directives rather than regulations and the complexity of policies (the EU Green Deal is some 40,000 pages long). But Europe moves towards unified electricity, plastic-waste and bio-feedstock markets that the Antwerp Declaration called for. Some capacities are rationalized. A combination of these shutdowns, more protection and more EU-wide coordinated support for green incentives return the industry to good profitability. Crucially as renewable electricity capacity increases, European energy and thus electricity costs decline. China’s chemicals demand grows at 1-3% per year, down from long-term historic growth rates of around 10% or more. This places major pressure on the big petrochemical exporters to China – South Korea, Singapore, Taiwan, the Middle East and on the US in these products – PE, PVC and MEG. Weaker-than-forecast Chinese demand growth combines with increased Chinese self-sufficiency. This reduces the size of import markets. As regards self-sufficiency, China pushes its operating rates higher in order to minimize imports in response to supply-chain insecurities arising from geopolitical tensions. But China’s petrochemicals exports struggle because of the increase in trade measures. China is a well-established major exporter in PVC, PTA, polyester fibres and PET bottle and fibre grades. More recently it became a major exporter in PP. Trade measures against China provide opportunities for other exporters. As petrochemicals markets become more regional, some of the big new export-focused petrochemicals projects come into question. Editor’s note: This blog post is an opinion piece. The views expressed are those of the author, and do not necessarily represent those of ICIS.

23-May-2024

Freight rates on China exports soar amid Red Sea crisis

SINGAPORE (ICIS)–Freight rates for China's exports, including petrochemicals, have been spiking in recent weeks and are expected to remain firm in the next three to six months on the back of improving overseas demand and amid continued logistics disruptions in the Middle East. Geopolitical tensions translate to higher shipping cost, longer delivery time Container shortages intensifying in China Freight rates to remain firm on strong western demand Most ocean carriers have halted transits in the Red Sea, which is the fastest shipping route between Europe and Asia, fearing missile attacks by Yemen’s Houthi rebels. They have opted to take the longer route via the Cape of Good Hope, resulting in much longer time and costs for moving cargoes to their destinations. The Red Sea crisis is showing no signs of de-escalation, with the latest casualty being the Panama-flagged oil tanker M/T Wind bound for China, which was struck by a Houthi-launched ballistic missile on 18 May. Logistics and supply chain disruptions are expected to continue. Dutch shipping giant Maersk had said on 6 May that its vessels have been forced to lengthen their journey further because of the expanded risk zone and attacks reaching further offshore in the Rea Sea. “The knock-on effects of the situation have included bottlenecks and vessel bunching, as well as delays and equipment and capacity shortages,” the company had said, estimating an industrywide capacity loss of 15-20% on the Far East-to-North Europe and Mediterranean market during the second quarter. CONTAINERS/VESSEL SPACE IN SEVERE SHORTAGE As carriers now need longer time to come back from destinations, the resulting severe shortage of containers and vessel space was triggering sharp spikes in freight rates. From Shanghai to the US west coast and the US east coast, freight rates on 17 May jumped to $5,025/forty-foot equivalent unit (FEU), and $6,026/FEU, respectively, up by 14.4% and 8.3% week on week, according to the Shanghai Shipping Exchange. To South America from China’s financial capital, the shipping cost increased at a sharper rate of 22.4%, while to Europe, freight rates rose by 6.3%, the data showed. A shipping broker said that China-to-Europe freights have been soaring by $500-$800/FEU each week since late April, while a polypropylene (PP) trader noted that the rates to West Africa more than tripled to $8,000/FEU, more than a fourfold increase from $1,500-$2,000/FEU rates in early April. “We now need to wait 10-15 days for booking containers. We face severe stockpiling and warehouses are flooded with cargoes waiting for shipment,” said a marketing manager of a Shenzhen-based logistics company. A plastic bag factory in east China is currently stuck with high inventories and risk suspending production, a source from the company said For vinyl acetate producers, a shortage of shipping tanks prevents them from exporting more cargoes, providing them with the less-efficient means of bulk shipments with other products as the only alternative. ROBUST WESTERN DEMAND SUPPORTS FIRM RATES The recent spike in freight rates came as a surprise to players in the petrochemical industry as the May-June period is normally a lull season for Chinese exports. Besides the Red Sea crisis, strong demand coming from the west underlies the recent surge in freight rates. “July-September is the peak season for China-to-West shipping. With [the] destocking last year, Europe and US markets demand are expected to rise substantially before the Christmas [season in December],” said Wang Guowen, director of Shenzhen Logistics and Supply Chain Management Research. “Plus, Europe and UK central banks are expected to cut interest rates, which will further stimulate consumptions there,” he added, noting that demand from both Europe and the US will remain strong rest of the year. This will continue to buoy up shipping rates, which are projected to hover at high rates over the next three to six months, industry sources said. On 16 May, Maersk announced a hike in peak season surcharge (PSS) for major east-to-west shipping lanes, including the China-to-Dar es Salaam, Tanzania route, PPS for which increased to $1,500/FEU since 20 May. Meanwhile, French shipping and logistics major CMA CGM plan to hike its Asia-to-northern Europe freights to $6,000/FEU, effective 1 June. Current container production in China could not catch up with strong demand. New China-manufactured containers to be delivered before late June have been sold out, a source at domestic logistics company said. Wang of Shenzhen Logistics and Supply Chain Management Research, however, noted that the present container shortage is not about undersupply but more about the sharp slowdown in turnover amid the global logistics disruptions. Tight shipping conditions are expected to prevail in the third quarter as demand is expected to peak, with a gradual easing of freight rates likely in the fourth quarter, he said. Focus article by Fanny Zhang Additional reporting by Joanne Wang and Lucy Shuai Thumbnail image: At the container terminal of Yantian Port in Shenzhen City, Guangdong Province in south China, 16 May 2024 (Shutterstock)

22-May-2024

VIDEO: Global oil outlook. Five factors to watch in Week 21

LONDON (ICIS)–Oil benchmarks could be subject to bearish sentiment this week amid rising demand concerns. Minutes from the latest US Federal Reserve meeting and US economic data due this week will provide further clarity on future monetary policy. ICIS experts look ahead to the likely factors that will drive oil prices in Week 21.

21-May-2024

Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 17 May. IPEX: Global spot IPEX slips as decline in Asia offsets gains in other regions, crude The global spot ICIS Petrochemical Index (IPEX) slipped 0.1%, as a fall in the northeast Asia index failed to offset gains in other regions and a rise in crude oil prices. Univar sees scope for both industrial and specialty chemicals M&A – CEO Chemicals distributor Univar Solutions will target both industrial and specialty chemicals and ingredients acquisitions as it seeks to be a consolidator in a still-fragmented market, its CEO said. Brazil’s floods-hit state plastics sector under ‘hypothesis’ operations could normalize end May – trade group Plastics producers in Rio Grande do Sul remain shut following the floods but are working under the “hypothesis” operations could normalize by the end of May, a full month after the floods hit the Brazilian state, trade group Abiplast said. US home builder confidence dives as mortgage rates exceed 7% US builder confidence in the market for newly built single-family homes fell sharply in May as higher mortgage rates “hammer” confidence, the National Association of Home Builders said on Wednesday. Chemical cycle has bottomed and now ‘beginning to turn’ – Dow CEO The global chemical cycle has bottomed out and is starting to turn higher, with a higher degree of confidence in a sustainable recovery ahead, said the CEO of Dow. Houston storm disrupts chems, knocks power out for thousands Powerful thunderstorms in Houston and the Gulf Coast disrupted operations at chemical plants while leaving more than 700,000 without power as of Friday.

20-May-2024

Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 17 May. Europe PET/PTA industry on high alert as freight costs soar Another shock to the logistics system is rippling through the European polyethylene terephthalate (PET) value chain but the impact is only so far just touching the surface. Europe oxo-alcohol spot prices face pressure from growing supply Prices in the European oxo-alcohols spot market were stable to lower this week as there is now plenty supply of all grades. IEA cuts 2024 crude forecast as OECD Q1 demand slips into contraction The International Energy Agency (IEA) on Wednesday cut its expectations for global crude oil demand growth as demand from the OECD shifted into contraction territory in Q1 and as refinery margins continued to slump into the spring period. Non-OPEC+ crude supply growth to slip in 2025, Latin America to drive non-OECD output – OPEC Increases in crude oil supplies from outside the OPEC+ bloc of countries is expected to decline slightly year on year in 2025, with the US and Canada expected to remain the backbone of OECD production increases and Latin America driving the rest of the world, according to OPEC. IPEX: Global spot IPEX slips as decline in Asia offsets gains in other regions, crude The global spot ICIS Petrochemical Index (IPEX) slipped 0.1%, as a fall in the northeast Asia index failed to offset gains in other regions and a rise in crude oil prices.

20-May-2024

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