Polypropylene (PP)

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Polypropylene (PP) news

Asia, Mideast petrochemical trades to slow down during Ramadan

SINGAPORE (ICIS)–Trades for several petrochemicals in Asia and the Middle East will slow down as markets observe Ramadan starting 10 March, with demand going into a lull amid shorter working hours during the Muslim fasting month. Converters hold ample inventory GCC demand for PP to rebound after Eid ul-Fitr Gaza conflict dampens EastMed market, outlook uncertain Most markets continue to struggle with poor demand as well as high cost amid geopolitical uncertainties in the Middle East and Europe. From 10 March, businesses in many Muslim-majority countries will operate on reduced hours, potentially affecting production and logistics, with significant business decisions likely to be postponed. INDONESIA IMPORT QUOTA FURTHER DAMPENS SENTIMENT In Indonesia – the world’s most populous Muslim nation and the second largest polyethylene (PE) consumer in southeast Asia after Vietnam – the seasonal slowdown in demand is exacerbated by uncertainties over the government’s import quota regulations. Industry players were recently informed by Indonesia’s trade ministry that most PE and PP grades would be exempted, but some worry that this could still change before the import quotas take effect on 10 March. Many converters are currently sitting on high stocks of PE, having boosted imports in the weeks after the government announced the new rules in December, before details were fleshed out. A few of them are now willing to re-enter the import market to order new supplies. “My customers have stopped talking to me for now. It’s both Ramadan and the import quota issue," said a PE supplier. "I feel that while prices have not really dropped … the demand has clearly slowed. Most buyers have already bought enough, and they are not willing to risk buying more,” the supplier said. “Ramadan and Lebaran (Eid ul-Fitr) are slow periods of demand,” he added. Eid ul-Fitr is a Muslim festival marking the end of Ramadan. In the upstream ethylene market in southeast Asia, inquiries from Indonesia have picked up since late February as buyers stock up for April and wanted to wrap up negotiations before Ramadan. Ethylene prices have increased because of tight supply amid operating issues at Chandra Asri’s cracker as well as limited supply coming from the Middle East. MIDEAST TENSIONS WEIGH ON TRADES Demand for both PE and PP in the Gulf Cooperation Council (GCC) is expected to improve after Eid ul-Fitr, as buyers restock after Ramadan's lull. In the East Mediterranean market, sentiment is likely to remain weak amid the Israel-Hamas war in Gaza. The war, now on its eighth month, and the weak economies of Lebanon and Jordan have dampened activity in both the PE and PP markets. Market conditions may not improve if a resolution to the war cannot be found soon. Since the start of the Israel-Hamas war on 7 October, sentiment was dampened throughout the region, with buyers in Jordan and Lebanon adopting a wait-and-see approach on markets. Hopes of an Israel-Hamas ceasefire ahead of Ramadan are fading following reports of more than 100 deaths of people waiting in a food aid line in Gaza. More than 100 people were killed on 29 February after Israeli troops fired on a large crowd of Palestinians racing to pull food off an aid convoy late last month, bringing the death toll since the start of the Israel-Hamas war to over 30,000, according to the Gaza Health Ministry. A continuation of hostilities beyond the start of Ramadan is now highly likely as several key issues remain unresolved. This could inflame tensions in the region significantly, with attacks by Yemen’s Houthi militants on shipping in the Red Sea likely to escalate. In toluene diisocyanate (TDI) and polymeric methylene diphenyl diisocyanate (PMDI) markets, GCC trades recently accelerated as some customers looked to stock up on volumes following recent spikes in costs of feedstock benzene and toluene in Asia. Some northeast Asian isocyanates producers announced sharp price increases in southeast Asia, which also impacted their volume allocations to other regions like the Middle East. In March and April, when supply for both TDI and PMDI is expected to be tight to normal due to some turnarounds in Asia, demand from GCC countries will likely slow down. Most businesses in the Middle East work fewer hours during Ramadan, which will impact overall activity. Focus article by Nurluqman Suratman Additional reporting by Josh Quah, Izham Ahmad and Damini Dabholkar Thumbnail image: Welcoming Ramadhan 2024, Medan, Indonesia – 27 February 2024 (Sutanta Aditya/NurPhoto/Shutterstock)

08-Mar-2024

BLOG: Why China’s HDPE net imports could average just 700,000 tonnes per year in 2024-2030

SINGAPORE (ICIS)–Click here to see the latest blog post on Asian Chemical Connections by John Richardson. The global petrochemicals industry must prepare for the possibility that China is close to self-sufficiency in high-density polyethylene (HDPE), low-density PE (LDPE), linear-low density PE (LLDPE), polypropylene (PP), paraxylene (PX) and mono-ethylene glycols (MEG) by 2030. As I work through the products, see today’s post on HDPE where I present the following three scenarios: The ICIS Base Case: An average China HDPE operating rate of 72% in 2024-2030 and average demand growth of 3%. This would lead to net imports averaging 7.6m tonnes a year. Downside Scenario 1: An average 82% operating rate, an additional 5.2m tonnes/year of unconfirmed capacity comes on-stream, and 3% average demand growth. Annual average net imports total 3.8m tonnes. Downside Scenario 2: An average 88% operating rate, an additional 5.2m tonnes/year of unconfirmed capacity comes on-stream, and 1.5% average demand growth. Annual average net imports total just 700,000 tonnes. Why do I see these alternative outcomes as possible? As regards operating rates you can argue that China’s new HDPE capacity will be super-efficient in terms of scale and upstream integration, including perhaps advantaged supplies of crude into refineries. There is a potential “win-win” here. The oil-to-petrochemicals majors, especially Saudi Aramco, are keen to underpin crude production levels given the threats to long-term global crude demand from sustainability. China is the world’s biggest crude importer. Petrochemical operating rates in China have historically been a political as well as an economic decision. China made the decision in 2014 to push towards complete petrochemicals self-sufficiency. Our base case demand growth estimate of 3% per annum between 2024 and 2030 is perfectly reasonable and well thought-out, as it reflects the big turn of events since the “Evergrande moment” in late 2021. Growth of 3% would be hugely down from the 12% average annual growth between 1992 and 2023 during the Petrochemicals Supercycle, which was mainly driven by China. I have therefore stuck with 3% demand growth in Downside Scenario 1 while raising the operating rate to 82% for the reasons described above. But I believe we need to go further to achieve proper scenario planning. Downside Scenario 2 takes demand growth down to 1.5% and raises the operating rate to 88% – the same as the actual operating rate in 1992-2023. If Downside 2 were to happen, HDPE pricing markets would be upended. No longer would landed-China prices be as relevant as China’s import volumes would be much lower than they are today. Demand patterns in and trade flows to the world’s remaining net import regions and countries – Europe, Turkey, Africa, South & Central America, Asia and Pacific and the Former Soviet Union – would become much more important. In short, the petrochemicals world would be turned on its head. Are you prepared for all the eventualities? 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.

08-Mar-2024

Lotte Chemical mulls 'strategic measures' for Malaysian-listed LC Titan

SINGAPORE (ICIS)–South Korean producer Lotte Chemical said on Thursday that it is exploring options for its Malaysian subsidiary, in response to local media reports that the unit is up for sale. "We are considering various strategic measures related to LC Titan [Lotte Chemical Titan] which is our subsidiary, but nothing has been decided so far," Lotte Chemical chief financial officer Seong Nak-sun said in a stock exchange filing. "We will re-announce the details within a month or when they are decided in the future," Seong added. Lotte Chemical and LC Titan could not be immediately reached for further comments on the potential sale. At 05:30 GMT, shares of the two listed companies were trading lower, with Lotte Chemical down 1.63% in Seoul, and LC Titan down 1.72% in Kuala Lumpur. According to media reports on Thursday, Lotte Chemical has already initiated the process of selling LC Titan, citing unnamed sources. "We're actively reviewing ways to optimize our portfolio, which includes considering the potential sale of LC Titan. However, a definitive decision has not yet been reached," an unnamed Lotte Chemical official was quoted by The Korea Economic Daily (KED) as saying. Lotte Chemical is approaching both domestic and international companies, along with private equity firms through investment banks, to be potential buyers for its Malaysian arm, KED reported. The Korean producer is planning to sell all outstanding shares of LC Titan traded on the Malaysian stock market, which is equivalent to 74.7% of the company, valuing the firm at around $550m based on current market capitalization, it added. LC Titan has incurred a second year of net loss, which widened to Malaysian ringgit (M$) 780.3m in 2023 as sales declined by 24% to M$7.65bn. Malaysia's LC Titan full-year financial results in thousand ringgit (M$) FY2023 FY2022 % change Sales           7,646,170         10,019,083 -23.7 Loss from operations           (868,001)         (1,041,451) -16.7 Net profit            (780,286)            (731,061) 6.7 Meanwhile, parent firm Lotte Chemical swung into a net loss last year. S Korea's Lotte Chemical full-year financial results in billion S Korean won (W) 2023 2022 % Change Sales 19,949 22,276 -10.4 EBITDA 839 185 353.5 Operating profit -333 -763 Net income -301 28 In the notes accompanying its financial results released on 7 February, Lotte Chemical had stated that that it “will pursue advancement and improvements to the business portfolio in order to actively respond to changes in the business environment of the petrochemical industry and improve profitability through efficient management of existing petrochemical businesses”. “The weak market conditions of the petrochemical industry are ongoing due to reduced demand and dropping product prices resulting from global uncertainties, as well as increased supply burdens caused by large-scale ethylene plant expansions in China,” it said. The acquisition of Malaysian company Titan Chemicals in 2010 was the Korean firm’s first foray into southeast Asia. The acquired company was rebranded Lotte Chemical Titan, and in 2017, was listed on the Malaysian bourse. LC Titan operates 12 plants at two sites in Johor, Malaysia; and holds a 40% stake in LOTTE Chemical USA based in Houston, Texas. In Indonesia, the company operates polyethylene plants, and in Q1 2022,  started construction of LOTTE Chemical Indonesia New Ethylene (LINE) Project, which will increase production capacity in Cilegon by 65% to 5.88m tonnes/year. The project is expected to produce 1m tonnes/year of ethylene; 520,000 tonnes/year of propylene; 250,000 tonnes/year of polypropylene (PP); and 140,000 tonnes/year of butadiene (BD). It is scheduled to be completed in 2025. Focus article by Nurluqman Suratman ($1 = M$4.71; $1 = W1,330) Thumbnail image: A Lotte Chemical Titan plant in Pasir Gudang, Malaysia (Source: Lotte Chemical Titan)

07-Mar-2024

PODCAST: Europe, Africa, Turkey PE/PP March outlook

LONDON (ICIS)–The global PE/PP market has been rocked by the disruption to Red Sea shipping, which has sent prices soaring, following sustained periods of weakness. The question now is, how long can this continue? With early March European offers out and some suppliers approaching the market bullishly, ICIS experts sit down to discuss all the potential influences in the coming month. Senior editor/ manager Vicky Ellis, senior editor/manager Samantha Wright and senior editor Ben Lake discuss the variables around the European, African and Turkish markets and what the early signs are for a potentially pivotal month. Meet our ICIS experts in person to talk about the pressing issues around polyolefin price spikes, weak demand and supply disruption. Ask the questions you need answers to, understand what the future looks like and uncover new opportunities. ICIS senior analysts, editors and managers will be at the Ritz-Carlton Hotel in Vienna, Austria on the 10-11 April for the 10th ICIS World Polyolefins Conference. You’ll also get to hear from industry leaders like Berry Global, Borealis and Plastic Energy, as they share their insights. Click here to learn more.

04-Mar-2024

Latin America stories: weekly summary

SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 1 March. NEWS Mexico’s manufacturing returns to expansion on higher salesMexico’s manufacturing contraction in January was a blip, with output returning to growth in February as sales grew, analysts at S&P Global said on Friday. Brazil’s manufacturing at 20-month high on strong new orders book Brazil’s manufacturing PMI index continued expanding in February as firms increased their output to cater for a healthy new orders book, analysts at S&P Global said on Friday. MOVES: Brazil’s Unipar CFO resigns Unipar’s CFO Antonio Campos Rabello has handed in his resignation, effective 29 February, the Brazilian chemicals producer said late on Tuesday. Surging PET imports reflect Mexico's growing industrial appetiteMexico has seen a significant rise in PET imports since 2021, indicative of heightened demand for this versatile polymer across diverse sectors within the country's burgeoning economy. Persistent weak petchems, longer-than-expected spreads recovery to hit Braskem – S&P Brazil’s petrochemicals major Braskem’s profitability in 2024 will be hit by a delay in a recovery in spreads due to “persistent” weak markets, according to US credit rating agency S&P Global. Petrobras and ArcelorMittal mull joint low-carbon projects Brazilian state-owned energy major Petrobras and steel major ArcelorMittal have signed a memorandum of understanding (MoU) to jointly develop low-carbon projects. PRICING LatAm PE domestic prices up in Brazil, Colombia due to producers squeezed margins Domestic polyethylene (PE) prices were assessed higher in Brazil and Colombia on the back of squeezed margins from local producers. In other Latin American countries prices were steady this week. LatAm PP prices steady to higher due to increased feedstock costs, narrow margins Domestic polypropylene (PP) prices were assessed higher in Argentina, Brazil, Chile and Mexico on the back of higher feedstock costs and narrow margins. In Colombia prices were steady.

04-Mar-2024

LOGISTICS: Carrier CMA CGM to resume Red Sea transits on a case-by-case basis

HOUSTON (ICIS)–Global container shipping major CMA CGM Group will begin transiting the Red Sea on a case-by-case basis as it continues to closely monitor the situation, the company said in an advisory to customers. The company said it will make assessments for each vessel prior to transits, so routing choices cannot be anticipated or communicated. All other vessels will continue to be rerouted around the Cape of Good Hope. Houthi attacks on commercial vessels in the Red Sea began in November 2023, forcing carriers to begin diverting away from the Suez Canal in December. Maersk and CMA CGM Group were the last two major carriers to completely cease transits through the Suez. The longer routes put upward pressure on freight rates because of increased fuel costs and tightened capacity with fewer available ships. Rates surged but have begun to ease, although they remain elevated. Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), which are shipped in pellets. Some liquid chemicals are also shipped on container ships using isotanks. Visit the ICIS Logistics: impact on chemical and energy markets Topic Page.

29-Feb-2024

Indonesia exempts PE, PP from new import quota regulations

SINGAPORE (ICIS)–Indonesia’s Ministry of Trade informed stakeholders from the polymer industry on Thursday that polyethylene (PE) and polypropylene (PP), along with some other chemicals, will no longer be subjected to the new import quota regulations. Importers of PP block and random copolymers are still required to get import approval just like before, according to market sources attending an event organized by the country's trade ministry. An official announcement is expected within the next two weeks. In December last year, Indonesia announced that it will be enforcing new import quota regulations on a list of petrochemicals. The regulations were scheduled to come into effect on 10 March. Under the new system, importers are required to complete a surveyor report and apply for quota before they are allowed to import the affected petrochemicals. The polymer industry has reacted strongly to the proposed regulations, especially since currently, Indonesia is a net importer of both PE and PP. Local producers also do not produce certain polymer grades, which means users will have to import anyway. Earlier this year, the polymer industry requested for at least an extension or grace period so that importers have sufficient time to complete the formalities. Some were earlier expecting a grace period of three to six months to be granted. Additional reporting by Izham Ahmad

29-Feb-2024

Korea’s S-Oil targets $2bn capex for Ulsan oil-to-chems project in '24

SINGAPORE (ICIS)–South Korean refiner S-Oil has earmarked won (W) 2.72tr ($2bn) this year for its thermal crude-to-chemical (TC2C) project called Shaheen, representing 87% of the total capital expenditure (capex) set for 2024. The full-year capex at W3.14tr was up 54% from 2023, the company said in its Q4 results presentation released in early February. Construction of Shaheen at the Onsan Industrial Complex of Ulsan City started in March 2023 and will be in full swing this year, with mechanical completion targeted by the first half of 2026. The funds that will go to the project – whose name was derived from the Arabic word for falcon – were up 86% from 2023 levels. As of end-December 2023, site preparation was 48% complete, with engineering, procurement and construction at 18.7%, according to S-Oil. “Site preparation and EPC [engineering, procurement and construction] work is under full-fledged execution with the actual progress going smoothly according to the plan,” the company said. The project will leverage on the T2C2 technology of its parent company Saudi Aramco, the world’s biggest crude exporter. Aramco owns more than 63% of S-Oil. The project is expected to yield 70% more chemicals, with a capex/operating expenditure savings pegged at 30-40% versus conventional process. Meanwhile, for upgrade and maintenance of plants in 2024, total expenses will fall by about 32% to W298bn, with just two plants due for turnaround in the year – its No 1 crude distillation unit (CDU) and its No 1 lube HDT (hydrotreatment) unit, the company said in the presentation, noting that the plan is preliminary. ICIS had reported that S-Oil will conduct maintenance at its Group I and Group II base oils units in Onsan, Ulsan for more than a month from mid-September this year. On 23 February 2024, a fire broke out at the company’s Onsan production site in Ulsan, shutting one of the three crude distillation units (CDUs) of its 669,000 bbl/day refinery, with some reduction in propylene output of the residue fluid catalytic cracker (RFCC) at the site, industry sources said. Other downstream operations at the site were not affected, but this could not be immediately confirmed with the company. Its Onsan complex can produce 910,000 tonnes/year of propylene; 187,000 tonnes/year of ethylene; 600,000 tonnes/year of benzene; and 1m tonnes/year of paraxylene (PX), according to the ICIS Supply & Demand Database. The company was planning to restart the No 3 CDU by 27 February, news agency Reuters reported, quoting unnamed sources. 2023 NET PROFIT SLUMPSS-Oil posted a 54.9% slump in net profit, with sales sliding by about 16% to as operating rates across its plants declined. in billion won (W) FY2023* FY2022 Yr-on-yr % change Revenue 35,726.7 42,446.0 -15.8 Operating income 1,354.6 3,405.2 -60.2 Net income 948.8 2,104.4 -54.9 *Revised figures from S-Oil on 26 February 2024 in billion won (W) FY2023 FY2022 Yr-on-yr % change Refining operating profit 399.1 2,344.3 -83.0 Petrochemical operating profit 203.7 -49.8 -509.0 Lube operating profit 815.7 1,110.7 -26.6 Source: S-Oil presentation, 2 February 2024 Average operating rates across the company’s plants declined and were in the  range of 75.1% to 90.4% in 2023 due to weakening global demand, with paraxylene (PX) plants registering the lowest run rate. Source: S-Oil, February 2024 2024 OUTLOOK “Regional refining markets are forecast to maintain an above average level by steady demand growth coupled with low inventory levels,” S-Oil said. Refining margins in the first quarter will likely be supported by “heating demand in winter and spring maintenance season", it said. “With uncertainties on start-up timing and pace of major new refineries, market impact is estimated to be restricted in 2H [second half] or beyond,” the company said. Paraxylene (PX) and benzene markets “are projected to be supported by firm demand growth” on the back of new downstream expansions as well as demand for gasoline blending, “amid drastically reduced capacity addition”. Polypropylene (PP) and propylene oxide (PO) markets “are likely to gradually improve in tandem with pace of China’s economic recovery, while pressures from capacity addition continues”, while for lube base oils (LBO), the product spread is projected to be solid “on limited capacity additions and sustained demand growth”, according to S-Oil. Thumbnail image: S-Oil's Residue Upgrading Complex (RUC) and the Olefin Downstream Complex (ODC) in Ulsan, South Korea (Source: S-Oil) Focus article by Pearl Bantillo ($1 = W1,334)

29-Feb-2024

Saudi SABIC swings to net loss in 2023 on Hadeed sale, challenging market

SINGAPORE (ICIS)–Saudi Arabia’s chemicals major SABIC swung to a net loss of Saudi riyal (SR) 2.77bn ($739m) in 2023, largely due to one-off losses related to a divestment, while earnings from continued operations shrank amid challenging global market conditions. in Saudi Riyal (SR) bn 2023 2022 % Change Revenue 141.5 183.1 -22.7 EBITDA 19.0 36.4 -47.7 Net income from continuing operations 1.3 15.8 -91.8 Net income attributable to equity holders of the parent -2.8 16.5 – The company's net loss for 2023 was "driven mainly from the fair valuation of the Saudi Iron and Steel Co (Hadeed) business", SABIC in a filing to the Saudi bourse Tadawul on 27 February. In early September 2023, SABIC announced it had agreed to sell its entire stake in the Saudi Iron and Steel Co (Hadeed) to Saudi Arabia's sovereign wealth fund for SR12.5bn. The sale resulted in non-cash losses worth SR2.93bn. From continuing operation, full-year net income declined by 91.8% on reduced profit margins for major products, as well as lower earnings of joint ventures and associated firms. SABIC also incurred charges from non-recurring items amounting to SR3.47bn in 2023,“as a result of impairment charges and write-offs of certain capital and financial assets as well as provisions for the restructuring program in Europe and constructive obligations”. Meanwhile, SABIC’s average product sales price in 2023 fell by 21%, reflecting the global downturn in petrochemical markets, it said. Overall sales volumes fell by 2% year on year in 2023 amid sluggish end-user demand, the company said. "Year 2023 presented numerous challenges for the petrochemical industry – the market environment was shaped by lackluster macroeconomic sentiment, weak end-user demand, and a wave of incremental supply for a large suite of products," it said. The company's petrochemicals business posted a 20% year-on-year decline in sales to SR131.3bn in 2023, with EBITDA down by 42% at SR14.6bn. "The petrochemical industry navigates a challenging operating environment – underwhelming demand within our target markets led to lower year end product prices and there remains considerable uncertainty heading into the first quarter of 2024," SABIC CEO Abdulrahman Al-Fageeh said. "The announced divestment of Hadeed is proceeding as planned – this optimization of internal resources will enhance our core focus on petrochemicals," he said. SABIC is also pursuing a number of initiatives to address the "competiveness of our European assets" aimed at a "maintainable and modernized footprint in the region", Al-Fageeh added. The company plans a higher capital expenditure of between $4bn and 5bn in 2024, compared with $3.5bn-3.8bn last year. SABIC has started construction of its $6.4bn manufacturing complex in China’s southern Fujian province. The project will include a mixed-feed steam cracker with up to 1.8m tonne/year ethylene (C2) capacity and various downstream units producing ethylene glycols (EG), polyethylene (PE), polypropylene (PP) and polycarbonate (PC), among other products. SABIC is 70%-owned by energy giant Saudi Aramco. ($1 = SR3.75)

28-Feb-2024

Latin America stories: weekly summary

SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 23 February. NEWS Argentina manufacturing output falls 12% in December Argentina’s recession is hitting the petrochemicals-intensive manufacturing sectors hard, with output down 11.9% in December, year on year, the country’s statistics body Indec said late on Thursday. Mexico’s secondary activities output up 1.2% year on year in December Output in Mexico’s petrochemicals-intensive secondary activities rose in December by 1.2%, year on year, the country’s statistics office Inegi said this week. Pause in PVC projects ‘prudent’ until prices rise to $1,200/tonne – Orbia CEO Depressed global polyvinyl chloride (PVC) prices prompted Orbia to take the “prudent” decision to put new projects on hold, the CEO of the Mexican chemical producer said on Thursday. Petrochemicals margins could worsen in 2024 – Mexico’s Alpek Mexican chemicals producer Alpek’s stock was falling more than 3% on Wednesday afternoon after the company issued a downbeat guidance for 2024 in which petrochemicals margins could worsen from the already weak 2023 averages. Brazil's Braskem Q4 main chemicals, resins sales fall on lower demand Braskem’s main chemicals and resins sales in its domestic market fell by 15% and 9%, respectively, in the fourth quarter, year on year, on the back of persistent poor demand, the Brazilian petrochemicals major said this week. Brazil’s Unigel gets green light from creditors for debt restructuring Unigel has agreed a Brazilian reais (R) 3.9 billion ($791 million) debt restructuring with its creditors, which has saved the beleaguered styrenics, acrylics and fertilizer producer from filing for bankruptcy for the time being. US Stepan recovering LatAm surfactants market share, margins – CEO Stepan is recovering its share in the Latin American surfactants market following supply chain disruptions in the second half of 2022, Scott Behrens, CEO of the US-based company, said on Tuesday. PRICINGLat Am PP domestic prices fall in Colombia on cheaper imports Domestic polypropylene (PP) prices were down in Colombia due to more competitive prices for imported products. In other Latin American countries, prices were steady. Lat Am PE buyers on the sidelines waiting for March prices Domestic, international polyethylene (PE) prices were assessed unchanged this week across Latin American countries. Mexico PET industry expecting stable sales during the upcoming peak bottle season Polyethylene terephthalate (PET) prices in Mexico held steady this week, with weak demand and ample supply in February. Brazil ethanol sales continue to face positive results in 2024 According to Unica, Brazil's ethanol sales grew by 38.22% in January over the same time frame in 2023. With this achievement, sales volume has surpassed its highest point since October 2020.

26-Feb-2024

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