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Speciality Chemicals27-May-2024
BARCELONA (ICIS)–Chemical companies can gain
recognition as leaders in innovation, as well
as evaluating their own new product pipeline by
taking part in the ICIS Innovation Awards,
according to last year’s winner.
ICIS Chemical Business deputy editor
Will Beacham interviews
David Dupont, Arkema’s
vice-president specialty polyamides.
Click
here to find out how to enter this
year’s ICIS Innovation Awards. Entry
deadline Friday 7 June
Editor’s note: This podcast is an opinion
piece. The views expressed are those of the
presenter and interviewees and do not
necessarily represent those of ICIS.
ICIS is organising regular updates to help
the industry understand current market
trends.
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of ICIS
Chemical Business
Read Paul Hodges and John Richardson’s
ICIS
blogs
Ethylene27-May-2024
HOUSTON (ICIS)–Here are the top stories from
ICIS News from the week ended 24 May.
Canada freight
rail strike unlikely to begin before mid-July,
rail carrier says
A possible freight rail strike in Canada is not
likely to begin before mid-July, according to
rail carrier Canadian Pacific Kansas City
(CPKC).
DuPont flags $60
million in dis-synergies from break-up, assures
on PFAS liabilities
DuPont expects about $60 million in
dis-synergies from its break-up into three
independent publicly traded companies, CEO Ed
Breen and CFO Lori Koch told analysts in a
conference call on Thursday.
US tariff hikes
on China EVs, batteries take effect 1
August
Starting August, US tariffs on imports of
electric vehicles (EVs) from China will
quadruple to 100%, while those for battery
materials will more than triple to 25%, the US
Trade Representative (USTR) said.
US DuPont to
separate electronics and water
businesses
DuPont plans to separate its electronics and
water businesses into two publicly traded
companies, the US-based specialty chemicals
producer said on Wednesday.
Mexico’s
Tamaulipas drought hits some chemicals
producers as water supply
halved
A severe drought affecting Mexico’s sate of
Tamaulipas has prompted an order to halve water
supply to chemicals and other industrial
companies, although some chemicals producers
have said to ICIS they are operating normally.
PPG to build new
US paint plant, invest in existing two
sites
PPG plans to spend $300 million to build a new
plant in the US and to make investments at
existing sites in North America, the paints and
coatings producer said on Tuesday.
Brazil’s Braskem
restart at Triunfo to kick off petchem hub
normalization
Braskem has restarted operations at its Triunfo
facility in the flood-hit state of Rio Grande
do Sul, which will allow other players in the
petrochemicals hub to start up their plants as
many depend on input from the Brazilian
polymers major to operate.
Speciality Chemicals27-May-2024
SAO PAULO (ICIS)–Here are some of the stories
from ICIS Latin America for the week ended on
24 May.
NEWS
Brazil’s Triunfo petchems
restart odd one out as wider industry still
disrupted – consultant
Most of Rio Grande do Sul’s industrial plants
remain shut or operating at very low rates as
the Brazilian state reels from the floods, with
the restart at the Triunfo petrochemicals hub
an exception rather than the norm, a chemicals
consultant at MaxiQuim said to ICIS.
Mexico’s
Orbia/Vestolit’s Altamira plant ceases
operations due to water
scarcity
Orbia/Vestolit ceased operations at its
Altamira, Tampico facilities in Mexico on 21
May due to water scarcity. The company operates
there a polyvinyl chloride (PVC) facility with
a production capacity of 690,000 tonnes/year.
The company estimates it could resume activity
on 19 June.
SABIC declares
force majeure at Tampico Mexico ABS
plant
SABIC Innovative Plastics Mexico (SABIC)
declared force majeure at its Tampico, Mexico
acrylonitrile butadiene styrene (ABS) plant on
23 May. The products affected include CYCOLAC
ABS. This facility has a capacity of
30,000 tonnes.
Mexico’s Q1 GDP
grows 0.3%, economic activity remains healthy
in MarchMexico’s GDP rose by
0.3% in Q1, an acceleration from Q4’s 0.1%
quarterly growth, the country’s statistic
office Inegi said on Thursday.
Brazil’s
antitrust authority paves way for Petrobras to
shed refinery sales
Brazilian state-owned energy major Petrobras
has been allowed by the country’s antitrust
authority CADE to backtrack on planned refinery
sales.
Argentina’s
manufacturing down nearly 20% in
March
Argentina’s petrochemicals-intensive
manufacturing output fell in March by 19.6%
year on year, the country’s statistics office,
Indec, said this week.
Brazil’s Unigel
creditors mull fertilizers
divestment
The debt restructuring agreement at Unigel,
under which the Brazilian chemicals producer’s
creditors are to take a 50% equity stake, could
result in a divestment of the company’s
beleaguered fertilizers division.
Brazil’s Unigel
to give creditors 50% equity stake in debt
restructuring
Unigel has obtained the support of enough
creditors for a debt restructuring plan
although it comes at a price as they will be
getting a 50% equity stake in the Brazilian
chemical and fertilizer producer.
Brazil’s Braskem
restart at Triunfo to kick off petchem hub
normalization
Braskem has restarted operations at its Triunfo
facility in the flood-hit state of Rio Grande
do Sul, which will allow other players in the
petrochemicals hub to start up their plants as
many depend on input from the Brazilian
polymers major to operate.
INEOS Styrolution
declares force majeure at Altamira Mexico
facility
INEOS Styrolution declared force majeure at its
facility in Altamira, Mexico, on 20 May. The
products affected include Teluran
ABS, Novodur High Heat ABS and Luran ASA.
This facility has a capacity of 113,000 tonnes.
Chile’s Q1 GDP up
2.3% on strong consumption, manufacturing up
1.1%
The Chilean economy started 2024 on a strong
footing with GDP growth in the first quarter at
2.3%, year on year, the country’s central bank
said on Monday.
Volkswagen,
Stellantis idle car plants in Brazil, Argentina
after floods
Volkswagen (VW) idled its three plants in the
Brazilian state of Sao Paulo on Monday, as
suppliers in the floods-hit state of Rio Grande
do Sul are unable to produce any automotive
parts, a spokesperson for the German automotive
major told ICIS.
PRICING
LatAm PP
international prices stable to up on higher
Asian freights
International polypropylene (PP) prices were
assessed as steady to higher across Latin
American countries due to the surge in freight
rates from Asia to the region.
LatAm PE
domestic, international prices steady on
sufficient supply, stable
demand
Domestic and international polyethylene (PE)
prices were assessed unchanged this week across
Latin American countries on the back of
sufficient supply and stable demand.
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Petrochemicals27-May-2024
MUMBAI (ICIS)–India and Iran are currently
charting plans to acquire equipment and
machinery to enhance the capacity and increase
vehicular movement at Chabahar port, after the
two countries signed a 10-year deal to develop
part of the Iranian port.
State-owned Indian Ports Global Ltd (IPGL) and
the Ports & Maritime Organisation (PMO) of
Iran signed the agreement to develop and manage
the Shahid-Behesti terminal at the Chabahar
Port in southeastern Iran.
“These efforts had been hampered in the past
due to the US sanctions on Iran,” a source from
India’s Ministry of Ports, Shipping and
Waterways said, citing international sanctions
imposed on the Middle Eastern country, which is
suspected to be developing nuclear weapons.
IPGL will invest around $120m in equipping the
port, with India offering additional financing
worth $250m for the development of mutually
identified projects aimed at improving port
infrastructure, the source said.
Iran’s Chabahar Port on the Gulf of Oman
consists of the Shahid Beheshti port, which
will be developed by India, and the Shahid
Kalantri port.
“The long-term contract will further strengthen
ties between the two nations and highlights the
importance of Chabahar as a gateway for trade
with Afghanistan and Central Asian countries,”
the shipping ministry said in an official
announcement on 13 May.
“The Chabahar Port has easy access to India’s
west coast. The long-term contract will give a
significant boost to economic activities and
establish our growing role in developing global
trade & commerce,” Indian shipping minister
Sarbananda Sonowal posted on social media
platform X on 14 May.
India imports methanol, bitumen, liquefied
propane, inorganic/organic chemicals, among
others from Iran; while it exports
pharmaceuticals, rice, tea, sugar and fruits to
the Middle Eastern country.
The Chabahar project is part of the proposed
International North-South Transport Corridor
(INSTC), a multi-modal transportation network
of ship, rail and road route for moving goods
between India, Iran, Azerbaijan, Russia,
Central Asia and Europe.
India and Iran had initially signed an
agreement for the development of the port in
2003, but the project was stalled due to
opposition from the US.
The current deal replaces a 2016 agreement
between the two countries that was being
renewed periodically.
IPGL, which took over operations at the Shahid
Beheshti port in 2018, has handled more than
90,000 20-foot-equivalent units of container
traffic and more than 8.4m tonnes of bulk and
general cargo since then, the source from the
shipping ministry said.
The lack of a long-term agreement was, however,
impacting investment by shippers and investors
in the region.
“The industry was initially uncomfortable about
allowing its long-term supply chains to pass
through Chabahar port as the Indian government
did not have a long-term agreement with Iran
for the port,” the official said.
Negotiations for a long-term deal between the
two countries had been stalled due to
differences on several issues, including a
disagreement on an international arbitration
framework in case of disputes, he added.
The Shahid Beheshti port is being developed in
four phases; and on completion of all four
phases, port capacity will be 82m tonnes/year,
as per IPGL’s website. The first phase of the
development was inaugurated in December 2017.
Despite its potential, the Chabahar project
could face hurdles due to the re-imposition of
US sanctions on Iran, the government source
said.
US state department spokesman Vedant Patel on
14 May warned of possible sanctions against
those engaging with the Iranian government.
Focus article by Priya Jestin
Speciality Chemicals27-May-2024
LONDON (ICIS)–Here are some of the top stories
from ICIS Europe for the week ended 24 May.
Brenntag CEO says Europe
must play to its strengths
Europe’s chemical sector is seeing a wave of
commodity production closures, which is likely
to accelerate as the region is suffering from
structurally higher energy costs and depressed
margins since it lost access to cheap Russian
gas.
Europe epoxy sentiment
stable, Asia imports may face EU antidumping
claim
Europe epoxy resins prices have been mainly
agreed with rollovers for May so far, in spite
of a drop in feedstock costs this month.
Speculation is also growing over EU
anti-dumping claims against Asian imports.
Europe naphtha and
gasoline prices firm on improved liquidity,
summer optimism
Liquidity in Europe’s naphtha and gasoline
markets improved in the week to 17 May as
stable-to-soft prices encouraged buying
appetite, just as the market is gearing up for
an uptick in demand ahead of the summer
holidays.
Europe PE, PP contract
prices down beyond monomer for May
Europe’s polyethylene (PE) and polypropylene
(PP) freely negotiated prices for May are down,
with variance by grade
Polyvinyl Chloride27-May-2024
SINGAPORE (ICIS)–Asia’s polyvinyl chloride
(PVC) markets are expected to see some
uncertainty in the coming months, with factors
like China’s domestic demand, the impact of
India’s monsoon and some policy changes likely
to shape the landscape.
June offers from Asian producers awaited
Healthy SE Asian Q1 GDP growth to support
PVC demand
Low domestic demand in China encourages
exports, especially to India
In this chemical podcast, ICIS editors Jonathan
Chou, Damini Dabholkar and analyst Lina Xu
discuss recent market conditions with an
outlook ahead in Asia.
(This podcast first ran on 8 May.)
Visit us at Booth 13, Grand Ballroom Foyer,
Grand InterContinental Seoul Parnas in South
Korea.
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here.
Crude Oil27-May-2024
SINGAPORE (ICIS)–China’s industrial profits in
April increased by 4.0% year on year, reversing
the 3.5% contraction in March, official data
showed on Monday.
For the first four months of the year,
industrial profits in the world’s
second-biggest economy grew by 4.3%, unchanged
from January-March, according to China’s
National Bureau of Statistics (NBS) said.
Manufacturing profit for the period rose by 8%,
while utilities had a 36.9% increase in
earnings, while mining registered 18.6%
decrease on profits in the first four months.
Computer, communication, and other electronic
devices’ manufacturing had the strongest profit
growth of 75.8% in January to April 2024; while
profits for non-ferrous metal smelting and
welding and power/ heat production and supply
increased by 56.6% and 44.1%, respectively.
Thirty-one out of the total 41 industries
tracked by the NBS reported profit growth in
January to April 2024. The share of industries
that posted profit growth for the period
increased to 75.6% from 68.3% in the first
three months of the year.
NBS said that “the foundation for such
recoveries still needs to be strengthened as
domestic market still lacks effective demand
and external environment remains gloomy.”
Thumbnail image: At Yantian port in
Shenzhen City, Guangdong Province in south
China, 16 May 2024. (Shutterstock)
Propylene27-May-2024
SINGAPORE (ICIS)–Asia’s propylene market will
continue to see weak demand, although potential
curbs in plant run rates in China amid weak
margins could lend market support.
Downstream, China’s propylene oxide (PO) import
demand may continue to be adversely impacted by
domestic start-up capacities, while demand in
the main downstream polyols sector is unlikely
to recover in the second quarter.
South Korea June-loading propylene volumes
likely to increase month on month
Domestic Chinese PO start-ups to keep
domestic supply lengthy, hampering import
demand
Global PO supply ex-China remains tight;
downstream polyols likely muted in Q2
In this chemical podcast, ICIS editors Julia
Tan and Shannen Ng discuss trends in the Asian
propylene and PO markets.
(This podcast first ran on 9 May.)
Visit ICIS during APIC ’24 on 30-31 May at
Booth 13, Grand Ballroom Foyer of the Grand
InterContinental Seoul Parnas in South Korea.
Book a meeting with ICIS here.
Gas27-May-2024
SINGAPORE (ICIS)–Here are the top stories from
ICIS News Asia and the Middle East for the week
ended 24 May 2024.
INSIGHT: Asia plasticisers producers brace for
mounting selling pressure amid soaring freight
rates
By Julia Tan 24-May-24 12:00 SINGAPORE
(ICIS)–Recently surging freight rates have led
to a largely pessimistic outlook for the Asia
plasticisers spot market, particularly for
producers who rely heavily on export sales, as
higher freight rates will continue to keep
selling pressure high as sellers find it
difficult to move product out of the region.
SE Asia PE June offers firmer due to shipment
delays, tight supply
By Izham Ahmad 24-May-24 11:16 SINGAPORE
(ICIS)–Initial spot import offers for June
shipments of polyethylene (PE) in southeast
Asia were announced mostly firmer so far in the
week ending 24 May, with gains driven by tight
supply, which is being aggravated by delays in
cargo delivery from the Middle East.
US tariff hikes on China EVs, batteries take
effect 1 August
By Fanny Zhang 23-May-24 13:37 SINGAPORE
(ICIS)–Starting August, US tariffs on imports
of electric vehicles (EVs) from China will
quadruple to 100%, while those for battery
materials will more than triple to 25%, the US
Trade Representative (USTR) said.
Freight rates on China exports soar amid Red
Sea crisis
By Fanny Zhang 22-May-24 11:56 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.
INSIGHT: China’s industrial activity gathers
pace but lopsided April data clouds
outlook
By Nurluqman Suratman 21-May-24 12:00 SINGAPORE
(ICIS)–China’s industrial output grew by 6.7%
year on year in April, signalling a further
strengthening of its manufacturing sector, but
weaker retail sales and bleak property data
suggest that its overall growth momentum
remains weak.
INSIGHT: Asia MEG market continues to brace for
headwinds
By Judith Wang 20-May-24 20:17 SINGAPORE
(ICIS)– Asia monoethylene glycol (MEG) market
continues to face headwinds in the near term as
it is grappling with the ample supply in China
and soft global textile demand.
Asia IPA supported by acetone strength; demand
lagging
By Joy Foo 20-May-24 14:13 SINGAPORE
(ICIS)–After seeing a sharp increase in late
April, tracking a surge in feedstock acetone
cost, Asia’s isopropanol (IPA) spot prices have
remained buoyant on cost support.
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