Latin America stories: weekly summary

NEWS
Brazil’s Braskem monitoring Alagoas mine as collapse risk emergency declared
Braskem continues “to be mobilized and monitoring” the situation at mine 18 of its facilities in Alagoas, north Brazil, after the municipality declared an emergency due to the imminent risk of collapse, the Brazilian petrochemicals major said on Friday.

Mexico’s manufacturing expands strongly in November
Mexico’s manufacturing sectors continued expanding in November at a healthy rate as output and job creation rose on the back of healthy demand, analysts at S&P Global said on Friday.

Brazil’s manufacturing contracts again in November but ‘positive pockets’ spring up
Brazil’s manufacturing sectors remained in contraction territory in November, but a few “positive pockets” appeared with job creation steady, more positive sentiment and softer falls in sales and production, analysts at S&P Global said on Friday.

Argentina bracing for ‘very tough’ H1, but healthier growth could follow – Anastacio CEO
Argentina is to have a “very, very tough” first half of 2024 as President-elect Javier Milei implements a shock therapy for the beleaguered economy, but a healthier country should emerge from the trauma, said the CEO at Brazilian chemicals distributor Quimica Anastacio.

Brazil’s polymers players unfazed by import tariff hike, producers upbeat
Brazilian petrochemicals sources have said the slight hike in polymers’ import tariffs will have little overall impact, although it is expected to help shore up margins for domestic producers.

Brazil’s Grepar to take legal action against Petrobras after refinery sale cancelled
Grepar will take legal action and seek compensation from Petrobras after the Brazilian energy major unilaterally cancelled the sale of its Lubnor refinery, the prospective buyer said late on Monday.

Brazil’s chemicals trade deficit expected at $47bn in 2023
Brazil’s chemicals trade deficit is expected to reach $47bn this year as imports continue by far outpacing exports, the country’s chemicals trade group Abiquim said on Monday.

PRICING
Argentina political scenario may change PET imports in the short term
The Argentine polyethylene terephthalate (PET)  market continues to face challenges in bringing feedstock to the country, which slightly limits PET resin availability in November. Prices for PET are flat; however, potential price fluctuation remains possible based on the future political scenario in the country.

Lat Am PP domestic, international prices steady on high feedstock costs
Domestic polypropylene (PP) prices were assessed as steady across Latin American countries on the back of stable international prices and high feedstock costs.

LatAm international PE prices stable to soft on lower US export offers
International polyethylene (PE) prices were assessed as stable to soft across the region on the back of competitive offers from the US.