Latin America stories: weekly summary

SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 26 January.

NEWS
Brazil’s new $61bn industrial policy to prop up beleaguered chemicals – Abiquim
The Brazilian government’s new 10-year industrial policy plan will help create the conditions for the “survival and resumption” of growth for beleaguered chemicals producers in the country, according to trade group Abiquim.

General Motors, China’s BYD to invest over $2.0bn in EVs at Brazilian facilities
General Motors is to invest Brazilian reais (R) 7.0bn ($1.4bn) in 2024-2028 at its facilities in the country to implement a “complete renewal” of its vehicle portfolio focusing on production of electric vehicles (EVs), the US automotive major said this week.

Mexico’s secondary activities output up 3% in November
Output in Mexico’s petrochemicals-intensive secondary activities rose by 3.0% in November, year on year, the country’s statistics office Inegi said this week.

Argentina’s manufacturing output falls 5% in November
Argentina’s petrochemicals-manufacturing output fell by 4.8% in November, year on year, the country’s statistics agency Indec said this week.

Chile’s manufacturing producer prices fall in December but wider economic picture improves
Producer prices in Chile’s petrochemicals-intensive manufacturing sectors fell 2.9% in December, year on year, the country’s statics office INE said on Wednesday.

Acelen Renewables picks tech for SAF/HVO project in Brazil
Acelen Renewables, a renewable energy company owned by the UAE’s Mubadala Capital, has chosen Honeywell’s Ecofining technology for a 20,000 bbl/day sustainable aviation fuel (SAF)/hydrotreated vegetable oil (HVO) project in Bahia, Brazil, officials said on Wednesday.

Brazil’s Petrobras RNEST refinery expansion to start up in Q1 2025
Petrobras will start up its expansion at the Abreu e Lima (RNEST) refinery in the first quarter of 2025, the Brazilian state-owned energy major said.

Brazil’s chemical imports relentless growth pushes 2023 deficit to $47.0bn
Brazilian companies imported in 2023 chemicals worth $61.2bn, the second-highest figure for nearly 35 years, pushing the sector’s trade deficit to $46.6bn, chemicals trade group Abiquim said on Monday.

PRICING
LatAm PP prices rise in Chile, Mexico because of expensive import offers, higher feedstock costs
Domestic polypropylene (PP) prices rose in Chile, tracking higher international prices, while in Mexico prices increased due to higher feedstock costs. In other Latin American countries, prices were unchanged.

LatAm PE domestic prices increase in Chile, Colombia, Mexico on higher import offers
Domestic polyethylene (PE) prices increased in Chile, Colombia and Mexico on the back of higher import offers. In other Latin American countries, prices were unchanged.

Brazil imports for caustic soda decrease in 2023
The ICIS Supply and Demand database shows that Brazil experienced a decline in caustic soda imports in December compared to the same period in 2022.

Brazil base oil demand down in December as output begins to grow
Brazil’s lube demand fell in December for the first time in eight months, adding to a slowdown in consumption throughout the Latin American market. Slower lube consumption coincided with the prospect of a recovery in Brazil’s domestic base oils production early this year.

Brazil ethanol prices increasing in January
Prices for hydrous ethanol were assessed higher this week, and demand is stable with good supply availability in January.