Latin America stories: weekly summary
ICIS Editorial
08-Jul-2024
SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 5 July.
NEWS
Mexico’s Altamira
petrochemicals players breathe sigh of relief
as Beryl weakens
Fears that Hurricane Beryl could cause
widespread disruption to petrochemicals
production in the Altamira hub, in the Mexican
state of Tamaulipas, have now subsided as the
hurricane weakens on its path through the
Caribbean.
Brazil’s Braskem
still facing logistical woes at Triunfo
facilities
Brazil’s polymers major Braskem is still facing
some logistical challenges at its facilities in
Triunfo, in the floods-hit state of Rio Grande
do Sul, according to a letter to customers seen
by ICIS.
Brazil’s
automotive 2024 output expected lower as
‘uncontrolled’ imports keep
rising
Brazil’s automotive trade group Anfavea this
week downgraded its forecasts for production in
2024 due to ever-rising vehicle imports –
mostly from China, with several producers
signing a letter to the government asking for
higher import tariffs on cars.
US dominates base
oils exports to Brazil with around 75% market
share
The US remains the largest exporter to the
Brazilian base oils market, with the country’s
lead widening in 2024, according to an expert
on Tuesday.
INSIGHT: Chem
shipping to get break from Panama Canal, tariff
front-loading
The Panama Canal Authority (PCA) is allowing
more traffic to pass through the waterway,
while the rush to ship goods before the start
of tariffs should end soon – all of which
should give chemical shippers some relief from
elevated freight costs.
Brazil’s
manufacturing recovers but faces pressure on
currency depreciation
Sales growth in Brazil’s manufacturing is being
dented by challenging economic conditions,
currency depreciation and order postponements
after the floods crisis, analysts at S&P
Global said on Monday.
Mexico’s
manufacturing expands in June but new export
orders, job creation fall
Mexico’s manufacturing expanded in June and
remained practically stable from May on the
back of factory orders rising, which kept
production healthy, analysts at S&P Global
said on Monday.
Colombia’s
manufacturing remains in contraction in
June
Colombia’s manufacturing sectors remained in
contraction territory in June as a further
decline in new orders led to reduced output,
analysts at S&P Global said on Tuesday.
Colombia’s fiscal
plans based on ‘rosy’ growth assumptions –
analysts
Plans presented by the Colombian government to
reduce its fiscal deficit are based on “rosy”
assumptions for growth and are likely to be
missed, according to analysts.
PRICING
Higher hydrous ethanol
prices reflect strong sales
performance
Hydrous ethanol prices rose this week,
reflecting ongoing strong sales performance in
the market.
Surging PET
prices in Brazil and Mexico for
July
Prices for PET in Brazil experienced an upward
trend during the first week of July, driven by
the ongoing rise in international freight
rates. This increase reflects the continued
influence of escalating global shipping costs
on the local market for PET resin.
Innova amends
July PS price increase in
Brazil
Innova amended a price increase to Brazilian
real (R) 1,200/tonne ($218/tonne), excluding
local taxes, on all grades of polystyrene (PS)
sold in Brazil, effective 4 July, up from
previously announced R750, according to a
customer letter.
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