News library
Subscribe to our full range of breaking news and analysis
Viewing 1-10 results of 57457
Ammonia07-Oct-2024
HOUSTON (ICIS)–Corn harvest has reached 30%
while soybeans are at 47% completed, according
to the latest US Department of Agriculture
(USDA) weekly crop progress report.
The current rate of the corn harvest is just
behind the 31% level achieved in 2023 but is
ahead of the five-year average of 27%.
Texas continues to be the leading state with
95% of it corn crop harvested, followed by
North Carolina and Tennessee at 80%.
There is 87% of the crop rated mature, which is
equal to the 87% from last season and above the
five-year average of 81%.
For corn conditions there is 5% viewed as very
poor, 8% still as poor and 23% as fair. There
is 49% listed as good with 15% as excellent.
Soybeans dropping leaves is now at 90% but this
slightly behind the 91% from last season but is
above the five-year average of 85%.
Harvesting of the soybean crop has climbed to
47%, which is ahead of 37% mark from 2023 as
well as the five-year average of 34%.
Louisiana remains the top state for harvesting
progress with 77% now completed with
Mississippi right behind that level with 76% of
their crop finished.
For soybean conditions there is still 3% very
poor and 8% as poor. There is now 26% fair with
51% good and 12% remaining rated as excellent.
In other harvesting updates, there is 26% of
the cotton crop finished with sorghum acreage
now at 43% completed.
Ammonia07-Oct-2024
HOUSTON (ICIS)–As Hurricane Milton continued
to crank up into a potentially record setting
storm heading for central Florida, the US
fertilizer industry within the key hub of Tampa
began quickly preparing for its arrival.
As of late 7 October Milton had reached
Category 5 status with winds at 180 miles per
hour (mph) and moving east at 10mph.
It is expected to make landfall late on
Wednesday with a general track consensus having
the center of the storm crossing over Tampa,
with the storm surge locally forecasted to be
as high as a life threatening 10-15 feet.
Having just experienced Hurricane Helene, which
brought considerable rainfall and surge but
left the city and much of the fertilizer
infrastructure undamaged, the community and
market participants are now again trying to get
ready and settle in for what will certainly be
a much more intense event.
As a source said all around the community
everything was progressing rapidly to being
shut down over Monday afternoon or into early
Tuesday.
Officials have announced that the Tampa
International Airport is suspending all
commercial and cargo operations on 8 October at
9:00 eastern standard time.
Port of Tampa officials had not issued an
update since 6 October advising of the
possibility of gale force winds impact our
maritime operations within 48 hours.
At the time it said inbound and outbound vessel
traffic was continuing as were landside
operation as long as safely possible.
A source at producer Yara said the company was
shutting down their Tampa offices Monday
afternoon to comply with the evacuation orders
but there was no update on stoppage of other
operations.
With their headquarters within the city and
substantial assets in the Tampa vicinity
fertilizer producer Mosaic is in the path of
this storm’s threat but had not yet commented
on their current preparation for Milton.
Canadian fertilizer major Nutrien said
following the last hurricane it was still
assessing the timeline for restarting their
White Springs phosphate facility, but they were
now getting prepared for another round of
impacts.
“We are working with our customers on any
potential impacts to supply. We are actively
monitoring the path of Hurricane Milton and
have comprehensive emergency response plans in
place to ensure the safety of our people and
operational integrity of our facilities,” said
Nutrien spokesperson.
There is some optimism that for those assets
and population that is further away from the
coast that the biggest threat seen from the
recent tropical activity, the storm surge, will
not be a factor.
There is also the possibility it could drift
further south or edge up more northerly and
also potentially weaken ahead of making
landfall.
As an industry participant said, “We are inland
so we are staying for now, will continue to
watch.”
Officials were saying that residents and
business need to be ready for the storm or need
to have left the area by at least late 8
October.
Already there are reports of slow moving
northbound traffic out of Tampa along the
interstate, with many heeding the evacuation
orders as Milton was being listed as the
strongest Gulf of Mexico hurricane since 2005,
with extremely low centralized pressure being
recorded.
Speciality Chemicals07-Oct-2024
HOUSTON (ICIS)–Milton strengthened on Monday
into a powerful Category 4 hurricane, and it is
expected to continue strengthening before
making landfall by midweek near Tampa, Florida,
a major fertilizer hub that was drenched by an
earlier major hurricane.
That earlier hurricane, Helene, made landfall
on September 26 far to the north of Tampa.
However, Tampa still saw storm surges of 6-10
feet (1.8-3.0 meters), according to
AccuWeather, a meteorology firm. Tampa and
other ports along Florida’s Gulf Coast had shut
down because of Helene.
AccuWeather estimates that Hurricane Helene
caused $225 billion to $250 billion of damage
and economic loss in Florida and the
southeastern US.
As of September 30,
fertilizer companies were assessing the
damage caused by Hurricane Helene. A week
later, they will now prepare for another major
hurricane that will pose a greater risk.
AccuWeather is warning that, due to Milton, the
Tampa Bay region could be hit by a storm surge
of 10-15 feet, wind gusts of 120-140 miles/hour
(193-225 miles/hour) and more than 2 feet (60
cm) of rain.
“Milton may be a historic, once-in-a-lifetime
storm for Floridians,” said Jon Porter,
AccuWeather chief meteorologist. “Milton has
the potential to become one of Florida’s most
damaging and costly hurricanes.”
For Tampa, the magnitude of Milton’s storm
surge will depend on its path, according to
AccuWeather. If it makes landfall south of
Tampa, it will cause dangerous, but not
extreme, storm surges.
If landfall is north of Tampa, parts of the Bay
could suffer from storm surges of 20 feet,
AccuWeather said.
FERTILIZER HUB, PHOSPHATES AT
RISKTampa is an important hub
for the US fertilizer industry, hosting
corporate offices, trading, product storage,
shipping and other logistical operations.
Near Tampa is
Florida’s phosphate mining operations in
Bone Valley, which covers parts of Hardee,
Hillsborough, Manatee and Polk counties.
In all, Florida has 27 phosphate mines, of
which nine are active, according to
the Florida Department of Environmental
Protection.
For chemicals, there is some epoxy resin,
phenolic resin and unsaturated polyester resin
production in Lakeland and Kathleen, Florida.
Both are near Tampa.
Milton will make landfall far from Pensacola,
Florida, which has plants that make nylon and
thermoset resins.
PORT TAMPA BAY REMAINS
OPENPort Tampa Bay remains open
to inbound and outbound vessel traffic, but it
has set Port Condition X-RAY. That means gale
force winds that could disrupt maritime
operations could occur in the next 48 hours.
SeaPort Manatee, a deepwater port on Tampa Bay,
also set Port Condition X-Ray. It handled bulk,
breakbulk and container traffic.
RAIL STILL RECOVERING FROM
HELENEOn October 4, railroad
company CSX warned customers to expect delays
despite progress in restoring power and
clearing trees. Disruptions to operations are
concentrated in the Carolinas.
Railroad company Norfolk Southern said it has
already started monitoring Hurricane Milton,
although its lines are operating as scheduled.
POTENTIAL FOR DISRUPTION TO GULF
OILHurricane Helene disrupted US
oil and gas production in the Gulf of Mexico
even though it passed through the eastern
portion of the body of water.
Hurricane Milton could have the same potential
as it approaches the US.
RECONSTRUCTION DEMAND FOR
CHEMSFor hurricanes in general,
reconstruction can translate to increased
demand for many chemicals and polymers.
The white pigment titanium dioxide (TiO2) is
used in paints.
Solvents used in paints and coatings include
butyl acetate (butac), butyl acrylate
(butyl-A), ethyl acetate (etac), glycol ethers,
methyl ethyl ketone (MEK) and isopropanol
(IPA).
Blends of aliphatic and aromatic solvents are
also used to make paints and coatings.
For polymers, expandable polystyrene (EPS) and
polyurethane (PU) foam are used in insulation.
Polyurethanes are made of methylene diphenyl
diisocyanate (MDI), toluene diisocyanate (TDI)
and polyols.
High density polyethylene (HDPE) is used in
pipe. Polyvinyl chloride (PVC) is used to make
cladding, window frames, wires and cables,
flooring and roofing membranes.
Unsaturated polyester resins (UPR) are used to
make coatings and composites.
Vinyl acetate monomer (VAM) is used to make
paints and adhesives.
Thumbnail shows the forecasts path of
Hurricane Milton. Image by the National
Hurricane Center.
Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Ethylene07-Oct-2024
HOUSTON (ICIS)–Here are the top stories from
ICIS News from the week ended 4 October.
US Tampa port reopens after Helene’s
hit; US-wide losses could top $160
billion
The port at Tampa in the US state of Florida
reopened over the weekend, the port’s
authorities said on Sunday, after Hurricane
Helene’s destructive path put the US state of
Florida against the ropes.
SHIPPING: ILA ports strike to weigh on
US PE, PVC exports; carriers set congestion
surcharges
Participants in the US chemical industry worry
that a prolonged strike by US Gulf and East
Coast dock workers will hurt exporters and lead
to supply surpluses, and some carriers are
already initiating port congestion surcharges
that will add increased costs on top of delays
to both imports and exports.
SHIPPING: Union, US ports remain at
impasse as strike enters second
day
Negotiations have yet to resume between union
dock workers and the US Gulf and East Coast
ports as a costly strike enters its second day.
US demand for ACN, other chems could
take a hit as Boeing strike enters fourth
week
US acrylonitrile (ACN) demand could soften as
33,000 Boeing employees remain on strike in a
work stoppage that is entering its fourth week.
SHIPPING: Trucks, container ships
backing up as US ports strike marks third
day
In only its third day, a strike by
dock workers at US Gulf and East Coast ports is
leading to idled trucks and growing numbers of
container ships queuing outside of the ports.
SHIPPING: Union, US ports reach
tentative agreement, dock workers to return to
work on Friday
The three-day strike by US Gulf and
East Coast dock workers has been suspended
until 15 January to allow negotiations to
resume, according to a joint statement from the
union and ports.
INSIGHT: No signs of petchems demand
recovery from car sector on the horizon, H2
2025 may be a moment of
truth
After a strong rebound in car sales last year,
the European automotive industry is facing a
more challenging environment in the second half
of 2024, leading to a drop in petrochemical
requirements from car manufacturers. Consumer
appetite for new vehicles has become more
sluggish following a post-Covid catch-up phase
in 2023, mainly due to a mixed economic
environment and persistently high interest
rates, along with uncertainty on both policy
and political developments across the
continent.
SHIPPING: With strike over, some US
ports extending gate hours; container rates
fall further
With the suspension of the strike at
US Gulf and East Coast ports until 15 January,
carriers are urging customers to use extended
gate times being offered by some ports to
collect or deliver any urgent containers to
terminals.
Speciality Chemicals07-Oct-2024
SAO PAULO (ICIS)–Here are some of the stories
from ICIS Latin America for the week ended on 4
October.
NEWS
Brazil’s manufacturing
expands healthily again in September on
stronger demandBrazil’s
manufacturing sectors posted a significant
improvement in September on the back of an
increase in production, stronger job creation,
and accelerated sales growth, analysts at
S&P Global said on Tuesday.
Mexico’s manufacturing
contraction deepens in September as perfect
storm gathers paceMexico’s
petrochemicals intensive manufacturing sectors
deepened their contraction during September as
a perfect storm of lower orders, lower output
and lower employment levels is forming,
analysts at S&P Global said on Wednesday.
Colombia manufacturing
falls further into contraction in
SeptemberThe manufacturing
sector in Colombia fell further into
contraction territory in September on the back
of weak demand which dented factory output,
analysts at S&P Global said.
Chile’s manufacturing
starts Q4 in good form, central bank forecasts
healthier growthChile’s
economy has had several ups and downs in the
past 12 months, including flirting with a
recession, but the petrochemicals-intensive
manufacturing sectors and macroeconomics point
to healthier growth in Q4 and into 2025.
INSIGHT: Brazil’s booming
economy creates problems of its own – but
chemicals absent from
bonanzaBrazil’s economy has
beaten the odds in 2024, and GDP growth is
expected to top 3% for the year, although this
success is coming accompanied by a series of
challenges – not least inflation and interest
rates, which remain high.
INSIGHT: Optimism over
Mexico’s Sheinbaum tempered by fears of
executive over-reachClaudia
Sheinbaum’s historic swearing-in this week as
the first female Mexican president and the
optimism it infused could quickly turn sour if
her party Morena continues approving one-party,
structural reforms thanks to the
‘supermajority’ of two thirds of seats in
parliament.
Agribusiness titan Bunge
concludes sale of its share in BP Bunge
Bioenergia in BrazilGlobal agribusiness
titan Bunge announced it has completed the
previously announced sale of its 50% share in
BP Bunge Bioenergia to BP, which now owns 100%
of the business.
Verde
AgriTech successfully renegotiates loans with
their creditors in
BrazilFertilizer producer
Verde AgriTech has announced a successful
renegotiation with the banks holding 73% of its
outstanding loans.
Brazil’s Innova BOPP
capacity to nearly double with Polo Films
acquisitionChemicals
producer Innova is to increase its production
capacities for biaxially oriented polypropylene
(BOPP) film by 86% to 130,000 tonnes/year if
its planned
acquisition of Polo Films goes ahead
as planned.
Colombia’s central bank
cuts rates by 50 basis points to
10.25%Colombia’s Banco de la
Republica decided late on Monday to cut its
benchmark interest rate by 50 basis points to
10.25% in a split decision among members of its
monetary policy committee.
PRICING
Mexico PP domestic prices
fall tracking
propyleneDomestic
polypropylene (PP) prices dropped in Mexico
tracking lower propylene costs. In other Latin
American countries prices were assessed
unchanged.
Mexico domestic PE prices
fall on ample supply, soft
demandDomestic polyethylene
(PE) prices fell in Mexico on ample supply and
soft demand while being unchanged in other
Latin American countries.
Crude Oil07-Oct-2024
SINGAPORE (ICIS)–Petrochemical trades in Asia
may pick up mid-week with as Chinese markets
re-open after a week-long holiday, but industry
players remained bearish on demand recovery
prospects.
Trades subdued during 1-7 October China
holidays
Crude, naphtha prices rise amid
geopolitical tensions
China to announce more economic policies
Crude gains on escalating Middle East tensions,
weather-related disruptions in northeast Asia
and the monsoon season in India were all
factors that will affect trading this week.
In late Asian trade,
Brent crude breached $79/barrel, while US
crude was trading at above $75/barrel, on
growing fears of a wider conflict in the Middle
East a year since the Israel-Hamas war began.
Demand concerns,
particularly in China, however, continue to cap
gains.
Prices of naphtha – the main petrochemical
feedstock in Asia – typically track gains in
upstream crude market.
At noon, naphtha prices stood at $700/tonne CFR
(cost & freight) Japan.
With firm naphtha prices, production margins of
petrochemical producers get squeezed.
In the propylene and polymeric methylene
diphenyl diisocyanate (PMDI) markets, players
were awaiting clearer direction from China,
whose players will return to the market on 8
October.
For acetic acid, import demand from India
slowed down as the seasonal monsoon in the
country, which should have ended in late
September, extended its stay and is expected to
affect restocking ahead of Diwali holiday in
end-October/early November.
Diwali is the Hindu Festival of Light and is a
major holiday in India.
In Taiwan, Typhoon Krathon
directly hit its petrochemical hub of Kaohsiung
last week, causing power outages that affected
plant operations at the site, with some units
likely to be shut for days.
In the case of
Taiwan VCM (TVCM)’s 450,000 tonne/year
vinyl chloride monomer (VCM) plant, it
sustained equipment damage and may have to be
down for 7-10 days, sources said.
The consequent reduction is supply of some
petrochemicals, however, will likely have a
minimal impact on markets as demand remains
largely weak.
EYES ON CHINA
Market players are expecting more economic
measures from China post-holiday, which will
follow a slew of policy announcements days
before its week-long National Day celebration.
China’s State Council announced on 6 October
that the National Development and Reform
Commission (NDRC), the country’s top economic
planning body, will hold a press briefing on 8
October.
In its announcement, the State Council referred
to “systematically implementing a package of
incremental policies to solidly promote
economic growth, structural optimisation and
sustained momentum of development”.
China’s
recent economic stimulus package have
boosted investor sentiment, mainly in the
equities markets, but there were doubts over any near-term
lift to economic activity.
Focus article by Jonathan Yee
Additional reporting by Seng Li Peng,
Jonathan Chou, Helen Lee, Shannen Ng and Hwee
Hwee Tan
Petrochemicals07-Oct-2024
LONDON (ICIS)–Click
here to see the latest blog post on
Chemicals & The Economy by Paul Hodges,
which focuses on sector surprises for October.
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. Paul Hodges is the chairman of
consultants New
Normal Consulting.
Speciality Chemicals07-Oct-2024
LONDON (ICIS)–Here are some of the top stories
from ICIS Europe for the week ended 4 October.
No
signs of petchems demand recovery from car
sector on the horizon, H2 2025 may be a moment
of truth
After a strong rebound in car sales last year,
the European automotive industry is facing a
more challenging environment in the second half
of 2024, leading to a drop in petrochemical
requirements from car manufacturers.
LANXESS exits polymers
via sale of urethane business to Japan’s
UBE
LANXESS is selling its urethane systems
business to Japanese chemicals producer UBE
Corp for around €500 million, the German
specialty chemicals firm said on Thursday.
Europe recycled
polyolefin agglomerates prices face downward
pressure
Europe recycled polyolefin
agglomerate prices are facing downward
pressure due to weak demand from mechanical
recyclers.
ADNOC
makes public takeover offer for Germany’s
Covestro
Abu Dhabi state oil and petrochemicals player
ADNOC has launched a public takeover offer for
Germany-based producer isocyanates,
polycarbonates and adhesives specialist
Covestro, representing an equity value of €11.7
billion.
Bold
policy moves might not arrest China economic
slowdown
In a bold move to revitalize its economy and
restore investor confidence, China unveiled a
comprehensive package of monetary and fiscal
measures less than a week before the country
goes on a week-long holiday.
Base Oils07-Oct-2024
SINGAPORE (ICIS)–The base oils market in UAE
is likely to see an uptick in demand in the
fourth quarter, with the impact of escalating
tensions in the region on crude prices and
Group I supply from Iran closely monitored in
the weeks ahead.
Impact of regional conflict on spot Group I
supply from Iran to emerge
Group II export offers from the US awaited
to offer clearer near-term market direction
Persistent crude volatility may temper base
oils uptake
Currency woes in Africa may undermine
finished lube exports
In this podcast, ICIS editor Damini Dabholkar
and senior editor Veena Pathare discuss recent
market conditions and the outlook for the UAE.
Contact us
Partnering with ICIS unlocks a vision of a future you can trust and achieve. We leverage our unrivalled network of industry experts to deliver a comprehensive market view based on independent and reliable data, insight and analytics.
Contact us to learn how we can support you as you transact today and plan for tomorrow.