
ICIS Supply and Demand Database
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Optimise sales planning, production and investment with a transparent view of the Chemicals supply chain showing capacity, balanced and integrated between upstream and downstream, as far ahead as 2050. Access supply, demand and trade flow data updated daily, with monthly and quarterly round-ups, for over 100 commodities in 175 countries.
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Discern long-term trends built on historical trade flow data going back to 1978, and respond swiftly to market conditions if they change in unforeseen ways.

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ICIS News
PODCAST: Look ahead to ICIS PET Value Chain Conference
LONDON (ICIS)–Senior editor, recycling Matt Tudball talks to Helen McGeough, global recycling analytics team lead about some of the key topics that will be discussed at the upcoming ICIS PET Value Chain Conference on 6-7 March in Amsterdam. Topics include: Improving the supply chain for recycled PET Getting access to good-quality feedstocks Deposit return schemes (DRS) growing in Europe Impact of high feedstocks on R-PET prices Spreads between virgin PET and R-PET
05-Feb-2025
India’s Supreme Petrochem to start up new ABS unit in Apr-June
MUMBAI (ICIS)–India’s Supreme Petrochem Ltd (SPL) expects to commission the first phase of its 70,000 tonne/year acrylonitrile butadiene styrene (ABS) plant in Nagothane in April-June, a company source said on Wednesday. Another 70,000 tonne/year ABS unit will be added at the site in the western Maharashtra state, in the second phase of the project, the source said. SPL expects the two phases to cost Indian rupees (Rs) 8.5 billion ($98 million), when the project was announced in 2023. “Mechanical completion of the first phase of our mass ABS project is expected by end of March 2025 and commissioning is scheduled for the first quarter of financial year 2025-26,” the source said. The company’s fiscal year begins in April. “There is an available market for domestically manufactured product,” the source said, citing that “nearly over 50% of the country’s ABS requirement or around 140,000 tonnes, is currently being imported”. Separately, the company plans to invest Rs8 billion to build a greenfield petrochemical complex at Karnal in the northern Haryana state. It plans to build a 100,000 tonne/year polystyrene (PS) unit and a 50,000 tonne/year expandable PS (EPS) unit, along with downstream products such as including 3D panels, PS sheeting, extruded PS, among others. “Pre-project activities for that site are going on right now,” the source said. “The new projects will meet increased demand for PS and EPS in domestic and export markets in the years ahead,” he added. SPL can produce more than 300,000 tonnes/year of PS; 118,000 tonnes/year of EPS and other downstream products at its two facilities at Nagothane in Maharashtra; and Manali in the southern Tamil Nadu state, according to the company’s website. ($1 = Rs87.13)
05-Feb-2025
Japan's Asahi Kasei 9-month income surges; basic materials swing to profit
SINGAPORE (ICIS)–Asahi Kasei's net income surged by 68.1% year on year in the nine months to December 2024, supported by improved petrochemical prices and lower fixed costs, the Japanese chemicals major said on Wednesday. in Japanese yen (Y) billions Apr-Dec 2024 Apr-Dec 2023 % Change Sales 2,259.3 2,064.1 9.5 Operating income 164.4 98.5 66.9 EBITDA 299.8 233.4 28.4 Net income 98.5 58.6 68.1 Basic Materials (Core Petrochemicals) Business in Japanese yen (Y) billions Apr-Dec 2024 Apr-Dec 2023 % Change Sales 241.7 219.2 10.3 Operating income 12 -8.4 – The company's basic materials unit swung to an operating profit of Y12 billion ($78.2 millon) in April-December 2024 on the back of higher sales revenues, the company said in a statement. Asahi Kasei has revised its year to March 2025 forecasts for sales and operating income reflect an seasonal dip in demand and increased fixed costs in the final quarter of the fiscal year. Overall sales are now expected to reach Y3.04 trillion, a 9.3% increase from the previous fiscal year. However, this new projection represents a 0.9% decrease from the company's November estimate. Full-year operating income is now projected to reach Y200 billion, up 42.1% from actual 2023 figures, and up by 2.6% from the company’s previous forecast. Asahi Kasei expects its net income for the full year to surge to ¥110 billion, more than double the ¥43.8 billion recorded in the previous fiscal year. The company aims continue to "advance its business portfolio transformation; accelerating studies on structural transformation of petrochemical chain-related businesses centered on basic materials while advancing investment in growth businesses", it added. In January this year, Asahi Kasei ceased operations at its Thailand-based joint venture PTT Asahi Chemical. ($1 = Y153.43) Thumbnail image: At a port in Tokyo, Japan 9 December 2024. (FRANCK ROBICHON/EPA-EFE/Shutterstock)
05-Feb-2025
LNG tariff threat but China imports from US currently limited
LONDON (ICIS)–The ICIS Dutch TTF near-curve market fell on Tuesday morning, which traders in part attributed to China’s intention to introduce a 15% tariff on US LNG from 10 February. While any reduction in US LNG to China due to the tariffs could in theory mean more LNG to Europe, traders recognized the overall market impact may be limited. “China’s LNG imports from the US are already quite low – but as long as tariffs are in place China won’t import from the US, especially with the TTF already so high,” said one trader. A second trader said that the development was bearish for European gas markets in the short term, while other traders also noted minimal impact due to the current intake of US LNG into China. Large Chinese LNG buyers have over 20mtpa in new long-term contracts from the US due to start in the next few years. But right now, much US LNG to China is sold on a spot basis – with China only accounting for 5% of total US LNG exports in 2024, according to ICIS data. Two or three US cargoes have been delivered to China each month between November-December 2024, according to ICIS data. Europe and the UK – excluding Turkey – took in 49% of US LNG in 2024 in comparison, due to more favorable market pricing. LEARNING FROM HISTORY In 2018 and 2019 China imposed tariffs on US LNG: 10% to start, before rising to 25%. It came as US LNG was ramping up quickly, with production doubling over 2019. ICIS data shows some reduction in US LNG to China on a 10% tariff and then a complete stop under a 25% tariff. This time the proposed tariff is put at 15%. A range of sellers supply US cargoes into Chinese terminals. While adding 15% to the cost of buying a US contractual cargo of LNG for delivery into China may still allow for a reasonable seller margin – especially if sold on a spot basis – the destination-free nature of US LNG offtake means cargoes can relatively easily be shipped instead to other markets. Chinese LNG buyers themselves are increasingly developing positions in Europe and trading the TTF, for example. Large sellers may be able to optimize and draw on other supply source to cover positions into China to avoid the tariff. Australia and Qatar are much larger LNG suppliers than the US to China currently, with large volumes sold under term contracts, but perhaps limited flexibility to ramp up additional sales if needed. The tariffs come with Chinese LNG demand down by 25% year on year in January and no immediate urgency to pull in additional spot volumes. However, ICIS forecasts a 6% rise in China’s 2025 LNG imports from 2024, supported by the government’s stimulus plan which already took the potential impact of US tariffs into account. Summer demand could be strong on higher temperatures lifting gas demand for power generation. A desire not to import from the US would cause a headache for Chinese LNG importers if they need to ramp up demand at short notice. Global LNG production is expected to rise by 16.3 million tonnes in 2025 due to the addition of new US and Canadian LNG. The market will closely follow the expected dialogue between Trump and Chinese President Xi Jinping later this week.
04-Feb-2025
PODCAST: Trump 2.0 trade war will destabilise chemical value chains, boost reshoring
BARCELONA (ICIS)–As US president Donald Trump revives his trade war, business leaders may seek certainty by switching to local and regional supply chains. Businesses need stability, certainty to make investment decisions Trade war could drive more national/regional industrial and chemical supply chains But reshoring can be very expensive and time-consuming New technologies such as 3-D printing and AI support local production Export-dependent US chemicals have a lot to lose from a trade war US exported more than 10 million tonnes of polyethylene (PE) to Europe in 2023 In this Think Tank podcast, Will Beacham interviews Nigel Davis from the ICIS market development team and Paul Hodges, chairman of New Normal Consulting. 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. Register here . Read the latest issue of ICIS Chemical Business. Read Paul Hodges and John Richardson's ICIS blogs.
04-Feb-2025
UPDATE: China retaliates with 15% tariff on US LNG
UPDATE: China retaliates with 15% tariff on US LNG SINGAPORE (ICIS)–China has announced a 15% tariff to be imposed on coal and LNG imports from the United States as a retaliation to US trade tariffs, the country’s Ministry of Commerce said in a statement. “In accordance with the Tariff Law of the People’s Republic of China, the Customs Law of the People’s Republic of China, the Foreign Trade Law of the People’s Republic of China and other laws and regulations and the basic principles of international law, and with the approval of the State Council, additional tariffs will be imposed on some imported goods originating from the United States starting from 10 February 2025.” A 10% tariff will also be imposed on crude oil, agricultural machinery, and a score of other products. US president Donald Trump and Chinese President Xi Jinping are expected to talk this week on trade and other issues. The US has imposed 10% tariffs on Chinese goods starting 4 February. “This will drive even more US volumes into Europe, and leave portfolio players with suboptimal logistical flows,” said Saul Kavonic, oil and gas analyst with research firm MST Marquee. “Chinese buyers will pay the tariffs, so will be trying to minimize the US volumes they take contractually, and swap that out for non-US volumes. This benefits other regional producers such as Australia, who will be seen as relatively more reliable after this. “The negative impact on US LNG from these tariffs will only partly offset the strong appetite from other buyers to procure more US LNG under pressure from Trump to rebalance trade deficits. The tariffs will create material market inefficiencies, which will benefit some LNG traders in the regions. It may push prices higher everywhere on the margin, as flows become suboptimal.” CHINA IMPORTS China imported 4.4 million tonnes of LNG from the United States in 2024, ICIS data shows, out of a total of 79.24 million tonnes. If the tariff is enforced and stays beyond the upcoming negotiations expected this week between US President Donald Trump and Chinese President Xi Jinping, importers could optimize the US-based positions by diverting them elsewhere. However, the imposition of tariffs on energy by the Chinese government fundamentally means higher energy costs for the country, which increases the cost of industrial production and inflationary pressure. The growing tensions in the commercial relationship between the countries could also equate to reluctance by Chinese buyers to commit to new long-term positions with US-based suppliers. Political tensions with the US could turn Chinese buyers to alternative sources of LNG and pipeline gas, including Russia. The move is the latest in a series of tariff exchanges that so far have involved Canada and Mexico in addition to China. The market anticipates that the next wave of tariffs could target members of the European Union. EU states are unlikely to impose retaliatory tariffs on imported energy, as the cost of gas is already growing following the halt of Russian pipeline gas supplies to the region. Roman Kazmin
04-Feb-2025
India to roll out 20% ethanol-blended fuel by March
MUMBAI (ICIS)–India is set to roll out a 20% ethanol-blended (E20) fuel mandate by March – about nine months ahead of schedule – as there will be enough availability of the environment-friendly additive in the domestic market without endangering sugar production. 2.5% price hike for C-heavy molasses to deter feedstock diversion away from sugar Rice feedstock prices reduced to boost production Auto companies to soon launch 100% ethanol vehicles For the year ending October 2025, the Indian government has approved on 29 January a 2.5% hike in the procurement price of ethanol made from C-heavy molasses, which contain the least sugar among three types of available sugarcane feedstock. India’s ethanol supply year (ESY) is from November to October. The price adjustment acts as an incentive for producers to use the C-heavy feedstock to make ethanol, instead of the A and B molasses that typically go into sugar production. Domestic oil manufacturing companies (OMC) such as Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will now have to pay a higher price for ethanol made from C-heavy molasses. The government-determined ethanol price was last revised in November 2022. Meanwhile, to further encourage ethanol production, the government on17 January 2025 reduced the price of rice feedstock by more than 24% to Rs22.50/kilogram (kg) amid a surplus. Rice and maize are alternative feedstocks for ethanol production. This decision has helped to make ethanol produced from rice feedstock more economically viable, Grain Ethanol Manufacturers Association (GEMA) treasurer Abhinav Singal said. The government had banned the use of rice as feedstock for ethanol production from July 2023 to August 2024. Notwithstanding the lifting of the ban, ethanol producers were still finding rice prices too high to make production economically viable. “Stability in feed prices will boost ethanol production from rice. The earlier rate was unviable for the units,” Singal said. Nearly 65% of the ethanol produced in the country is sourced from sugarcane while the remaining 35% comes from grains, including maize and rice. India will achieve 20% blending of ethanol in gasoline in the next two months and will soon be able to blend more than 20% ethanol in gasoline if the need arises, India’s petroleum and natural gas minister Hardeep Singh Puri said at the Auto Expo 2025 on 21 January. In 2023-24, there was a phased roll-out of 20% ethanol in select outlets across the country, with full implementation initially targeted by 2030. The target full implementation was brought forward to 2025-26 as ethanol availability is now assured following a series of measures taken over the past two years, industry sources said. “We have increased ethanol blending in fuel from 1.5% per cent in 2014 to 10% in May 2022, which was well ahead of the November 2022 deadline and now the target of 20% blending has also moved forward significantly,” he added. “Our current distillation capacity, which is at about 16.83 billion litres, is projected to cross 17 billion litres, and will leave us with ample opportunity to blend beyond 20%,” he added. India achieved ethanol blending of 18.2% in gasoline in December 2024, official data show. The government is currently working on a plan to bring down retail prices of ethanol for use as fuel in vehicles with flexible fuel engines, India’s road transport and highways minister Nitin Gadkari said at the Sugar-Ethanol and Bio Energy India Conference on 30 January. Around nine companies in India will soon be launching cars and two-wheelers that run on 100% ethanol, he added. Major automobile manufacturers, including Mahindra & Mahindra, Toyota, Hyundai, and Tata, will introduce 100% ethanol-powered vehicles over the next five months, with two-wheeler makers also adopting the technology, he said. Focus article by Priya Jestin ($1 = Rs87.08)
04-Feb-2025
US suspends tariffs on Mexico for one month as high-level talks on key issues start
SAO PAULO (ICIS)–The US has agreed to pause for one month its 25% import tariffs on Mexican goods as the two countries agreed setting up working groups on three key issues, the presidents of both countries said on Monday. Over the weekend, the US announced also a 25% tariff on Canadian goods and a 10% tariff on Chinese goods. The move – now suspended regarding Mexico trade – is expected to increase costs for the US’s chemical industry and create supply-chain snarls as well as risking retaliation from countries on which tariffs are imposed. Speaking to reporters, Mexico’s Claudia Sheinbaum said she had agreed with US president Donald Trump during a phone call to set up three bilateral working groups on border security issues, on fentanyl trade – a powerful drug which has caused havoc across the US – and on guns and arms traffic from the US to Mexico. Mexico's main stock exchange, which had opened Monday trading with a fall of nearly 2%, was turning green soon after Sheinbaum spoke to reporters. The Mexican peso was also gaining ground against the dollar. As part of the agreement, Mexico will deploy members of the National Guard to the border with the US. Trump confirmed on a post on social media he had a “friendly conversation” with Sheinbaum, although he only mentioned border security and fentanyl as part of the agreement to pause the tariffs for one month. “She [Sheinbaum] agreed to immediately supply 10,000 Mexican Soldiers on the border separating Mexico and the US. These soldiers will be specifically designated to stop the flow of fentanyl, and illegal migrants into our country,” said Trump in his owned social media network TruthSocial. “We will have negotiations headed by Secretary of State Marco Rubio, Secretary of Treasury Scott Bessent, and Secretary of Commerce Howard Lutnick, and high-level Representatives of Mexico. I look forward to participating in those negotiations, with President Sheinbaum, as we attempt to achieve a 'deal' between our two countries.” Sheinbaum confirmed the two presidents will be actively involved in the talks, and it will be them who ultimately assess progress on the talks, although she said there is no date for any physical meeting between them. “The tariffs have been put on hold for a month, which is very important. We will work together on the two issues of security and fentanyl, and he [Trump] will also review the issue of arms trafficking from the US to Mexico,” said Sheinbaum. “I am sure that this month we will be able to give results, good results for the people, good results for the people of Mexico – it was a good conversation within a respectful framework of respect.” Mexican journalists pushed Sheinbaum on the potential deportation of millions of Mexicans who are residing and working in the US illegally, some of them for years. Their remittances sent home are key for many Mexican households to make ends meet. President Trump has said he intends to deport many undocumented migrants. The president did not say whether that was part of the one-month talks coming up. “We have a working group [on this issue already] where we talk about the defense of Mexicans in the US. They will have always have our support, always, above all else, not only because it is the obligation of the president to defend Mexicans anywhere in the world, and particularly in the US, but we do it with conviction, with a lot of solidarity and love,” she said. Sheinbaum added that her success in pausing the tariffs was not hers alone and thanks Mexican businesses and policymakers who all came out against the tariffs, as well as counterparts in the US who did the same. The tariffs, if prolonged in time, would have caused havoc to the already slowing Mexican economy, with manufacturing having greatly felt the pinch during 2024. “When the tariffs were announced, a very large wave of public communications against them came out. I want to thank companies, business chambers, communities that came out to defend Mexico and to support the President and the truth is that this gives a lot of strength when one sits down to talk with a leader from another country, particularly the US,” said Sheinbaum. “Many people in the US came out to say that the tariffs don't make sense and would thank them a lot as well. Politicians, governors, congressmen, but also many companies from the US that came out to say that this is not convenient. That environment led to the agreement that we have today.”
03-Feb-2025
CORRECTED: INSIGHT: US tariffs unleash higher costs to nation's chem industry
Correction: In the ICIS story headlined “INSIGHT: US tariffs unleash higher costs to nation's chem industry” dated 3 February 2025, the wrong volumes were used for the following imports: Canadian ethylene-alpha-olefin copolymers, having a specific gravity of less than 0.94; Canadian polyethylene having a specific gravity of 0.94 or more, in primary forms; Canadian polyethylene having a specific gravity of less than 0.94, in primary forms; Canadian polypropylene, in primary forms; Canadian mixed xylene isomers; Mexican polypropylene, in primary forms; and Mexican cyclohexane. The US did not import cyclohexane from Mexico in 2023. A corrected story follows. HOUSTON (ICIS)–The tariffs that the US will impose on all imports from Canada, Mexico and China will unleash higher costs for the nation's chemical industry, create supply-chain snarls and open it to retaliation. For Canada, the US will impose 10% tariffs on imports of energy and 25% tariffs on all other imports. For Mexico, the US imposed 25% tariffs on all imports but the countries' presidents said on Monday the tariffs are being paused for a month. For China, the US will impose 10% tariffs on all imports. US IMPORTS LARGE AMOUNTS OF PE FROM CANADAUS petrochemical production is concentrated along its Gulf Coast, which is far from many of its manufacturing hubs in the northeastern and midwestern parts of the country. As a result, individual states import large amounts of polyethylene (PE) from Canada – even though the nation as a whole has a large surplus of the material. Even Texas imports large amounts of PE from Canada – despite its abundance of plants that produce the polymer. In addition, polyester plants in North and South Carolina import large amounts of the feedstocks monoethylene glycol (MEG) and purified terephthalic acid (PTA) from Canada. The US as a whole imports significant amounts of polypropylene (PP) and polyvinyl chloride (PVC) from Canada – again, despite its surplus of these plastics. The following table lists some of the main plastics and chemicals that the US imported from Canada in 2023. The products are organized by their harmonized tariff schedule (HTS) code. HTS PRODUCT MEASUREMENT VOLUMES 3901.40.00 Ethylene-alpha-olefin copolymers, having a specific gravity of less than 0.94 kilograms 1,319,817,405 3901.20.50 Polyethylene having a specific gravity of 0.94 or more, in primary forms kilograms 1,088,071,523 3901.10.50 Polyethylene having a specific gravity of less than 0.94, in primary forms kilograms 420,561,390 2917.36.00 Terephthalic acid and its salts kilograms 407,710,439 2905.31.00 Ethylene Glycol kilograms 329,542,378 3902.10.00 Polypropylene, in primary forms kilograms 271,201,880 3904.10.00 Polyvinyl chloride, not mixed with any other substances, in primary forms kilograms 188,800,413 2902.44.00 Mixed xylene isomers liters 746,072 2905.12.00 Propan-1-ol (Propyl alcohol) and Propan-2-ol (isopropyl alcohol) kilograms 87,805,095 3901.30.60 Ethylene-vinyl acetate copolymers kilograms 71,372,396 Source: US International Trade Commission (ITC) IMPORTS FROM MEXICOMexico is not as large of a source of US petrochemical imports as Canada, but shipments from the country are still noteworthy. The following table lists some of the main plastics and chemicals that the US imported from Mexico in 2023. HTS PRODUCT MEASUREMENT VOLUMES 2917.36.00 Terephthalic acid and its salts kilograms 69,230,708 3901.10.50 Polyethylene having a specific gravity of less than 0.94, in primary forms kilograms 34,674,435 2915.24.00 Acetic anhydride kilograms 25,294,318 3904.10.00 Polyvinyl chloride, not mixed with any other substances, in primary forms kilograms 24,005,371 2915.31.00 Ethyl acetate kilograms 18,855,544 3901.20.50 Polyethylene having a specific gravity of 0.94 or more, in primary forms kilograms 14,469,582 3902.10.00 Polypropylene, in primary forms kilograms 8,849,478 Source: US International Trade Commission (ITC) IMPORTS FROM CHINAChina remains a significant source for a couple of noteworthy chemicals despite the effects of the tariffs that US President Donald Trump imposed during his first term in office. The following table shows 2023 US imports from China. HTS PRODUCT MEASUREMENT VOLUMES 29152100 Acetic acid kilograms 21,095,566 39093100 Poly(methylene phenyl isocyanate) (crude MDI, polymeric MDI) kilograms 206,642,886 Source: US International Trade Commission (ITC) China's shipments of plastics goods are more significant. OIL TARIFFS WILL HIT US REFINERSCanada and Mexico are the largest sources of imported crude oil in the US, and the heavier grades from these countries complement the lighter grades that the US produces in abundance. Those imports help fill out refining units that process heavier crude fractions, such as hydrocrackers, cokers, base oil units and fluid catalytic cracking (FCC) units. Refiners cannot swap out heavier Canadian and Mexican grades with lighter US grades. Instead, they will need to pay the tariffs or find another supplier of heavier grades, possibly at a higher cost. The following table shows the largest sources of imported crude in 2023. Figures are listed in thousands of barrels/day. COUNTRY IMPORTS % Canada 3,885 59.9 Mexico 733 11.3 Saudi Arabia 349 5.4 Iraq 213 3.3 Colombia 202 3.1 Total US imports 6,489 Source: Energy Information Administration (EIA) US refiners could take another hit from higher catalyst costs. These are made from rare earth elements, and China remains a key source. TARIFFS TO RAISE COSTS FOR FERTILIZERCanada is the world's largest producer of potash, and it exports massive amounts to the US. It is unclear how the US could find another source. Russia and Belarus are the world's second and third largest potash producers. Together, the three accounted for 65.9% of global potash production in 2023, according to the Canadian government. Canada accounts for significant shares of other US imports of fertilizers. The following table lists some of Canada's fertilizer shipments to the US in 2023 and shows its share of total US imports. Figures are from 2023. HTS PRODUCT MEASUREMENT VOLUME % 31042000 Potassium chloride metric tonne 11850925 88.8 31023000 Ammonium nitrate, whether or not in aqueous solution metric tonne 295438 76.6 31024000 Mixtures of ammonium nitrate with calcium carbonate or other inorganic nonfertilizing substances metric tonne 29203 75.7 31055100 Mineral or chemical fertilizers, containing nitrates and phosphates metric tonne 1580 66.1 31022100 Ammonium sulfate metric tonne 947140 49.6 31052000 Mineral or chemical fertilizers, containing the three fertilizing elements nitrogen, phosphorus and potassium metric tonne 147850 41.4 Source: US ITC SUPPLY CHAIN SNARLSIf US companies choose to avoid the tariffs and seek other suppliers, they could be exposed to delays and supply chain constraints. Other companies outside of the petrochemical, plastic and fertilizer industries will also be seeking new suppliers. The scale of these disruptions could be significant because Canada, Mexico and China are the largest trading partners in the US. The following table lists the top 10 US trading partners in 2023 based on combined imports and exports. Country Total Exports ($) General Imports ($) TOTAL Mexico 322,742,472,406 475,215,965,697 797,958,438,103 Canada 354,355,997,349 418,618,659,183 772,974,656,532 China 147,777,767,493 426,885,009,750 574,662,777,243 Germany 76,697,761,127 159,272,068,221 235,969,829,348 Japan 75,683,130,214 147,238,042,342 222,921,172,556 South Korea 65,056,093,590 116,154,470,335 181,210,563,925 UK 74,315,228,810 64,217,031,774 138,532,260,584 Taiwan 39,956,725,574 87,767,403,487 127,724,129,061 Vietnam 9,842,922,146 114,426,076,081 124,268,998,227 Source: US ITC RETALIATIONUS petrochemical exports would be tempting targets for retaliation because of their magnitude and the global capacity glut. China, in particular, could impose tariffs on US chemical imports and offset the disruptions by increasing rates at under-utilized plants. So far, none announced plans to target chemicals on Sunday. Canada's plans to impose 25% tariffs on $30 billion in US goods does not include oil, refined products, chemicals or plastics. That batch of tariffs will take place on February 4. Canada will impose 25% tariffs on an additional $125 billion worth of US goods following a 21-day comment period, it said. The government did not highlight plastics or chemicals in this second batch of tariffs. Instead, it said the tariffs will cover passenger vehicles and trucks, including electric vehicles, steel and aluminium products, certain fruits and vegetables, aerospace products, beef, pork, dairy, trucks and buses, recreational vehicles and recreational boats. In a statement issued on Sunday, Mexico's president made no mention of retaliatory tariffs. Instead, she said she will provide more details about Mexico's response on Monday. China said it will start legal proceedings through the World Trade Organization (WTO) and take corresponding countermeasures. RATIONALE BEHIND THE TARIFFSThe US imposed the tariffs under the nation's International Emergency Economic Powers Act (IEEPA), which gives the president authority to take actions to address a severe national security threat. In a fact sheet, Trump cited illegal immigration and illicit drugs. Saturday's executive order is the first time that a US president imposed tariffs under IEEPA. Prior IEEPA actions lasted an average of nine years. They can be terminated by a vote in Congress. Insight article by Al Greenwood (Thumbnail shows containers, in which goods are commonly shipped. Image by Shutterstock)
03-Feb-2025
Americas top stories: weekly summary
HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 31 January. Colombia accepts US terms for migrants’ deportations, fends off 25% tariff threat Colombia became over the weekend the first Latin American country to get a taste of President Donald Trump’s immigration policy mixed with unconventional diplomacy after the country refused landing to two flights with repatriated Colombian migrants. INSIGHT: US tariffs of 25% on Mexico and Canada would cause massive hit to GDP – ICIS analysis Proposed US tariffs of 25% on all imports from Mexico and Canada would have a massive negative impact to the GDP of the exporting countries and slow US GDP growth as well, according to the ICIS economist. Brazil’s chemicals to slow in 2025 amid currency, fiscal deficit woes – Activas CEO Brazil’s chemicals distribution sector posted healthy activity in 2024 as manufacturing finally gained traction, but conditions are set to worsen in 2025 amid high inflation, high borrowing costs, and a government too prone to spend, according to the CEO at Brazilian chemicals distributor Activas. Dow to face margin pressure in Q1 with no help from macros – execs Dow expects to face sales and margin pressures in Q1 2025 with no improvement in the macro outlook following a difficult Q4, senior executives said. LyondellBasell confident on Q1 PE price gains on cracker downtime, lack of new capacity – execs LyondellBasell expects to see price improvement in North America polyethylene (PE) in Q1 on industry cracker outages and lack of new local capacity starting up, along with higher demand through 2025.
03-Feb-2025
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