Vinyl chloride monomer (VCM)

SINGAPORE (ICIS)–ICIS senior analyst Joanne Wang discusses the recent rebound in China’s ethylene vinyl acetate (EVA) prices and gives a brief outlook for 2025. Some EVA plants switch to low density polyethylene (LDPE) production in Q4 on profit considerations EVA producers’ Q4 inventory low after destocking in the first three quarters Photovoltaic industry resumes replenishment in Q4, boosting demand ICN

24-Dec-2024

HOUSTON (ICIS)–With the 15 January target date for a new master agreement between union dock workers and US Gulf and East Coast ports rapidly approaching, the Alliance for Chemical Distribution (ACD) is urging both sides to push back the deadline. Negotiations between the dockworkers, represented by the International Longshoremen’s Association (ILA), and the ports, represented by the United States Maritime Alliance (USMX), have been stalled as each side is unwilling to budge on issues surrounding automation of ports. Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), are shipped in pellets. They also transport liquid chemicals in isotanks. ACD President and CEO Eric Byer outlined the challenges hindering negotiations and emphasized the significant economic and public consequences of a contract lapse in a letter to both parties. Byer also highlighted the economic impacts the previous three-day strike caused to various industries and the challenges the chemical distribution industry would face if another strike were to occur. Other challenges are the 29 January start of the Lunar New Year, and the upcoming inauguration and transition to the new presidential administration. “In early October, during the three-day lapse in the master contract between the ILA and USMX, there was a substantial economic impact, weeks of supply chain disruptions, and challenges in getting necessary supplies to communities in the wake of the Hurricane Helene disaster,” Byer said in the letter. “Additionally, had the lapse continued for just a few more days, it would have resulted in ACD members losing stock of chemicals used for critical processes, such as water treatment.” In a 12 December post on social media, President-elect Donald Trump expressed his support for the dockworkers in the labor dispute. A strike would not have an impact on liquid chemical tankers, which transport most chems. For most traders and brokers who export polyvinyl chloride (PVC), much of their warehouse space is full and they are unable to book vessels until after the 15 January deadline because of the uncertainty. “This could make for a very challenging first quarter,” ICIS Senior Analyst Kelly Coutu said.

19-Dec-2024

SINGAPORE (ICIS)–Click here to see the latest blog post on Asian Chemical Connections by John Richardson. Lots of focus has been on the Trump effect on the US trading relationship with China. But we need to think more broadly than this. I see a significant risk that next year we will see trade tensions also increasing between other countries and China for the reasons described in today's post. See today’s, main slide, showing China’s percentage shares of global capacities for some polymers in 2009 (the beginning of China's giant economic stimulus programme) versus 2021 (the Evergrande Turning Point) and 2025. Producers elsewhere, seeing charts such as this one, could be anxious to protect market share and avoid commoditisation for polymers such as acrylonitrile butadiene styrene (ABS) and ethylene vinyl acetate (EVA) which can be higher value in some end-use applications. In polypropylene (PP), China’s share of global capacities was just 15% in 2009 and 26% in 2021. ICIS forecasts this will next year jump to 45%. We have already seen an uptick in protectionist measures against Chinese PP. More broadly, China's investment in export-based manufacturing capacity has accelerated since late 2021 to compensate for the end of the property bubble. China has dominated exports of finished goods for 20-odd years. But ICIS data, such as today's first chart, and other data show that this has gone to a different level since the end of 2021. International trade used to be a win/win game, but the data suggest that China has recently gained stronger positions in low, medium and high-value manufacturing. What form will any increase in protectionism take in 2025? To what extent could it be short-term our "knee jerk" versus further strategic initiatives to reshore manufacturing? To what degree is it too late for strategies in some countries and regions? I've been recently polling people on the German auto industry. It is too late to turn around the decline in the industry, was the majority view. If true, this would obviously have huge implications for Germany’s chemicals companies. If "protectionism" and "China" are the words of the year in 2025, expect chemicals trade flows and pricing patterns to be significantly reshaped by announcements of investigations into new duties and the imposition of duties. Keeping on top of news on trade protectionism, especially if you can get the news before your competitors, will be a significant competitive advantage. And every action can promote a reaction. We must consider how China might respond to more duties. Its responses will of course also affect chemicals trade flows, pricing patterns and demand in different regions. Good luck out there. Next year is going to be very, very challenging for reasons beyond just protectionism. 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.

19-Dec-2024

SINGAPORE (ICIS)–South Korea’s benchmark stock market index was closed lower on Monday, snapping four straight days of gains, after the country’s parliament impeached President Yoon Suk Yeol over the weekend for imposing a short-lived martial law on 3 December. The KOSPI composite index slipped 0.22% to settle at 2,488.97, with shares of major petrochemical companies closing mixed. The Korean won (W) eased against the US dollar at W1,437.68 as of 08:00 GMT, weaker than the previous session’s closing of W1,435.45. The won had plunged to an almost two-year low of above W1,440 to the US dollar when Yoon declared martial law late on 3 December which lasted about six hours. South Korea’s National Assembly on 14 December voted 204-85 to impeach Yoon for imposing martial law, which plunged the country into political instability and economic uncertainty. A two-thirds majority was required to approve the motion, which was the second one filed after the first motion on 7 December failed. Yoon’s political duties have been suspended pending a Constitutional Court decision, which is expected in 180 days, on whether to re-instate or remove him from office. Prime Minister Han Duck-soo became the acting President upon Yoon’s impeachment, stating that his mission is to “swiftly stabilize the confusion in state affairs” during a Cabinet meeting. Han talked to outgoing US President Joe Biden by phone on 15 December, reassuring him that "South Korea will carry out its foreign and security policies without disruption", according to a statement from Han's office. EYES ON 2025 Separately, finance minister Choi Sang-mok on Monday said he has written a letter to financial institutions and world leaders to explain the government’s response to the recent political situation and to request their trust and support in the South Korean economy. During an emergency ministerial meeting on 15 December, strategies were heard for economic stabilization and growth in the short- and long-term. For one, the finance ministry will announce its economic policy direction for 2025 by the end of the year, along with a mid- to long-term strategy to be released in January 2025. Meanwhile, the Ministry of Trade, Industry and Energy (MOTIE) is also drafting support measures for the petrochemical industry in preparation for the Trump-led US government in January 2025, which is threatening to impose tariffs on all imported goods. The US, along with China, is a major trading partner of South Korea. South Korea’s measures are expected to take effect in Q1 2025. The country – which is a major exporter of ethylene and aromatics, such as benzene, toluene and styrene monomer (SM) – is reeling from a combination of weak external demand and overcapacity in China. (updates closing levels for index, share prices; adds details throughout) Thumbnail image: South Korean Prime Minister Han Duck-soo, who assumed office as acting president after the parliamentary impeachment of President Yoon Suk-yeol, speaks to reporters at the government complex in central Seoul, South Korea, 15 December 2024. (YONHAP/EPA-EFE/Shutterstock)

16-Dec-2024

HOUSTON (ICIS)–Planning to build their first US plant in Kentucky, Swedish producer Cinis Fertilizer announced it has been approved for tax incentives. The company said it is currently planning the construction of the company’s next production facility in Hopkinsville, Kentucky and has applied for both grants and tax incentives, nationally and locally. The Kentucky Economic Development Finance Authority (KEDFA) has preliminary approved a 15-year incentive agreement with Cinis Fertilizer under the Kentucky Business Investment program. For final approval and to receive the tax credits of up to $1.5 million, the company must invest about $109 million and meet annual targets such as creating 65 full-time jobs in Kentucky over 15 years and paying an average hourly wage of $38, including benefits. Additionally, KEDFA approved Cinis Fertilizer for up to $250,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing. “We are grateful for the warm welcome we have received in Kentucky and look forward to contributing to the future of Hopkinsville,” said Jakob Liedberg, Cinis Fertilizer CEO. “Being granted these tax incentives is a great start and in parallel we are working on securing grants, where the processes and timelines are longer.” First announced in 2023, this will be the producer’s their third plant with the two other plants located in Sweden. The company has already signed a 10-year agreement with Ascend Elements, a leading American manufacturer of engineered battery materials, regarding the sourcing of sodium sulphate, and have arranged with potash producer K+S Minerals to purchase potassium chloride. This plant is scheduled to start in 2026, with it planned to have a capacity of up to 300,000 tonnes of potassium sulphate yearly.

13-Dec-2024

HOUSTON (ICIS)–Celanese CEO Lori Ryerkerk will step down at the end of the year, a move that followed the company's decision to slash its dividend by 95% and temporarily idle plants, the US-based acetyls and engineered materials producer said on Monday. Ryerkerk will be replaced by Chief Operating Officer Scott Richardson, who will become CEO on 1 January. In a statement, Ryerkerk said, “Coming out of retirement to lead Celanese since 2019 as CEO has been the true highlight of my career, and I'm proud of what we've achieved together.” Kim Rucker, lead independent director of the board, said, "With Lori at the helm, Celanese has navigated challenging macro environments while strengthening its competitive position. We wish her all the best in her next chapter.” TOUGH TIMESThe announcement of Ryerkerk's departure comes just over a month after Celanese missed its Q3 earnings guidance by a large margin, reporting $2.44/share versus an earlier guidance of $2.75-3.00. The following day, shares of Celanese were down by as much as 25% in afternoon trading. During the quarter, Celanese was hit by a rapid and acute decline from automotive and industrial end-markets. Automobiles are an important end market for the company's Engineered Materials segment. Celanese had increased its exposure to automobiles with its $11 billion acquisition of DuPont's Mobility & Materials (M&M) business in 2022. The acquisition proved challenging, with Celanese outlining steps in early 2023 that it planned to take to raise the earnings of M&M. In addition to weakness in autos, demand remained weak for paints, coatings and construction, important end markets for the company's Acetyls segment. New capacity for vinyl acetate monomer (VAM) came online and outpaced demand.

09-Dec-2024

SINGAPORE (ICIS)–South Korea’s benchmark stock market index continued to bleed on Monday amid political instability wrought by the shock martial law announcement on 3 December, with impeachment motions against President Yoon Suk Yeol dropped over the weekend due to lack of quorum. KOSPI composite index falls for fourth session Petrochemical shares tumble along; Nov exports fall 5.6% year on year Yoon may be stripped of presidential powers At the close of trade on Monday, the KOSPI composite index shed 67.58 points or 2.78% at 2,360.58, with shares of major petrochemical companies slumping. The Korean won also weakened sharply against the US dollar. The pair was trading W1,437.27 as of 07:04 GMT. When martial law was declared late on 3 December, the won tumbled to a near two-year low above W1,440 levels versus the greenback. PETROCHEMICAL EXPORTS FALLINGSouth Korea is a major exporter of ethylene, as well as aromatics, such as benzene, toluene and styrene monomer (SM). The overall industry is reeling from a combination of weak external demand and overcapacity in China. South Korean industries, including chemicals, rely heavily on exports to China, whose self-sufficiency has grown over the years. In November, South Korea’s petrochemical exports declined by 5.6% year on year to $3.6 billion. In the first 11 months of 2024, however, its petrochemical export volume increased by 7.5% year on year, the Ministry of Trade, Industry and Energy (MOTIE) said on 5 December. Market players said that port operations in Daesan have been unsteady because of strong winds, causing delays in cargo deliveries. “Petrochemical exports are facing difficulties due to unforeseen factors such as falling product prices linked to oil prices and bad weather,” the first vice minister of MOTIE Park Sung-taek said after a recent visit to the refinery of Hyundai OIlbank and the production/export site of Hyundai Chemical. For Hyundai Oilbank, the arrival of five carriers and three crude oil import vessels were delayed because of inclement weather in late November, while delays also hit shipment of five product carriers of Hyundai Chemical, MOTIE noted. “In order to prevent disruptions in exports, we will diversify the types of oil reserves from the existing heavy crude oil to light crude oil in consideration of the types of oil used by each refinery, and greatly simplify the oil reserve lending process so that companies can quickly provide oil reserves when necessary," Park said. EMERGENCY MEETINGS OF FINANCIAL REGULATORS CONTINUEThe economic managers of Asia’s fourth-largest economy – led by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok – have been holding daily emergency meetings before markets open to ensure financial markets stability, keeping their promise to provide “unlimited liquidity”. “The participants agreed that, as domestic and international uncertainties still persist, relevant organizations should maintain a closer emergency cooperation and response system and mobilize all capabilities to respond in order to minimize the economic impact of the political situation. In a statement on Monday, the Ministry of Economy and Finance said that “as domestic and international uncertainties still persist, relevant organizations should maintain a closer emergency cooperation and response system and mobilize all capabilities to respond in order to minimize the economic impact of the political situation”. South Korea intends to activate a market stabilization fund worth won (W) 40 trillion ($28 billion) following the country’s brief dalliance with martial law, with its slowing economy facing the prospect of increased US tariffs in 2025. For the stock market, the MOEF said that W30 billion of the value-up fund “has already been invested”, with W70 billion to be injected this week, with another W30 billion scheduled to be implemented sequentially. YOON SURVIVES IMPEACHMENT BUT MAY BE STRIPPED OF POWERSBecause of lack of quorum, South Korean President Yoon managed to survive impeachment on 7 December, which was set into motion following his declaration of a six-hour long martial law that disrupted markets. “The impeachment vote failed to gain the 200-vote hurdle needed to suspend the president from duties,” Singapore-based UOB Global Economics & Markets Research said in a note on Monday. “The opposition bloc needed only eight votes from the ruling PPP [People Power Party] to impeach Yoon as votes by three PPP members had prompted protesters outside the National Assembly to chant “five more to go,” it said. On 8 December, PPP leader Han Dong-hoon said that Prime Minister Han Duck-soo will manage the nation’s affairs as an exit plan for Yoon is being prepared, the constitutionality of which is being questioned by the opposition Democratic Party of Korea (DPK). Focus article by Pearl Bantillo Additional reporting by Jonathan Yee Thumbnail image: Lawmakers in the voting chamber during the plenary session for the impeachment vote of President Yoon Suk Yeol at the National Assembly in Seoul, South Korea on 7 December 2024.(JEON HEON-KYUN/POOL/EPA-EFE/Shutterstock)

09-Dec-2024

SINGAPORE (ICIS)–Days before the shock declaration of martial law in South Korea by President Yoon Suk-yeol, political wranglings stalled the 2025 budget deliberations of Asia’s fourth-biggest economy. Opposition DPK wants heavy cut in 2025 national budget Impeachment looms for President Yoon No impact on petrochemical operations/trades “Tensions between the ruling PPP [People Power Party] and main opposition Democratic Party of Korea (DPK) have escalated as both sides have been unable to come to a consensus on the budget,” according to BMI Country Risk & Industry Research, a unit of Fitch Solutions Group in a note on Wednesday. DPK has proposed heavy cuts – to the tune of won (W) 4.1 trillion ($2.9 billion) – to the Yoon administration’s proposed budget of W677.4 trillion for next year, which represents a 3.2% increase from 2023. “As things stand, Yoon’s proposed 2025 budget … faces the risk of being watered down to KRW673.3trn amid strong opposition from the DPK which holds a parliamentary majority,” BMI stated. QUITE AN UNEXPECTED MOVE Most South Koreans, including players in the petrochemical industry, like the rest of the world, were baffled at Yoon’s declaration of emergency martial law late on 3 December. The last time the highly industrialized country in Asia faced martial law was in 1979, and no recent developments in the geopolitical and financial sectors of the country indicated that such a drastic measure would be taken. At close to midnight, Yoon had declared martial law – which meant military rule and curbs on civil rights – on national television noting that it was meant to crack down on pro-North Korean forces and protect the constitutional order in the country. "Martial law was quite surprising for us to hear because it hasn't happened in the last 40 years," said a soda ash distributor. The declaration of martial law and its withdrawal hours later has thrown South Korea into political instability. It was highly disruptive for market sentiment that for a time, suspension of trading was mulled, but was eventually called off when the martial law was rescinded about six hours after it was declared. South Korea’s Ministry of Finance and Economy and the Bank of Korea assuaged market fears of disruption by offering “unlimited liquidity support” to ensure market stability, immediately after the martial law declaration. The won weakened near two-year lows against the US dollar on 3 December at around W1,440 but recovered to around W1,412 levels as of Wednesday afternoon. The benchmark KOSPI composite index closed off lows at 2,464.00, down 1.44% from the previous day, after falling nearly 2% in intraday trade. “For now, we expect limited implications for the economy and financial markets as the Bank of Korea and the Ministry of Finance have responded swiftly by reassuring investors,” BMI said. “Notably, the central bank committed to boosting short-term liquidity and enacting measures to stabilise the FX [foreign exchange] markets, which aligns with our view that risks around the South Korean won, should remain contained for now,” it added. The central bank held an emergency monetary policy meeting on Wednesday morning, with the Monetary Board deciding “to keep all options open and to actively take market stabilization measures until markets are fully stabilized”. In late November, the BoK issued its second interest rate cut in as many months to prop up the economy, while trimming its GDP growth forecasts for this year to 2.2%, and for 2025 to 1.9%. In Q3, the country's GDP growth decelerated to 1.5% from a 2.3% pace set in Q2. The South Korean economy is expected to face added pressure next year amid US threats to impose tariffs on all imported goods. Like most of Asia, the country is heavily reliant on exports, with China and the US as its biggest trade partners. South Korea's export growth in November weakened to 1.4% year-on-year to $56.4 billion, while imports shrank by 2.4% to $50.7 billion, indicating domestic weakness. YOON’S FUTURE UNCERTAIN Calls for Yoon’s resignation is mounting, with lawmakers from DPK saying that if he does not resign immediately, steps will be taken to have him impeached. “We anticipate heightened political uncertainty in the near term. Yoon is now under intense pressure to resign. If he does not, we expect that it is only a matter of time before he is impeached,” BMI said. “If so, we believe Prime Minister Han Duck-soo will step in as interim leader, paving the way for elections to be held within 60 days, in accordance with the constitution,” it added. According to Korean news agency Yonhap, opposition parties – DPK and five others, including the Rebuilding Korea Party and Reform Party, submitted on Wednesday afternoon a motion to impeach President Yoon to the National Assembly. The motion – which was signed by 190 opposition lawmakers and one independent lawmaker, with no support from any ruling party lawmakers – will be reported to a parliamentary plenary session on 5 December and then put to a vote on either 6 December or 7 December. South Korea’s law requires that an impeachment motion be put to a vote between 24 and 72 hours after the motion is reported to a plenary session, Yonhap said. Yoon, an inexperienced politician, became the 20th president of the country in May 2022 and is currently serving the third of his five years of office. Previously, he was South Korea's chief prosecutor. In its note, BMI noted that PPP leader Han Dong-hoon had urged Yoon to explain his decision and to dismiss defense minister Kim Yong-hyun, who advised the president to declare martial law “even as the finance and foreign ministers advised against it”. “The silver lining we think is that the swift reversal of the martial law underscores the resilience of South Korea’s institutions,” it said. NO IMPACT ON PETROCHEMICAL TRADESPlayers in the petrochemical industry are monitoring the political developments but noted no immediate impact on the commodities markets. "Politically, [it is] still unstable as the President is getting pressure to resign," a source at a phenol/acetone producer said. South Korea is a major exporter of ethylene, as well as aromatics such as benzene, toluene and styrene monomer (SM). "At this moment the situation has settled down, but we'll see how the government will respond to the issue,” the soda ash distributor said. “From the industrial side there is no huge impact because plants/factories are always running at full capacity so now we don't see any impact," he said. "But long-term impact, we'll need to see how other foreign companies and assets may move out of South Korea," the distributor added. For the time being, players are more pre-occupied with unsteady port operations in Daesan because of heavy winds which are affecting trades and cargo deliveries. Meanwhile, South Korea's petrochemical industry has its own troubles stemming from Asia's overcapacity. In the case of of major player Lotte Chemical, which swung into a net loss of W514 billion in Q3 2024, the company is making big changes to its  portfolio, selling or closing commodities businesses as it refocuses on higher margin specialties. South Korean industries, including chemicals, rely heavily on exports to China, whose self-sufficiency has grown over the years. Insight article by Pearl Bantillo ($1 = W1,414) Additional reporting by Fanny Zhang, Jonathan Chou, Evangeline Cheung, Helen Lee, Shannen Ng, Josh Quah and Clive Ong

04-Dec-2024

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 15 November. INSIGHT: India’s ADD findings on PVC have potential to reshape regional flows in wider Asia By Jonathan Chou 11-Nov-24 11:00 SINGAPORE (ICIS)–Asia's polyvinyl chloride (PVC) market players are assessing the potential ramifications following preliminary findings on India's PVC imports released by the country's Directorate General of Trade Remedies (DGTR). Asia petrochemical shares tumble as China stimulus disappoints By Jonathan Yee 11-Nov-24 15:04 SINGAPORE (ICIS)–Shares of petrochemical companies in Asia tumbled on Monday as China’s much-awaited stimulus measures failed to impress markets, while the US is likely to put up more trade barriers against the Asian giant following the re-election of Donald Trump as president. Asia toluene markets slump on waning regional demand By Melanie Wee 12-Nov-24 11:47 SINGAPORE (ICIS)–Asia’s toluene spot markets are being weighed down by a combination of burgeoning supply and lacklustre demand, at a time when arbitrage economics to divert material to the US were unviable. Asia petrochemical shares fall on strong US dollar, uncertain trade policies By Nurluqman Suratman 13-Nov-24 14:07 SINGAPORE (ICIS)–Shares of petrochemical companies in Asia extended losses on Wednesday, tracking weakness in regional bourses, amid a strong US dollar and uncertainty over trade policies of US President-elect Donald Trump which could fuel inflation. Shell Singapore site divestment deal to be completed in Q1 2025 By Nurluqman Suratman 14-Nov-24 11:41 SINGAPORE (ICIS)–Shell expects the deal to sell its energy and chemicals park in Singapore to Chandra Asri and Glencore will be completed by the first quarter of 2025, a company spokesperson said on Thursday. INSIGHT: China may accelerate PP exports amid intensified supply and demand imbalance By Lucy Shuai 14-Nov-24 13:00 SINGAPORE (ICIS)–China may accelerate PP exports in 2025 amid an intensified imbalance between supply and demand as a large number of new plants are expected to start up. PODCAST: SE Asia propylene to face additional supply, freight challenges in 2025 By Damini Dabholkar 15-Nov-24 11:28 SINGAPORE (ICIS)–Southeast Asia's propylene market faces significant challenges in 2025, with additional supply expected and freight rates continuing to impact downstream demand. Crimped supplies ease pressure on Asia VAM prices By Hwee Hwee Tan 15-Nov-24 14:36 SINGAPORE (ICIS)–Sporadic plant disruptions and crimped supplies in China are fuelling expectations of price competition easing across vinyl acetate monomer (VAM) import markets in Asia.

18-Nov-2024

SAO PAULO (ICIS)–Brazil is to start an investigation into polyethylene (PE) arriving on its shores from the US and Canada and whether the material constituted dumping, the government said. As previously reported by ICIS, the proposals to investigate came from polymers major Braskem and were backed by Brazil’s chemicals trade group representing producers, Abiquim. Braskem is the dominant PE producers in Brazil, and antidumping duties (ADDS) on US- and Canada-originated PE would considerably prop up its domestic market position. The start of investigation proceedings was published in Brazil’s Diario Oficial da Uniao (Official Gazette). The investigation is to be carried out by the Department of Commercial Defense (Decom), which is part of the Ministry of Industry’s Secretary of Foreign Trade. Braskem filed on July 31 a petition to initiate an investigation into the practice of dumping of PE resins exports to Brazil with US or Canadian origin. The analysis of the evidence of dumping is to consider the period from April 1, 2023 to March 31, 2024, while the period for analyzing potential damage caused to domestic producers is to consider the period from April 1, 2019 to March 31, 2024. “Due to the large number of producers/exporters from the US and Canada identified in the detailed data on Brazilian imports … the producers or exporters responsible for the largest reasonably investigable percentage of the export volume of the exporting country will be selected to send the questionnaire,” said Decom. “The absolute dumping margins determined for the purposes of this document reached $220.95/tonne and $264.99/tonne, and the relative margins were 21.4% and 26.9% for the US and Canada, respectively. It can be inferred that, if such dumping margins did not exist, domestic industry prices could have reached higher levels, reducing or even eliminating the effects of the investigated imports.” Braskem said earlier in November it is lobbying the Brazilian government to extend ADDs on polyvinyl chloride (PVC) beyond 2025 when they are due to expire. In October, the government implemented higher import tariffs on several chemicals, also after heavy pressure by domestic producers and their trade group Abiquim. Additional reporting by Bruno Menini

14-Nov-2024