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Viewing 1-10 results of 57168
Speciality Chemicals06-Aug-2024
HOUSTON (ICIS)–Avient has raised its 2024
guidance for adjusted earnings before interest,
taxes, depreciation and amortization (EBITDA)
following stronger-than-expected Q2 results:
New 2024 guidance
Previous 2024 guidance
2023 Adjusted EBITDA
$515-540 million
$510-535 million
$501.8 million
In the second quarter, Avient saw broad-based
5% organic sales growth in both of its
segments: Color, Additive & Inks (CAI), and
Specialty Engineered Materials (SEM).
Both segments gained market share and benefited
from inventory restocking in certain
end-markets, CEO Ashish Khandpur and CFO Jamie
Beggs told analysts during Avient’s
Q2 earnings call on Tuesday.
Tight cost control and raw material price
deflation helped expand the adjusted EBITDA
margin by 100 basis points year on year to
16.9% in the second quarter, they said.
The better-than-expected performance was led by
CAI, which saw improved demand and favorable
raw material costs.
MARKETS
In terms of end-markets, growing sales into two
of Avient’s largest markets, packaging (+8%)
and consumer (+10%), had the greatest impact in
the second quarter, said Khandpur.
Both markets benefited from “some restocking”,
particularly in Europe, he added.
Sales growth in buildings and construction and
healthcare was also strong.
Although the macroeconomic indicators for
building and construction remained weak,
both the SEM and CAI segments gained market
share and won new business in the US and
Canada, Khandpur said.
Meanwhile, destocking in the healthcare market
has finally run its course, with Avient’s sales
into that market up 10% year on year in the
second quarter.
Sales into the
defense end-market continued to be driven
by the global conflicts and certain NATO
programs, with full-year sales growth expected
in the low double digits, he said.
The telecommunications and energy markets,
which together account for about 7% of Avient’s
total sales, however, remained “challenged”,
with sales down in the double digits in the
second quarter as customers reduced
inventories.
Telecommunications should improve in the second
half as demand in the US has started to improve
more recently, Khandpur said.
In energy, Avient is seeing improving trends in
the third quarter, in particular for
applications designed to improve the
reliability of the electrical transmission
grid, he said.
Artificial intelligence (AI) was raising
electricity consumption, driving demand for
electricity generation and distribution, with
positive derivative effects on the materials
Avient supplies to energy markets, he noted.
Electric mobility and electrification are
happening, and Avient aims to “become part of
those fast-growing markets”, he added.
LATIN AMERICA
OPPORTUNITY
Avient’s sales in Latin America grew by 19%
year on year in the second quarter, driven by
sales into the region’s packaging market.
That market saw strong demand in food &
beverage and cleaning applications on the back
of the recent
floods in Brazil, as well as high
temperatures and
drought conditions in Mexico.
Latin America currently accounts for only about
6% of the company’s total sales.
However, going forward, Avient expects its
Latin American packaging business to benefit
from the
near-shoring trend.
The company’s position in the region is
“strategic”, allowing it to serve original
equipment manufacturers (OEMs) and brand owners
who are looking to near-shore production and
supply chains in light of global trade
conflicts and political uncertainties, Beggs
noted.
RAW MATERIALS
Avient realized about $35 million in raw
material price deflation in the first half of
2024, Beggs said.
However, the company does not expect this
benefit to be repeated in the second half as it
has started to see “modest levels of inflation”
across the majority of its raw materials,
including polyethylene (PE) and polypropylene
(PP), as well as pigments and certain
performance additives, she said.
Primary raw materials used in Avient’s
manufacturing operations include polyolefin and
other thermoplastic resins, titanium oxide
(TiO2), inorganic and organic pigments,
specialty additives and ethylene.
The executives did not comment on the current
stock
market turmoil and analysts on Tuesday’s
call did not ask about this.
Thumbnail photo of Avient CEO and president
Ashish Khandpur; photo source: Avient
Crude Oil06-Aug-2024
SINGAPORE (ICIS)–Asian shares rebounded on
Tuesday, staging a relief rally after historic
losses the previous day, as fresh US economic
data for July alleviated recession fears.
Meanwhile, oil prices surged by over $1/barrel
in early Asian trade, fueled by escalating
concerns about the spreading conflict in the
Middle East.
Japanese Nikkei 225 index jumps 9.55% in
early Asian trade
Asian petrochemical shares follow regional
market rebound, Asahi Kasei gains
China’s petrochemical futures continue
decline
In Europe the main stock markets stabilized,
opening slightly up before falling back. The
UK’s FTSE 100 was down 0.08% at 11:20 London
time, while Germany’s DAX and France’s CAC 40
were 0.17% and 0.46% lower respectively.
The stronger-than-expected US Institute for
Supply Management (ISM) Services Survey
for July helped ease growth worries.
The overall services purchasing managers’ index
(PMI) improved to 51.4 in July, swinging into
expansion and beating the consensus for a rise
to 51.0 from 48.8 in June. A PMI reading above
50 indicates growth in the services sector.
By 02:30 GMT, Japan’s benchmark Nikkei 225 was
up 9.55%, South Korea’s KOSPI was 3.07% higher
and Hong Kong’s Hang Seng Index rose by 0.06%.
Singapore’s Straits Times Index (STI) was down
by 0.96% while China’s benchmark Shanghai
Composite Index inched 0.20% higher after
shedding 1.54% on Monday.
Asian petrochemical shares tracked the rebound
in regional bourses, with Japanese major Asahi
Kasei jumping nearly 14% and South Korean
producer LG Chem up by 4.59%.
China’s petrochemical futures, however,
continued lower in early trade on Tuesday.
At 10:30 local time (02:30 GMT), futures of
petrochemical commodities, including plastics,
methanol and glycols, were trading lower, after
losing 0.4-2.1% in the previous session.
Product
Yuan (CNY)/tonne
Change
Linear low density polyethylene (LLDPE)
8,231
-0.3%
Polyvinyl chloride (PVC)
5,650
-0.5%
Ethylene glycol (EG)
4,590
-0.5%
Polypropylene (PP)
7,570
-0.4%
Styrene monomer (SM)
9,183
-0.2%
Paraxylene *
8,120
-0.9%
Purified terephthalic acid (PTA)*
5,644
-0.8%
Methanol*
2,468
-0.5%
Sources: Dalian Commodity Exchange,
*Zhengzhou Commodity Exchange
The global equity market sell-off intensified
on Monday, with a wave of declines sweeping
across major bourses worldwide.
The rout began in Asia, where the Nikkei 225
index plummeted 12.4% day on day, marking its
worst performance since 1987 while the KOSPI
posted its steepest decline in its closing
price to date.
In Europe, the Stoxx Europe 600 index fell
2.2%, with all sectors and major indexes
closing in negative territory.
Utilities and oil and gas stocks suffered the
steepest losses, leading the downturn in
European markets.
In the US, the Dow Jones Industrial Average
plunged by about 1,000 points or down 2.6%, the
Nasdaq dived 3.4% and the S&P 500 slid
3.0%.
This marked the largest losses since September
2022 for the Dow and S&P, following a
downturn late last week due to poor US jobs
data and weak manufacturing PMI, which sparked
recession fears.
The unwinding of the yen “carry trade” after
the Bank of Japan raised interest rates last
week also added fuel to the retreat in global
markets.
For now, the US Federal Reserve has no
intention of delivering an emergency rate cut
before the Federal Open Market Committee (FOMC)
meeting on 18 September, Singapore-based DBS
Group Research said in a note on Tuesday.
“The Fed wants markets to view the coming rate
cuts as preserving the soft landing and
supporting jobs, not as a delayed response to a
weakening economy,” it said.
GEOPOLITICAL TENSIONS BOOSTING
OILOil prices rose by more than
$1/barrel in early Asian trade on Tuesday after
dipping in the previous session, driven by
supply concerns amid escalating tensions in the
Middle East.
“Markets are still waiting to see how Iran
responds to Israel after it vowed retaliation
for the assassination of Hamas’ political
leader on Iranian soil,” Dutch banking and
financial information services firm ING said in
a note.
“Oil has been unable to escape the broader
risk-off move seen across assets, as concerns
grow over the potential for a US recession
following some weaker macro data in recent
weeks. This only adds to worries over Chinese
demand.”
Reports that the Sharara oilfield in Libya has
completely stopped production due to protests
at the site also supported oil prices.
This oilfield has a production capacity of
300,000 barrels/day but was producing around
270,000 barrels/day prior to the disruption.
Focus article by Nurluqman
Suratman
Additional reporting by Fanny Zhang
Thumbnail photo shows a stock market
indicator board (Source: BIANCA DE
MARCHI/EPA-EFE/Shutterstock)
Updates, adding Europe detail in fourth
paragraph
Acrylonitrile Butadiene Styrene06-Aug-2024
SINGAPORE (ICIS)–SABIC has signed a potential
investment agreement with the Fujian government
on 1 August to build an engineering
thermoplastics compounding plant in the Chinese
province, the Saudi Arabia chemicals giant said
on Tuesday.
The planned compounding plant will be located
in the Gulei Port Economic Development Zone at
Zhangzhou in Fujian, it said in a statement
without disclosing capacity details.
It will primarily produce SABIC’s pelletized
LEXAN polycarbonate (PC) and
CYCOLOY
PC/acrylonitrile-butadiene-styrene (ABS)
polymer blend for use in advanced materials.
These materials will be tailored to the needs
of industries including electrical and consumer
electronics, automotive, and emerging sectors
such as solar energy, electrification, and 5G.
The site will include compounding lines, color
development capabilities, and advanced
equipment.
SABIC currently operates a technology center in
Shanghai and three compounding plants in China
in Guangzhou, Shanghai and Chongqing.
The new plant is also expected to create
synergies with SABIC’s two existing joint
ventures – SINOPEC SABIC Tianjin Petrochemical
Co (SSTPC) and SABIC FUJIAN Petrochemicals Co
(SFPC).
“This investment agreement marks another
significant milestone for SABIC’s growth in
China and reflects our continued confidence in
investing in the country,” said Abdulrahman
Al-Fageeh, SABIC’s CEO.
“Building on this, we will continue to
collaborate with our existing global and local
partners and customers to grow together in
China.”
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Crude Oil06-Aug-2024
SINGAPORE (ICIS)–Asian shares rebounded on
Tuesday, staging a relief rally after historic
losses the previous day, as fresh US economic
data for July alleviated recession fears.
Meanwhile, oil prices surged by over $1/barrel
in early Asian trade, fueled by escalating
concerns about the spreading conflict in the
Middle East.
Japanese Nikkei 225 index jumps 9.55% in
early Asian trade
Asian petrochemical shares follow regional
market rebound, Asahi Kasei gains
China’s petrochemical futures continue
decline
The stronger-than-expected US Institute for
Supply Management (ISM) Services Survey
for July helped ease growth worries.
The overall services purchasing managers’ index
(PMI) improved to 51.4 in July, swinging into
expansion and beating the consensus for a rise
to 51.0 from 48.8 in June. A PMI reading above
50 indicates growth in the services sector.
By 02:30 GMT, Japan’s benchmark Nikkei 225 was
up 9.55%, South Korea’s KOSPI was 3.07% higher
and Hong Kong’s Hang Seng Index rose by 0.06%.
Singapore’s Straits Times Index (STI) was down
by 0.96% while China’s benchmark Shanghai
Composite Index inched 0.20% higher after
shedding 1.54% on Monday.
Asian petrochemical shares tracked the rebound
in regional bourses, with Japanese major Asahi
Kasei jumping nearly 14% and South Korean
producer LG Chem up by 4.59%.
China’s petrochemical futures, however,
continued lower in early trade on Tuesday.
At 10:30 local time (02:30 GMT), futures of
petrochemical commodities, including plastics,
methanol and glycols, were trading lower, after
losing 0.4-2.1% in the previous session.
Product
Yuan (CNY)/tonne
Change
Linear low density polyethylene (LLDPE)
8,231
-0.3%
Polyvinyl chloride (PVC)
5,650
-0.5%
Ethylene glycol (EG)
4,590
-0.5%
Polypropylene (PP)
7,570
-0.4%
Styrene monomer (SM)
9,183
-0.2%
Paraxylene *
8,120
-0.9%
Purified terephthalic acid (PTA)*
5,644
-0.8%
Methanol*
2,468
-0.5%
Sources: Dalian Commodity Exchange,
*Zhengzhou Commodity Exchange
The global equity market sell-off intensified
on Monday, with a wave of declines sweeping
across major bourses worldwide.
The rout began in Asia, where the Nikkei 225
index plummeted 12.4% day on day, marking its
worst performance since 1987 while the KOSPI
posted its steepest decline in its closing
price to date.
In Europe, the Stoxx Europe 600 index fell
2.2%, with all sectors and major indexes
closing in negative territory.
Utilities and oil and gas stocks suffered the
steepest losses, leading the downturn in
European markets.
In the US, the Dow Jones Industrial Average
plunged by about 1,000 points or down 2.6%, the
Nasdaq dived 3.4% and the S&P 500 slid
3.0%.
This marked the largest losses since September
2022 for the Dow and S&P, following a
downturn late last week due to poor US jobs
data and weak manufacturing PMI, which sparked
recession fears.
The unwinding of the yen “carry trade” after
the Bank of Japan raised interest rates last
week also added fuel to the retreat in global
markets.
For now, the US Federal Reserve has no
intention of delivering an emergency rate cut
before the Federal Open Market Committee (FOMC)
meeting on 18 September, Singapore-based DBS
Group Research said in a note on Tuesday.
“The Fed wants markets to view the coming rate
cuts as preserving the soft landing and
supporting jobs, not as a delayed response to a
weakening economy,” it said.
GEOPOLITICAL TENSIONS BOOSTING
OILOil prices rose by more than
$1/barrel in early Asian trade on Tuesday after
dipping in the previous session, driven by
supply concerns amid escalating tensions in the
Middle East.
“Markets are still waiting to see how Iran
responds to Israel after it vowed retaliation
for the assassination of Hamas’ political
leader on Iranian soil,” Dutch banking and
financial information services firm ING said in
a note.
“Oil has been unable to escape the broader
risk-off move seen across assets, as concerns
grow over the potential for a US recession
following some weaker macro data in recent
weeks. This only adds to worries over Chinese
demand.”
Reports that the Sharara oilfield in Libya has
completely stopped production due to protests
at the site also supported oil prices.
This oilfield has a production capacity of
300,000 barrels/day but was producing around
270,000 barrels/day prior to the disruption.
Additional reporting by Fanny Zhang
Thumbnail photo shows a stock market indicator
board (Source: BIANCA DE
MARCHI/EPA-EFE/Shutterstock)
Focus article by Nurluqman
Suratman
Benzene06-Aug-2024
SINGAPORE (ICIS)–Soaring Asian styrene prices
have grabbed the attention of the global market
following unexpected outages at European
facilities.
This price surge is expected to support both
upstream benzene prices as well as downstream
prices of expanded polystyrene (EPS),
polystyrene (PS), and acrylonitrile butadiene
styrene (ABS).
Two styrene plant outages in Europe drive
price surge upward rapidly.
Benzene prices rise with styrene, boosted
by August demand growth.
ICIS expects EPS and PS prices to rise in
August, ABS prices to remain flat due to the
butadiene prices decreasing.
In this podcast, ICIS senior analysts Jenny Yi
and Jimmy Zhang discuss the trends and outlook
for the Asian styrenic and benzene markets.
Ammonia05-Aug-2024
HOUSTON (ICIS)–There is now 88% of the corn
acreage silking with soybean blooming having
increased to 86%, according to the latest US
Department of Agriculture (USDA) weekly crop
progress report.
For corn, the current rate of silking is
slightly behind the 90% level achieved in 2023
but is equal to the five-year average of 88%.
The amount of crop at the dough stage has risen
to 46%, which is above both the 42% level from
last year and the five-year average of 38%.
In the first update on corn which has reached
the dented phase, the progress report showed
there is 7% of the crop at this stage, which is
equal to the 7% mark from 2023 and above the
five-year average of 5%.
Regarding corn conditions, there is 3% rated
very poor with 7% now listed as poor. There
remains 23% considered fair with 51% now seen
as good and 16% as excellent.
For soybeans, there is 86% of the crop now
blooming, which is less than the 2023 level of
88% but is ahead of the five-year average of
84%.
The amount of acreage setting pods increased to
59%, which trails the 61% from last year, but
is above the five-year average of 56%.
For soybean conditions, there is still 2%
listed as very poor and 6% as poor. There is
now 24% rated as fair with 54% continuing to be
seen as good and 14% as excellent.
In harvesting updates, winter wheat is now at
88% completed, which is ahead of the 85% from
2023 and the five-year average of 86%.
Spring wheat harvest is now at 6% completed,
which is behind both the 8% from last year and
the five-year average of 10%.
Ethylene05-Aug-2024
HOUSTON (ICIS)–Shares of US-listed chemical
companies fell sharply for the third
consecutive trading day on Monday amid growing
concerns that the US economy could head towards
a hard landing and enter a recession.
The following table shows the major indices
followed by ICIS.
Index
5-Aug
Change
%
Dow Jones Industrial Average
38,703.27
-1,033.99
-2.60%
S&P 500
5,186.33
-160.23
-3.00%
Dow Jones US Chemicals Index
860.73
-19.78
-2.25%
S&P 500 Chemicals Industry Index
897.91
-19.43
-2.12%
Other market indicators also showed distress.
The volatility index (VIX) rose by more
than 43% to 33.57, reaching its highest level
since the COVID-19 pandemic, according to the
financial news network CNBC.
The yield on the 10-year Treasury note fell
to 3.8%, its lowest level in more than a year.
Brent crude oil futures fell farther below
$80/barrel.
Natural gas futures fell farther below
$2/MMBtu.
Earlier on Monday, stocks
in Asia and
Europe were also sharply down, with Japan’s
benchmark Nikkei 225 posting exceptionally
steep losses.
The financial press concentrated on Japan and
highlighted what is known as the carry trade.
Under it, investors took advantage of low
interest rates in Japan to fund purchases of
riskier investments such as US stocks.
The strategy backfired after the Bank of Japan
started raising interest rates.
CHEM STOCKS PUMMELED IN PAST THREE
DAYSThe total losses during the
three-day stretch are much worse. The Dow Jones
Industrial Average and the S&P 500 have
fallen by more than 5% since then.
Chemical producers have warned that their
performance will get no help from the economy
during the second half of the year. They gave
up on a recovery, and some pointed to weakness
among consumers, particularly those that
perform do-it-yourself (DIY) projects on their
homes, a segment that is especially sensitive
to cost.
Other chemical producers either missed their
second quarter guidance, lowered their full
year guidance or both.
Since then, US economic statistics have shown
more weakening than what was expected in the
market.
The US
added fewer jobs in July than most
economists expected, and the unemployment
rate rose to 4.3%.
US manufacturing activity
shrank for the fourth consecutive month
in July, with the purchasing managers’ index
(PMI) falling faster than expected.
June
construction spending fell 0.3% from May.
Despite the pessimistic economic news, there
were some statistics and trends that were not
as poor.
The collapse of the 10-year yield on Treasury
notes indicates that the Federal Reserve has
kept its benchmark federal funds rate too high
for too long.
That increases the likelihood that the central
bank could lower rates at a faster pace. They
could fall by half a point during its next
scheduled meeting in September, and subsequent
cuts could take place in November and December.
Meanwhile,
following a contraction in June, the US
service sector expanded in July, according to
the services PMI published by the Institute for
Supply Management (ISM).
Services make up 7/8 of the US economy.
The following table shows the US-listed
chemical shares followed by ICIS.
Symbol
Name
$ Current
Price
$ Change
% Change
ASIX
AdvanSix
24.74
-2.52
-9.24%
AVNT
Avient
40.395
-2.435
-5.69%
AXTA
Axalta Coating Systems
33.84
-1.37
-3.89%
BAK
Braskem
5.45
-0.33
-5.71%
CC
Chemours
18.565
-1.975
-9.62%
CE
Celanese
125.73
-5.82
-4.42%
DD
DuPont
77.15
-1.97
-2.49%
DOW
Dow
50.52
-1.49
-2.86%
EMN
Eastman
94.16
-3.33
-3.42%
FUL
HB Fuller
77.3
-3.92
-4.83%
HUN
Huntsman
21.27
-1.21
-5.38%
KRO
Kronos Worldwide
10.2
-0.64
-5.90%
LYB
LyondellBasell
91.93
-2.46
-2.61%
MEOH
Methanex
40.22
-2.81
-6.53%
NEU
NewMarket
530.05
-20.86
-3.79%
NGVT
Ingevity
35.52
-5.68
-13.79%
OLN
Olin
40.835
-2.135
-4.97%
PPG
PPG
120.02
-3.44
-2.79%
RPM
RPM International
114.305
-3.465
-2.94%
SCL
Stepan
73.33
-4.73
-6.06%
SHW
Sherwin-Williams
340.505
-6.745
-1.94%
TROX
Tronox
12.69
-0.62
-4.66%
TSE
Trinseo
2.375
-0.215
-8.30%
WLK
Westlake
132.31
-4.75
-3.47%
Focus article by Al Greenwood
(recast with closing prices for indices and
shares)
Additional reporting by Jonathan Lopez
Thumbnail image shows a stock exchange.
Image by Costfoto/NurPhoto/Shutterstock
Please also visit Macroeconomics:
Impact on Chemicals
Ethylene05-Aug-2024
MADRID (ICIS)–US stocks were trading down
around 3% mid-morning on Monday, with the major
chemical companies posting double-digit falls
on growing fears about a recession after the
world’s largest economy reported weak economic
data.
Falls in the main stocks, however, had
moderated by mid-morning although major
individual names were still seeing large
losses.
The following shows the performance of the
major stock indices followed by ICIS.
Index
5 August
Change
%
Dow Jones Industrial Average
38,629.93
1,107.33
2.79%
S&P 500
5,171.95
174.61
3.27%
Dow Jones US Chemicals Index
858.78
21.73
2.47%
S&P 500 Chemicals Industry Index
896.31
21.03
2.29%
Individual names in the US chemical sector were
seeing double-digit losses – Trinseo, Ingevity
and Chemours – with majors such as Dow and
DuPont down around 3% (See table below).
Earlier on Monday,
stocks in Asia – with Japan’s benchmark
Nikkei 225 posting its largest ever loss – and
Europe were also sharply down.
Crude prices also took a hit with the
international Brent benchmark
down more than $1/barrel to $75.74/barrel.
MANUFACTRING DOWNTURN, WIDER WOES
|A recession will hit the US
beleaguered manufacturing sector further –
after more than a year in the doldrums
compounded by
weak data in July.
Employment data last week revealed
lower-than-expected job growth and higher
unemployment, sparking alarm among global
investors about the health of the US economy.
The equity market reaction on Monday was brutal
in Asia, but was less pronounced in Europe and
in the Americas.
The slowing fall in some US indices on Monday
could be linked to the much-awaited services
PMI index for July, which showed that the
sector is still expanding.
“Economic activity in the services sector
expanded in July, a trend that has been
interrupted only three times — though twice in
the last four months — since early in the
coronavirus pandemic,” said the Institute for
Supply Management (ISM), which compiles the
index.
“The services PMI registered 51.4%,
indicating sector expansion for the 47th time
in 50 months.”
Any reading above 50% suggests that the sector
is in expansion.
Analysts are questioning whether the market
reaction had been overblown, with some linking
it to possible wild speculative moves in August
when market activity slows sharply.
“Weak payrolls [have] really escalated a
profound move across the globe. However, the
reality is that although payrolls was
disappointing it’s hard to know how
disappointing given the distortions from
Hurricane Beryl. It’s like the market has added
up 2+2 and made nine,” said Jim Reid, Deutsche
Bank’s global head of economic research.
“It’s easily possible we’ll get the additional
three and two to make up the total but we’re
certainly not there yet. It’s hard to believe
such market moves would have occurred in any
other month.”
Symbol
Name
Price
Change
Change %
ASIX
AdvanSix
24.66
-2.60
-9.54%
AVNT
Avient
40.29
-2.54
-5.93%
AXTA
Axalta Coating Systems
33.645
-1.565
-4.44%
BAK
Braskem
5.435
-0.345
-5.97%
CC
Chemours
18.53
-2.01
-9.79%
CE
Celanese
125.31
-6.24
-4.74%
DD
DuPont
76.75
-2.37
-3.00%
DOW
Dow
50.56
-1.45
-2.79%
EMN
Eastman
93.74
-3.75
-3.85%
FUL
HB Fuller
77.225
-3.995
-4.92%
HUN
Huntsman
21.29
-1.19
-5.29%
KRO
Kronos Worldwide
10.28
-0.56
-5.17%
LYB
LyondellBasell
92.42
-1.97
-2.09%
MEOH
Methanex
40.29
-2.74
-6.37%
NEU
NewMarket
528.67
-22.24
-4.04%
NGVT
Ingevity
35.375
-5.825
-14.14%
OLN
Olin
40.785
-2.185
-5.08%
PPG
PPG
119.18
-4.28
-3.47%
RPM
RPM International
114.03
-3.74
-3.18%
SCL
Stepan
73.385
-4.675
-5.99%
SHW
Sherwin-Williams
338.27
-8.98
-2.59%
TROX
Tronox
12.65
-0.66
-4.96%
TSE
Trinseo
2.29
-0.30
-11.58%
WLK
Westlake
131.42
-5.64
-4.11%
Front page picture: A stock exchange in
Hangzhou, Zhejiang Province, China; archive
image
Source: Costfoto/NurPhoto/Shutterstock
Ethylene05-Aug-2024
HOUSTON (ICIS)–Here are the top stories from
ICIS News from the week ended 2 August.
Massive North America PE growth wave is over
through 2027 – LyondellBasell
The massive shale gas-driven expansion in
polyethylene (PE) and to a more limited extent
in polypropylene (PP) has ended, boding well
for operating rates and profitability moving
forward through 2027, said executives at
LyondellBasell.
INSIGHT: US chems face poor trade prospects
under presidential candidates
Regardless of who wins the next presidential
election, US chemical producers may see little
benefit from the trade policies of either
candidate, with one exposing them to
retaliatory tariffs and the second likely
continuing the policies of the current
administration.
INSIGHT: US Fed moves closer to rate cuts,
paving way for chemicals demand
recovery
The US chemical industry, along with other
interest-rate sensitive sectors, is poised to
get a lift as the US Federal Reserve moves
closer towards its first interest rate cut – a
move increasingly likely in September.
INSIGHT OUTLOOK: LatAm petchems producers hope
protectionism, higher freight costs improve
margins
Latin American petrochemicals prices remain in
the doldrums due to global oversupply, but
domestic producers are hoping a sustained
increase in freight costs and protectionist
measures could start improving their dented
market share.
OUTLOOK: US recycled plastics weather mixed
demand, new capacity as pivotal year, 2025,
approaches
Although the broader US recycled plastics
market has yet to see the full recovery as
hoped by this time, there still remain
opportunities and challenges through year end.
INSIGHT: More US chem firms give up on H2
recovery
So far in the earnings season, US chemical
producers have given up on a second half
recovery and will rely on their own actions to
increase earnings while they wait for interest
rates to fall.
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