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BLOG: US home prices have entered a danger zone
LONDON (ICIS)–Click here to see the latest blog post on Chemicals & The Economy by Paul Hodges, which looks at the growing risks in the US housing market. 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.
Europe top stories: weekly summary
LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 4 July. Europe chemicals producer prices in May fell at faster rate than previous months European chemicals producer prices continued to fall in May at a more significant rate than previous months, according to the latest data from Eurostat. Europe heatwave ignites demand for domestic PET Soaring temperatures across much of Europe are creating demand for European polyethylene terephthalate (PET), but any optimism remains cautious. INSIGHT: EU regulatory certainty needed to boost bio-naphtha, pyrolysis oil growth Continued regulatory uncertainty over the status of bio-based plastics and pyrolysis oil within the EU is hampering demand from the petrochemicals sector, stalling investment, and fragmenting prices by end-use for both bio-naphtha and pyrolysis oil. INSIGHT: Crude prices return to earth as Iran fears cool Crude pricing has shifted back to its former footing after surging costs in a week of Middle East political unrest led some analysts to predict the return of triple-digit dollar barrels, with pricing set to slip further in the mid-term. INSIGHT: Europe toluene and TDI value chains demand washed out Demand for toluene and downstream toluene diisocyanate (TDI) has been moving with slow momentum with no expectations for a substantial recovery in the near term.
Asia top stories – weekly summary
SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 4 July. PODCAST: Steel, aluminum, cement – China-EU dialogue on hydrogen and carbon markets By Patricia Tao 30-Jun-25 11:52 SINGAPORE (ICIS)–China’s expansion of its carbon market and the EU’s implementation of Carbon Border Adjustment Mechanism (CBAM) are reshaping the landscape for high-emission industries. Steel, aluminum, and cement are under increasing pressure to decarbonize, and hydrogen is emerging as a strategic solution. India, China BPA import prices slump; ample supplies to persist By Li Peng Seng 30-Jun-25 13:10 SINGAPORE (ICIS)–Import prices of bisphenol A (BPA) in India and China have sunk to their 4.5-year lows amid oversupply and economic headwinds. Feedstock shortage, supply imbalance reignite Asia C2 arbitrage trades By Josh Quah 30-Jun-25 16:19 SINGAPORE (ICIS)–A coincidental meeting of geopolitical and trade headwinds has re-opened deep-sea arbitrage window for ethylene (C2) into northeast Asia, a circumstance not seen in Asia ethylene markets since 2024. Indonesia to relax import rules on some goods, including chemicals, textiles By Jonathan Yee 01-Jul-25 14:12 SINGAPORE (ICIS)–Indonesia announced plans to relax import regulations on some goods, including chemicals, electronics and textiles, about a week before the US’ suspended “reciprocal” tariffs take effect. China manufacturing PMI returns to growth despite US tariffs – Caixin By Nurluqman Suratman 01-Jul-25 12:37 SINGAPORE (ICIS)–China’s factory activity returned to expansion in June, as higher new order inflows supported a renewed rise in output, a private-sector survey by Chinese media firm Caixin showed on Tuesday. BLOG: After the bombs: Israel-Iran and three long-term scenarios By John Richardson 01-Jul-25 14:38 SINGAPORE (ICIS)–Click here to see the latest blog post on Asian Chemical Connections by John Richardson: The recent “12-day-war” between Israel and Iran has irrevocably altered the dynamics of the Middle East. What comes next? INSIGHT: Weakness at Asia factories persists as US tariffs loom By Nurluqman Suratman 02-Jul-25 13:12 SINGAPORE (ICIS)–Asia’s manufacturing sector exhibited signs of further weakness in June, with most economies in the region registering purchasing managers’ index (PMI) readings of below 50, indicating a deepening slump in factory activity. INSIGHT: Transshipment tariffs of 40% unclear in US-Vietnam trade deal By Nurluqman Suratman 03-Jul-25 14:21 SINGAPORE (ICIS)–The finer points of US President Donald Trump’s trade deal with Vietnam were notably vague, particularly concerning a 40% tariff targeting “any transshipping”. INSIGHT: Vietnam-US trade deal points to higher tariff rates for SE Asia By Nurluqman Suratman 04-Jul-25 13:44 SINGAPORE (ICIS)–The trade deal between Vietnam and the US, particularly its focus on transshipment, suggests other economies in southeast Asia may also face significantly higher tariff rates than the current universal 10% tariff.

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Brazil’s Petrobras mulls acetic acid, MEG plants in Rio as part of $6 billion capex plan
SAO PAULO (ICIS)–Petrobras is mulling production plants for acetic acid and monoethylene glycol (MEG) at its site in Rio de Janeiro as part of its 2025-2029 capital expenditure plans of Brazilian reais (R) 33 billion ($6.08 billion), the Brazilian state-owned energy major said this week. Ethylene supply, necessary for acetic acid and MEG plants, uncertain Investments in Rio could indicate favorable Petrobras-Braskem dynamics New cabinet in 2027 may bring new Petrobras CEO, new capex plans While Petrobras fell short of giving more details on the petrochemicals investments, the company was more specific on capex plans for base oils and several fuels, including biofuels. In base oils, a company executive said earlier in the week at an industry event in Rio that the company is targeting 2029 for first production from its Group II base oils project at the Boaventura Energy Complex, also called as the municipality is in, Itaborai. The acetic acid and MEG plants would also be built at the complex. “A study for the production of acetic acid and MEG is under evaluation at the Boaventura Complex. Acetic acid is an important raw material for the production of paint, PET [polyethylene terephthalate], and the broader chemical industry,” it said. “Brazil currently imports its entire acetic acid demand and complements MEG demand with imports.” The company had not responded to a request for additional comment at the time for writing. For instance, to produce acetic acid and MEG Petrobras would need a supply of ethylene, which is in short supply in Rio unless petrochemicals major Braskem expanded its cracker in the state. Petrobras is the second largest shareholder in Braskem – with a stake of 36.1% although voting rights of 47% – and both companies are at the same time in talks on natural gas supply to Braskem’s Duque de Caxias complex in Rio. In coming years, the company will aim to switch feedstock at the site, from the current plans mostly running on crude-based naphtha into natural gas-based ethane facilities, currently more competitive. Analysts have said those investments will require large sums in coming years, but most of all would need the until now elusive gas on natural gas, which basically depends on Petrobras given its dominance in the Brazilian market. In June, Braskem said the deal on gas, if reached, could unlock investments at its site of R4.3 billion. In fact, on Friday afternoon Petrobras released another statement which mentioned Braskem as investing R4 billion in Duque de Caxias, which would add to the R29 billion Petrobras is to invest and making the total R33 billion. The first statement had mentioned those two figures but linked the R4 billion to another project operating in “synergy” with its assets. On Friday, the statement read: “Of the total to be invested, R29 billion will be contributed by Petrobras and R4 billion by Braskem, in a project that works in synergy with Petrobras assets.” Also, in the previous release it mentioned Braskem’s R4 billion figure another time but, as it had been the official position up to now, those interments were subject to final approvals. Braskem’s own positioning on Friday was indeed the same. In a statement sent to ICIS late on Friday, the company said the potential investments – which it has always said would be R4.3 billion instead of Petrobras’ figure – remained only a potential because the deal with Petrobras on ethane has not yet been signed. FUELS, LUBRICANTSApart from targeting production 12,000 barrels/day of base oils Group II by 2029, Petrobras’ special products commercial manager, Ulysses Donadel, also said at the industry event the company is mulling production of re-refined base oils (RRBO). Later, Petrobras’ statement on capex this week gave more clarity on capacities. It said it will also increase capacities for production of S-10 diesel, up by 76,000 barrels/day, and jet fuel, up by 20,000 barrels/day. The plans also include a “dedicated” biofuels facility for production of 19,000 barrels/day of hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF). “The project also includes two gas-fired power plants at the Boaventura Complex, which will participate in capacity reserve auctions. The engineering project for the power plants has been approved, and the units will leverage synergies with the infrastructure of the Itaborai Natural Gas Processing Unit (UPGN),” said Petrobras. “A lubricant oil re-refining project with a capacity of 30,000 cubic meters (cbm)/month, or 6,300 barrels/day, is also under evaluation at Reduc [its other side in Rio, included in the same complex as Duque de Caxias]. “With the operation of the Boaventura Complex for Group II lubricant oil production, Reduc may repurpose existing units to re-refine used oil, applying the circular economy concept to generate high-value products from waste,” it added. The company said the co-processing test is expected to take place this year after it had been authorized by Brazil’s oil and gas regulator the ANP. Petrobras said initial tests had proved reductions in emissions. As part of its green efforts, the company said it will build a new thermal power plant at Reduc to replace “obsolete” steam and power generation equipment, with expected capex of R860 million. “Investments of up to R2.4 billion in maintenance shutdowns at Reduc are also planned from 2025 to 2029, to ensure the integrity, reliability, and safety of the facilities. Major shutdowns are scheduled for 2026 in the delayed coking and hydrotreatment units of the refinery,” the company added. UNCERTAINTIESIn May, Petrobras said it had started commercial operations at the second module of that Natural Gas Processing Unit (NGPU) at the Boaventura Energy Complex, an expansion which stalled in the mid-2010s as the company got embroiled the Latin American-wide corruption scandal known as Lava Jato. Brazil’s rampant corruption levels have dwarfed many industrial plans before, but in the case of Petrobras there is an additional factor. The company is de facto controlled by the government in office in Brasilia, and the CEO is directly appointed by the president and it basically has the same status as a minister. Current polling shows the current center-left cabinet of Luiz Inacio Lula da Silva may struggle to revalidate the coalition of parties which support it in Parliament in the general election to be held in October 2026. In other words, a new president may appoint a new CEO – Lula has appointed two since 2023 – and it remains to be seen whether there will be new priorities. Moreover, some of the investments mulled in the sizeable capex plans to 2029 depend not only on Petrobras but other players in the chain. if a change at the helm does occur, it will be also interesting to see what direction Petrobras takes on fertilizers policy. The previous center-right administration mandated a complete exit from the sector, even leaving some plants idle in a powerhouse agricultural country that depends largely on imports. That policy has been completely reversed since 2023 and Petrobras is amid considerable investments to revive the fertilizers division. Front page picture: Rio de Janeiro’s Duque de Caxias/Reduc complex Picture source: Petrobras Focus article by Jonathan Lopez Additional reporting by Al Greenwood
US Woodside, Mexico’s Pemex joint oil venture 25% complete, remains on budget and time
SAO PAULO (ICIS)–Woodside’s Trion crude oil joint venture with Mexico’s state-owned Pemex is 25% complete and construction is running on budget and on time with expected start-up date for 2028, the US energy producer said to ICIS. The Trion project is expected to produce 100,000 barrels/day. Woodside is Trion’s operator and has a 60% stake. Pemex holds the remaining 40%. Total capital expenditure (capex) is set to stand at s $7.2 billion. This week, Woodside and Pemex’s project was mentioned by the International Energy Agency (IEA) as one of the few projects coming up in the Mexican oil and gas sector, and one of the few ones where a foreign company has a significant participation, given the dominant role Pemex plays in the Mexican market. In its annual Oil 2025 report, the IEA said Mexico is set to become the country where oil production falls the most in the next five years, decreasing to 1.29 million barrels/day by 2030. If realized, the figure would represent less than half of the nearly 3 million barrels/day Mexico was producing in the early 2000s. Woodside said Trion’s 100,000 barrels/day would increase Mexico’s oil production by approximately 7% when operational. Mexico’s oil output stood in 2024 at 1.97 million barrels/day. For years, Mexico’s government has fallen short of setting up targets or issuing forecasts. However, if Trion is to add 7% to national output with 100,000 barrels/day when operational in 2028, Woodside’s calculations would be in line with those of the IEA, which expects national output to be at around 1.47 million barrels/day in 2028. Woodside had not responded to a further enquiry to clarify that point at the time of writing. Even taking into consideration Trion’s expected output, the IEA still forecasts total output to fall further in 2029 and 2030. Crude output  (in million barrels) 2024 2025 2026 2027 2028 2029 2030 Mexico 1.97 1.84 1.74 1.60 1.47 1.40 1.29 Source: IEA “As the only foreign oil and gas company operating in the deepwater, Woodside is proud to partner with Mexico to develop the Trion Project and help achieve the country’s energy goals. Trion is a nationally significant project being pursued in partnership with Pemex. It is progressing on budget and on schedule for start-up in 2028 and it is now over 25% complete,” said Woodside. “The project is estimated to increase national oil production by approximately 7% and generate more than $10 billion in cumulative taxes and royalties for Mexico over its life. The expected returns from the development exceed Woodside’s capital allocation framework targets and will deliver enduring value to Woodside shareholders as well as the people of Mexico.” Woodside did not address questions about Pemex’s role as a partner in the joint venture, considering some of the company’s governance running problems, nor whether partial or full privatization of the oil major would help  the country recover some output it has lost or is expected to lose. Pemex and Mexico’s ministry of energy (Secretaria de Energia) had had not responded to ICIS’ requests for comment at the time of writing. The Trion project is located in the Perdido Fold Belt, 180 kilometers off the Mexican coastline and 30 kilometers south of the US-Mexico maritime border and is at a water depth of 2,500 meters approximately. Front page picture: Trion Project Picture source: Woodside
PODCAST: ‘Can we stop pretending that key economies are fundamentally strong? They are not.’
LONDON (ICIS)–As geopolitical tensions cooled, the chemicals industry did not have time to react to the spike in oil prices, and the seasonal demand drop in Europe could be more severe than the traditional summer lull. China polypropylene flooding global market, outpacing domestic demand Chemicals industry as leading indicator warns of wider economic ill-health Shutdown of plants in Europe is massive crisis Vietnam 20% tariff from US will weigh on both economies Risks of US cutting social security and international relief funding Key economies not as strong as presented Climate change needs to be a priority for businesses CEOs beset with challenging conditions Working patterns reshaped by climate change Stark landscape provides opportunities for innovators to thrive In this Think Tank podcast, Morgan Condon interviews John Richardson 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.
VIDEO: Europe R-PET July colorless flake, bale prices drop in parts of Europe
LONDON (ICIS)–Senior Editor for Recycling, Matt Tudball, discusses the latest developments in the European recycled polyethylene terephthalate (R-PET) market, including: Colorless bale prices drop in NWE, Eastern Europe and Italy Colorless flake reductions in NWE, Eastern Europe and Southern Europe Mixed colored flake, food-grade pellet prices stable for now
PODCAST: Energy Community has come a long way in reaching founding goals, director
LONDON (ICIS)– The Energy Community celebrates its 20th anniversary this year. Established in the aftermath of the Balkans war and the accession of many central European countries to the EU, the institution faces similar challenges now, being instrumental in supporting Ukraine’s energy resilience in the face of Russian attacks and assisting contracting parties on their path towards EU energy market integration. In this interview, Energy Community director, Artur Lorkowski, tells ICIS journalist Aura Sabadus about the pending opening of the EU energy chapter for Ukraine, Moldova and Bosnia-Herzegovina as part of their accession negotiations as well as the work done to engage observer countries such as Armenia and Norway. 
Europe chemicals producer prices in May fell at faster rate than previous months
LONDON (ICIS)–European chemicals producer prices continued to fall in May at a more significant rate than previous months, according to the latest data from Eurostat on Friday. Prices for chemicals manufacturers fell by 1.0% in the EU and 0.9% in the eurozone, supported by declines in key producing countries. Germany saw the most moderate decline at 0.5% on April prices. The biggest decline was recorded by Spanish producers, down 1.4%, following a 1.0% decrease a month prior, while France tracked a 1.1% drop compared with a 1.5% drop in April. Lower prices for the chemicals sector outstripped the fall in overall industrial producer prices, which was 0.6% lower for both regions. The main driver for decreases was energy pricing, which dropped 2.3% in the EU and 2.1% in the eurozone, with all other segments for remaining relatively stable on the previous month. This decline in energy pricing was key to lower chemicals prices for May, as this provided some leverage for producers to offer more competitive rates while providing some buffer to margins. Poor demand in Europe has meant that producers could not sustain prices at higher levels, despite a challenging business environment, as cheap imports remain abundant for many commodities. Overall producer prices continue tracking declines at less substantial than a year prior, although they remain significantly higher than 2021 levels, when markets were reshaped in the aftermath of the pandemic. Source: Eurostat Eurostat data is subject to revision. Thumbnail image source: Shutterstock
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