Latin America stories: weekly summary
ICIS Editorial
15-Apr-2024
SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 12 April.
NEWS
Argentina’s inflation up
to 288% in March, but central bank cuts rates
on ‘pronounced
slowdown’
Argentina’s annual
rate of inflation rose to 287.9% in March, up
from 276% in February, the country’s
statistical agency Indec said on Friday.
Argentina to
scrap import duty on urea and UAN
fertilizer
In Argentina, the government plans to remove
import duties on urea and urea ammonium nitrate
(UAN), which are currently at 5.4% and 3.6%
respectively, said Economy Minister Luis Caputo
on X, formerly Twitter.
Brazil’s
inflation falls below 4% in
March
Brazil’s annual rate of inflation fell to 3.93%
in March, down from 4.50% in February, and
its lowest reading since June 2023, the
country’s statistical agency IBGE said on
Wednesday.
Brazil’s Unigel
‘vehemently’ denies irregularities in Petrobras
contract
Unigel has “vehemently refuted” the existence
of any irregularity in its tolling contract
with Petrobras for two fertilizers plants, the
Brazilian chemicals producer said on Wednesday.
Mexico’s
inflation down to 4.2% in
March
Mexico’s annual rate of inflation fell in March
to 4.2%, down from 4.40% in February, the
country’s statistics agency Inegi said on
Tuesday.
Argentina PVC
sector faces headwinds amid infrastructure
investment reductions
Argentina polyvinyl chloride (PVC) sector faces
challenges as the government reduces
infrastructure investments in 2024, with an
estimated 7.5% decrease in projects.
Chile inflation
falls to 3.7% in March
Chile’s annual inflation rate fell in March to
3.7%, down from 4.5% in February,
according to the country’s statistics office
INE.
Brazil’s
automotive output barely up in Q1, sales rise
9%
Brazil’s petrochemicals-intensive automotive
output rose by 0.4% in the first quarter, year
on year, to just below 550,000 units, the
country’s trade group Anfavea said on Monday.
PRICING
LatAm
PP domestic prices fall in Chile, Mexico on
competitive offers from abroad, lower US spot
PGP prices
Domestic prices fell in Chile, Mexico due to
competitive offers from abroad and lower US
spot propylene costs. In other Latin American
(LatAm) countries, prices were unchanged.
LatAm PE
international prices stable to down on lower US
export prices
International polyethylene (PE) prices were
assessed as stable to down across Latin
American (LatAm) countries on the back of lower
US export prices.
Weather
conditions start to slightly shift PET demand
in Latin America
Polyethylene terephthalate (PET) prices
remained stable in Brazil, with a slight
softening in consumption coinciding with
stabilized temperatures. However, demand
continues to exceed expectations when compared
with the corresponding period last year.
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