Latin America stories: weekly summary

SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 20 December.

NEWS
Brazil’s chemicals likely to avoid higher tariffs as bilateral trade favors US – Abiquim
Brazil’s chemicals producers are confident the sector would be mostly spared from potentially higher US import tariffs as the latter maintains a clear trade surplus in bilateral commerce, the country’s trade group Abiquim said to ICIS.

Argentina’s manufacturing, construction output falls in October
Output in Argentina’s petrochemicals-intensive construction and manufacturing kept falling in October, year on year, the country’s statistical office Indec said on Friday.

Mexico’s central bank cuts rates by quarter point to 10.0%, signals further cuts
Mexico’s central bank on Thursday cut interest rates by 25 basis points (bps) to 10.0% and hinted at steeper cuts ahead.

Colombia’s central bank lowers rates by quarter of a point to 9.5%
Colombia’s central bank on Friday lowered its benchmark interest rate by 25 basis points (bps) to 9.5%.

Argentina’s YPF agrees with Shell to continue building LNG export project
YPF and global energy major Shell have signed an agreement to develop the first phase of a liquefied natural gas (LNG) export project, the Argentinian state-owned oil and gas major said.

Brazil’s chemicals output up 1.6% in October
Brazil’s chemicals output rose by 1.6% in October, year on year, while plastics and rubber production increased by 4.9%, according to the country’s statistical office IBGE.

Brazil central bank steps up currency defence as real slides
Brazil’s central bank has mounted four currency interventions this week, spending nearly $6 billion to stem the decline in the Brazilian real (R).

Chile cuts rates as growth concerns outweigh inflation risks
Chile’s central bank cut its benchmark interest rate this week by 25 basis points (bps) to 5.0%, balancing concerns over stubborn inflation with signs of economic weakness.

Pemex remains ‘financially vulnerable’ as output flattens, crude prices fall – Fitch
Mexico’s state-owned crude major Pemex “remains financially vulnerable” as its output is likely to flatten and crude oil prices are set to fall, US credit rating agency Fitch said.

MOVES: Brazil Potash appoints fertilizer industry veteran Schmidt as board executive chairman
Producer Brazil Potash, which is advancing the $2.5 billion Autazes project within the state of Amazonas, has appointed fertilizer industry veteran Mayo Schmidt as the executive chairman of its Board of Directors effective 6 January.

PRICING
LatAm PE domestic, international prices stable as year draws to close
Domestic and international polyethylene (PE) prices were assessed as unchanged across Latin American countries.

LatAm PP domestic, international prices steady as 2024 ends
Domestic and international polypropylene (PP) prices were steady across Latin American countries.

Braskem Idesa seeks January PE price increase in Mexico
Braskem Idesa (BI) is seeking a price increase of $110/tonne on high density polyethylene (HDPE) and for low density polyethylene (LDPE) as of 1 January, according to a customer letter.