Latin America stories: weekly summary
ICIS Editorial
22-Apr-2024
SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 19 April.
NEWS
Brazil’s
Petrobras, China’s CNCEC mull petchems,
fertilizers joint projects
Petrobras and China’s chemicals major CNCEC
have signed a memorandum of understanding (MoU)
to explore petrochemicals and fertilizers joint
projects, the Brazilian state-owned energy
major said on Thursday.
INSIGHT: Argentina’s petchems hit
hardest by recession as country holds breath
under Milei
Argentina’s petrochemicals are taking a severe
hit amid the recession, with falls in demand
for some materials of up to 50%, but companies
and the country are holding firm under the new
President’s economic shock therapy.
Brazil’s
Petrobras re-enters fertilizers sector with
restart at ANSA plant
Petrobras is to restart its large-scale ANSA
fertilizers plant in Araucaria, state of
Parana, which has been idle since 2020, the
Brazilian state-owned energy major said late on
Wednesday.
Pemex to remain ‘fiscal challenge’ for
Mexico’s new administration –
S&P
Beleaguered finances at Pemex, the Mexican
state-owned energy major, will require support
from the federal budget for years to come, the
analysts at S&P said this week.
Argentina’s lower
rates helping central bank shore up balance
sheet at savers’ expense –
economist
Argentina’s latest cut to interest rates had
more to do with shoring up the central bank’s
balance sheet, possible thanks to currency
controls implemented by the prior
Administration, than the actual control of
price rises, according to the director at
Buenos Aires-based Fundacion Capital.
Latin America’s
fiscal consolidation at risk of slippages as
plans postponed – IMF
Latin America’s countries high debt levels
require fiscal consolidation plans which in
some cases are being postponed, increasing
risks for the long-term financial stability of
the region, the Director of the Western
Hemisphere Department at the IMF said
on Friday.
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.
LatAm PE domestic price lower in Chile
on cheaper US export offers
Domestic polyethylene (PE) prices were assessed
lower in Chile because of cheaper US export
offers. In other Latin American (LatAm)
countries, prices remained steady.
Latin America’s February lube demand
holds steady
Lube demand in Latin America was relatively
steady in February at a time of year when
consumption typically falls in other markets
like the US and Europe. The steady consumption
coincided with lower base oils output in the
region in February.
LatAm PP international prices stable to
up on higher freights from
Asia
International polypropylene (PP) prices were
assessed as stable to higher because of
increased freight rates from Asia to the
region. However, Asian offers remain
competitive compared to other origins like the
Middle East and the US.
Plant status: Dow Argentina shuts HDPE and LDPE plants on technical issues – sources
US chemicals major Dow’s subsidiary in Argentina shut on 16 April a high density polyethylene (HDPE) plant due to a mechanical pump failure and a low density polyethylene (LDPE) plant due to technical failure, several sources said.
Weather conditions starts 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.
Weather conditions starts 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.
Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Contact us
Partnering with ICIS unlocks a vision of a future you can trust and achieve. We leverage our unrivalled network of industry experts to deliver a comprehensive market view based on independent and reliable data, insight and analytics.
Contact us to learn how we can support you as you transact today and plan for tomorrow.