Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 14 June.

Higher import tariffs one leg of wider plan to save Brazil’s besieged chemicals producers – Abiquim
Proposals to sharply increase chemicals import tariffs are only one of the three aspects Brazil’s chemicals producers have proposed to the government to save their “besieged” operations, according to the CEO at trade group Abiquim.

INSIGHT: Chem M&A outlook brightens amid surge of deal announcements
Chemical companies have started the first half of 2024 announcing potential sales and separations of several businesses, which could lead up to busy cycle for mergers and acquisitions (M&A).

Mexico’s petchems supply flowing despite Altamira disruption, but industry crisis could continue
The drought affecting the Altamira petrochemicals hub in Mexico’s state of Tamaulipas is not yet affecting the supply of chemicals, but the water restrictions for industrial players could continue, sources said this week.

US Fed expects only one cut in 2024, keeps rates steady
The Federal Reserve lowered its forecast for rate cuts in 2024 to just one from three as it voted on Wednesday to keep its benchmark interest rate steady at 5.25-5.5%.

Canada rail labor union to hold new strike ballot
Canadian rail labor union Teamsters Canada Rail Conference (TCRC) will hold a new strike vote because an earlier mandate for industrial action will expire on 30 June, it said in an update.

Styrolution to permanently shut Sarnia styrene plant in Canada
INEOS Styrolution will close its 445,000 tonnes/year styrene production plant in Sarnia, Ontario, Canada, by June 2026, the company announced Tuesday.

IPEX: Global spot index edges down on lower values across all regions
The global spot ICIS Petrochemical Index (IPEX) fell by 0.7% in the week ending 7 June on losses across all regions, not least northwest Europe.

Chile’s Petroquim navigating better than peers pressure from Asian material – exec
Polypropylene (PP) producer Petroquim is also facing pressure from lower-priced material sent from Asia, but the company’s “dedicated” service to customers has kept its sales spared from a larger hit, according to the commercial manager at the Chilean company.