Latin America stories: weekly summary

SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 5 July.

NEWS
Mexico’s Altamira petrochemicals players breathe sigh of relief as Beryl weakens
Fears that Hurricane Beryl could cause widespread disruption to petrochemicals production in the Altamira hub, in the Mexican state of Tamaulipas, have now subsided as the hurricane weakens on its path through the Caribbean.

Brazil’s Braskem still facing logistical woes at Triunfo facilities
Brazil’s polymers major Braskem is still facing some logistical challenges at its facilities in Triunfo, in the floods-hit state of Rio Grande do Sul, according to a letter to customers seen by ICIS.

Brazil’s automotive 2024 output expected lower as ‘uncontrolled’ imports keep rising
Brazil’s automotive trade group Anfavea this week downgraded its forecasts for production in 2024 due to ever-rising vehicle imports – mostly from China, with several producers signing a letter to the government asking for higher import tariffs on cars.

US dominates base oils exports to Brazil with around 75% market share
The US remains the largest exporter to the Brazilian base oils market, with the country’s lead widening in 2024, according to an expert on Tuesday.

INSIGHT: Chem shipping to get break from Panama Canal, tariff front-loading
The Panama Canal Authority (PCA) is allowing more traffic to pass through the waterway, while the rush to ship goods before the start of tariffs should end soon – all of which should give chemical shippers some relief from elevated freight costs.

Brazil’s manufacturing recovers but faces pressure on currency depreciation
Sales growth in Brazil’s manufacturing is being dented by challenging economic conditions, currency depreciation and order postponements after the floods crisis, analysts at S&P Global said on Monday.

Mexico’s manufacturing expands in June but new export orders, job creation fall
Mexico’s manufacturing expanded in June and remained practically stable from May on the back of factory orders rising, which kept production healthy, analysts at S&P Global said on Monday.

Colombia’s manufacturing remains in contraction in June
Colombia’s manufacturing sectors remained in contraction territory in June as a further decline in new orders led to reduced output, analysts at S&P Global said on Tuesday.

Colombia’s fiscal plans based on ‘rosy’ growth assumptions – analysts
Plans presented by the Colombian government to reduce its fiscal deficit are based on “rosy” assumptions for growth and are likely to be missed, according to analysts.

PRICING
Higher hydrous ethanol prices reflect strong sales performance
Hydrous ethanol prices rose this week, reflecting ongoing strong sales performance in the market.

Surging PET prices in Brazil and Mexico for July
Prices for PET in Brazil experienced an upward trend during the first week of July, driven by the ongoing rise in international freight rates. This increase reflects the continued influence of escalating global shipping costs on the local market for PET resin.

Innova amends July PS price increase in Brazil
Innova amended a price increase to Brazilian real (R) 1,200/tonne ($218/tonne), excluding local taxes, on all grades of polystyrene (PS) sold in Brazil, effective 4 July, up from previously announced R750, according to a customer letter.