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Ethylene02-Sep-2024
HOUSTON (ICIS)–Here are the top stories from
ICIS News from the week ended 30 August.
ICIS Economic
Summary: US economy slowing, not falling off a
cliff
August started with reports of high weekly
initial unemployment claims, a weak
manufacturing PMI reading and a lackluster
payroll report. Equity markets did not react
well to this as evidenced by a three-day sell
off. But the panic ended, a rebound ensued and
we are back to where we were on 31 July as the
underlying economic fundamentals of a
late-phase business cycle remain. The economy
is slowing, not falling off a cliff.
IPEX: Global spot
index slips on lower prices in northeast Asia,
US Gulf
The global spot ICIS Petrochemical Index (IPEX)
slipped by nearly one-percentage point in the
week ending 23 August, on the back of price
falls in northeast Asia and the US Gulf.
Outages, demand
supporting US ethylene prices at two-year
highs
US ethylene spot prices have begun to decline
but remain at two-year highs in both Texas and
Louisiana after a series of cracker outages and
improvement in derivative demand.
Argentina
petchems to take time to feel benefits from cut
to import tariffs
Argentina’s petrochemicals players are in a
wait-and-see mode about the effects a cut to
import tariffs announced this week could have
in the market and whether it will lower prices
which, for many materials, remain higher than
global prices.
RAIL: US rail
companies strike deals with unions months ahead
of next bargaining round
US railroads Norfolk Southern (NS) and BNSF
have reached tentative, five-year collective
bargaining agreements with several labor unions
four months ahead of the opening of the next
collective bargaining round, the companies
announced on Friday.
Petrochemicals02-Sep-2024
LONDON (ICIS)–Click
here to see the latest blog post on
Chemicals & The Economy by Paul Hodges,
which looks at the major changes underway in
the auto market and how they are set to
transform the chemicals business.
Editor’s note: This blog post is an opinion
piece. The views expressed are those of the
author and do not necessarily represent those
of ICIS. Paul Hodges is the chairman of
consultants New
Normal Consulting.
Speciality Chemicals02-Sep-2024
LONDON (ICIS)–Here are some of the top stories
from ICIS Europe for the week ended 30 August.
Europe OX post-summer
restocking intentions unclear as weak demand
lingers
Restocking operations after the summer were
once common practice in the European
orthoxylene (OX) market, but this year could be
different.
BASF
to shut down adipic acid production at
Ludwigshafen next year
BASF is to end production of adipic acid and
several downstream units at Ludwigshafen,
Germany, as part of structural changes underway
at the site, the company said on Thursday.
Rising costs, outages
fail to rattle sluggish propylene oxide market
in Europe
Outages at domestic suppliers, a local unit
being flagged for a potential sale and rising
production costs have failed to rattle a
sluggish European propylene oxide (PO) market.
Europe August nylon 6,6
contract prices soften in a slow
market
European nylon 6,6 contract prices for August
softened from July levels, posting highly
varied monthly deltas.
Global spot index slips
on lower prices in northeast Asia, US
Gulf
The global spot ICIS Petrochemical Index (IPEX)
slipped by nearly one-percentage point in the
week ending 23 August, on the back of price
falls in northeast Asia and the US Gulf.
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Petrochemicals02-Sep-2024
MUMBAI (ICIS)–India’s economic growth slowed
down to 6.7% in the April-June 2024 on reduced
government capital expenditure during the
national elections and an uneven monsoon
season, official data showed.
The fiscal Q1 growth was the lowest GDP growth
in 15 months, according to the Ministry of
Statistics and Programme Implementation (MoSPI)
on 30 August. The country’s fiscal year ends in
March.
The number was lower than the 7.8%
growth posted in the previous quarter and
the 8.2% pace set in April-June 2023.
The growth was also lower than the Reserve Bank
of India’s (RBI) forecast of 7.2% for the
quarter.
For current fiscal year ending March 2025, the
central bank is projecting a GDP growth of
7.2%, with Q2 at 7.2%, Q3 at 7.3% and Q4 at
7.2%.
The slowdown in GDP growth occurred due to
reduced government spending during the election
period, RBI governor Shaktikanta Das said at a
press conference on 31 August.
India’s general elections
were held from 19 April to 1 June 2024.
“Domestic economic activity continues to be
resilient on positive trends in agriculture,
and an anticipated increase in government
expenditure. Manufacturing activity continues
to gain ground on the back of improving
domestic demand,” he added.
An anticipated increase in government
expenditure over the next few months would
provide the required support to economic
growth, Das said.
India’s economic growth has been robust, with
an average growth rate of 8.3% over the last
three years, he added.
Crude Oil02-Sep-2024
SINGAPORE (ICIS)–China’s August official
manufacturing purchasing manager index (PMI)
dropped to a six-month low of 49.1, while a
private survey by Caixin gives an expansion
print of 50.4 from 49.8 in July.
The official PMI published by the National
Bureau of Statistics (NBS) had been in
contraction territory for four consecutive
months, pointing to persisting weakness in
factory activity.
The sub production index fell to 49.8 in August
from 50.1 in July, while new order index
declined to 48.9 in August from 49.3 in the
previous month, NBS said.
High temperatures, intensive rain and seasonal
lull in combine dragged the PMI figures,
according to NBS.
For Caixin, the private firm said there was a
slight uptick in production index and strong
rebounding in new order index, which is mainly
driven by improving basic demands and all types
of promotions.
Gas02-Sep-2024
SINGAPORE (ICIS)–Here are the top stories from
ICIS News Asia and the Middle East for the week
ended 30 August 2024.
Asia EDC demand suppressed while deep-sea
availability improves
By Jonathan Chou 30-Aug-24 12:19 SINGAPORE
(ICIS)–Soft downstream conditions are weighing
on demand for ethylene dichloride (EDC) in
Asia. Margins of some downstream polvinyl
chloride (PVC) producers are being depressed by
an influx of imports in the key markets of
India and southeast Asia.
SE Asia regional ethylene tightness sees more
arbitrage opportunities
By Josh Quah 28-Aug-24 18:07 SINGAPORE
(ICIS)–The market thus far is on track to end
the third quarter as anticipated in the ICIS
outlook for second-half 2024. The two main
regions in Asia’s ethylene markets – northeast
Asia and southeast Asia – have diverged in
terms of demand-supply fundamentals.
INSIGHT: China PP exports to seek other outlets
amid intense competition in southeast
Asia
By Lucy Shuai 27-Aug-24 17:34 SINGAPORE
(ICIS)–As China’s polypropylene (PP) capacity
increases and a weak economy drags down demand,
the imbalance between supply and demand has
intensified and China’s PP exports have surged.
NE Asia ACN at the lowest point in a year,
market players await seasonal demand
By Corey Chew 27-Aug-24 11:11 SINGAPORE
(ICIS)–The acrylonitrile (ACN) market saw
prices fall significantly last week in the
northeast Asia market, while the India market
saw a smaller decrease.
India’s BPA price falls; sellers may face more
pressure
By Li Peng Seng 26-Aug-24 13:59 SINGAPORE
(ICIS)–The average bisphenol A (BPA) spot
price in India has fallen to a 2.5-month low
recently on easing freight rates, and buyers
may now hold back spot purchases if they could
as they expect freight rates to undergo further
downward correction.
INSIGHT: China PP exports to seek other outlets
amid intense competition in southeast
Asia
By Lucy Shuai 27-Aug-24 17:34 SINGAPORE
(ICIS)–As China’s polypropylene (PP) capacity
increases and a weak economy drags down demand,
the imbalance between supply and demand has
intensified and China’s PP exports have surged.
Ethanol30-Aug-2024
HOUSTON (ICIS)–US railroads Norfolk Southern
(NS) and BNSF have reached tentative, five-year
collective bargaining agreements with several
labor unions four months ahead of the opening
of the next collective bargaining round, the
companies announced on Friday.
The agreements cover about 30% of the unionized
NS workforce and about 15% of BNSF union
workers.
The agreements are still subject to
ratification by union membership.
BNSF and NS reached agreements with the
International Brotherhood of Boilermakers and
Blacksmiths (IBBB) and the National Conference
of Firemen and Oilers (NCFO).
NS also separately reached tentative agreements
with the American Train Dispatchers Association
(ATDA), the Brotherhood of Maintenance of Way
Employes Division (BMWED) and the International
Association of Sheet Metal, Air, Rail and
Transportation Workers – Transportation
Division Yardmasters (SMART-TD Yardmasters).
The tentative agreements provide a 3.5% average
wage hike annually over the next five years and
offer railroaders more vacation earlier in
their career and make meaningful enhancements
to an already robust suite of health care
benefits.
Over the past two weeks, NS has reached
tentative agreements with nine of its 13
unions.
BNSF reached tentative agreements with four
other unions last week – the ATDA, the
Brotherhood of Railway Carmen Division/TCU
(BRC), International Association of Sheet
Metal, Air, Rail and Transportation Workers –
Mechanical Department (SMART-MD) and the
Transportation Communications Union/IAM (TCU).
Railroad CSX last week announced agreements
with TCU, BRC, SMART-TD, BMWED, the
International Association of Machinists &
Aerospace Workers (IAM), the American Railway
and Airway Supervisors Association (ARASA) and
the B&O Joint Council (BOJC).
CSX has now reached a total of 12 separate
tentative agreements, covering more than 50% of
its union employees.
The progress on labor negotiations should offer
some relief to chemicals markets in the US
considering the recent four-day shutdown in
Canada because of labor strife.
Freight rail service at railroads Canadian
National (CN) and Canadian Pacific Kansas City
(CPKC) resumed on 26 August
following an
order by a labor tribunal that ended a
complete shutdown that started on 22 August.
Canada-based chemical producers rely on rail to
ship more than 70% of their products, with some
exclusively using rail.
About 80% of Canada’s chemical production goes
into export, with about 80% of those exports
going to the US.
Railroads are vital to the chemicals industry
as chemical railcar loadings represent about
20% of chemical transportation by tonnage in
the US, with trucks, barges and pipelines
carrying the rest.
With additional reporting by Stefan
Baumgarten
Thumbnail shows railway tank cars. Image by
Sergei Ilnitsky/EPA-EFE/Shutterstock
Recycled Polyethylene Terephthalate30-Aug-2024
LONDON (ICIS)–Senior editor for recycling Matt
Tudball discusses the latest developments in
the European recycled polyethylene
terephthalate (R-PET) market, including:
Colourless (C), blue flake ranges narrow in
eastern Europe
Contradictory C bale prices heard in parts
of the east as well
Wider R-PET market still impacted by summer
holiday slowdown
Polypropylene30-Aug-2024
LONDON (ICIS)–An unexpectedly active August
for European polyethylene (PE) and
polypropylene (PP) was rounded off by
surprising news of an unexploded WW2 bomb and more details
of which LyondellBasell sites might be sold or
rationalised.
Senior editors Vicky Ellis, Ben Lake and
Samantha Wright look at what else made August
unusual, and look ahead to September in this
latest podcast on Europe, Africa and Turkey
markets.
Articles they refer to include: Joe Chang’s
Insight article, A new
kind of low-carbon PE, PP is coming in
2025, and low density polyethylene
(LDPE), linear low
density polyethylene (LLDPE) and PP multi-month spot
price highs.
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