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Ammonia15-Oct-2024
HOUSTON (ICIS)–There is now 47% of the corn
crop completed with soybeans at 67% harvested
according to the latest US Department of
Agriculture (USDA) weekly crop progress report.
The ongoing pace of the corn harvest is ahead
of the 42% rate seen in 2023 and is above the
five-year average of 39%.
Texas now has 98% of its acreage harvested,
followed by North Carolina and Tennessee at
88%.
There is now 94% of the crop rated mature,
which is above the 93% from last season as well
as higher than the five-year average of 89%.
For corn conditions there is 4% listed as very
poor with 8% still as poor and 24% now as fair.
There remains 49% ranked as good and 15% as
excellent.
Soybeans dropping leaves has climbed to 95%,
which trails the 96% from last season but is
above the five-year average of 92%.
Harvesting of the soybean crop has jumped to
67%, which is ahead of 57% mark from 2023 as
well as the five-year average of 51%.
Minnesota is now the top state with 88% of
their soybeans now completed with Mississippi
coming next at 84% finished.
There were no further updates for soybean
conditions.
In other harvesting updates the USDA said there
is now 34% of the cotton crop finished with
sorghum acreage now at 53% completed.
Ammonia15-Oct-2024
HOUSTON (ICIS)–The fertilizer industry, like
the rest of the Tampa, Florida, community, was
still feeling the effects from Hurricane Milton
even days after the storm as producers continue
to assess damages and determine the impact this
might have on their production.
With electrical power steadily being restored,
the cleaning up efforts are also making
progress with flooding appearing to have had
the most far-reaching consequences as the
incredible powerful hurricane is estimated to
have unleashed 3.4 trillion gallons of water
upon Florida.
As a key hub for fertilizers in the US, with
both production and logistics as well as
storage and corporate offices, there had been
concerns over how much destruction could have
been experienced if it had not weakened some
before landfall or had made a direct strike
into Tampa.
Industry sources within the area said some
normality to everyday life was returning with
market activity likely needing several more
days to recover. As a participant said it
is “all good here, got power everywhere now. No
damage to the office or homes.”
For producers, the review of the consequences
of Milton were still at hand but considering
the magnitude of the event it looks like the
industry’s assets held up fairly well and that
output of phosphates will only see a very short
delay.
With their White Springs phosphate facility
located within Florida, Canadian fertilizer
producer Nutrien had previously said it was not
impacted by Hurricane Milton, but it was by the
earlier strike of Hurricane Helene, with those
affects still underway.
“The timeline for re-starting our White Springs
phosphate facility continues to be assessed. We
are working with our customers on any potential
impacts to supply,” said a Nutrien
spokesperson.
Having not completely escaped the wrath of
Milton, Mosaic had confirmed on 14 October that
there was limited damage to their facilities
and warehouse product.
The producer is expecting to resume full
production in the coming days, and also said
there was no significant environmental impacts
that occurred due to the storm.
It is understood that producer Yara did not
suffer any damages or lost time at its ammonia
plants from the hurricane.
Polyols15-Oct-2024
SAO PAULO (ICIS)–Petroquimica Rio Tercero has
shut its toluene di-isocyanate (TDI) plant in
Cordoba on the back of global oversupply, a
spokesperson for the Argentinian producer
confirmed to ICIS on Tuesday.
The plant had a production capacity of 28,000
tonnes/year of TDI, which is a key feedstock to
produce polyurethane foam.
Production there stopped on 14 October. Rio
Tercero said it would dismiss 1,250 employees.
“This decision [to shut the TDI plant] is
mainly due to the transformation the sector has
undergone worldwide, with the emergence of
large-scale plants, especially in Asia, which
are producing an oversupply of TDI which caused
global prices to fall abruptly in recent
years,” said the company.
“Another determining factor is the limited
production capacity of our Rio Tercero plant,
which makes it impossible to compete with
larger global companies.”
The spokesperson said Rio Tercero would now
“become a TDI trader” to ensure the continuity
of the company, given that it will still need
the product to produce polyaluminum chloride
(PAC), an inorganic coagulant used in water
purification.
The company’s PAC production capacity stands at
58,000 tonnes/year, according to the
spokesperson.
As well as PAC, Rio Tercero also produces
sodium hypochlorite, with a production capacity
of 97,500 tonnes/year, and sodium hydroxide,
with a production capacity of 11,000
tonnes/year.
All the remaining production plants are
operating normally, the spokesperson said.
The company is a subsidiary of Buenos
Aires-based Grupo Piero.
According to local media reports, the
provincial government has contacted the union
to express its support to the plant’s workers,
but it remains unclear whether the government
could make any significant intervention to
avoid the closure.
EASIER TO SHUT
PLANTSUnder the new
Administration of Javier Milei which took
office in December 2023, labor laws have been
eased and firing employees has now become
easier for companies.
Earlier in October, US chemicals major Dow also
said it would
stop producing polyether polyols at its
site in San Lorenzo, in Argentina’s province of
Santa Fe, on the back of poor economics.
The company had already tried to close that
plant earlier, but pressure from the trade
unions and tighter labor regulations at the
time made the company backtrack in its plans.
According to the ICIS Supply & Demand
Database (ISDD), with Rio Tercero’s TDI Plant
now shut and Dow’s in the process of shutting
its polyols facility, no company in Argentina
will produce any isocyanates or polyether
polyols.
Consequently, companies producing polyurethane
(PU) will have to import all their inputs,
among other examples.
Rigid PU foams are used mainly in insulation,
refrigeration, packaging and construction,
while flexible PU foams have applications such
as upholstery, mattresses and seats. Polyols
can also be used in elastomers, adhesives,
coatings and fibers.
Front page picture: Petroquimica Rio
Tercero’s facilities south of Cordoba city,
Argentina
Source: Petroquimica Rio Tercero
Additional reporting by Al Greenwood
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Crude Oil15-Oct-2024
LONDON (ICIS)–The outlook for Germany’s
economy improved in October, think tank ZEW
said on Tuesday, as its economic sentiment
indicator ticked up following three months of
decline.
The research group’s October economic sentiment
indicator increased by 9.5 points from
September to reach 13.1 points.
However, its assessment of the current
situation in Germany continued to worsen as the
group’s index fell 2.4 points from September to
-86.9 points in October.
“Starting from a very poor assessment of the
current situation, the economic sentiment for
Germany has risen in the latest survey,” said
ZEW president Achim Wambach.
“Contributing factors include the expectation
of stable inflation rates and the associated
prospect of further interest rate cuts by the
ECB. Positive signals are also coming from
Germany’s export markets.”
For the eurozone, the group’s economic
sentiment indicator rose by 10.8 points to 20.1
points in October, while the current situation
index remained in negative territory at -40.8
points, down by 0.4 points from the previous
month.
Styrene15-Oct-2024
SINGAPORE (ICIS)–Watch ICIS analyst Aviva
Zhang discuss the implications of China’s
growing styrene monomer (SM) capacity, which is
poised to open up export opportunities for the
remainder of 2024.
Chinese SM capacity currently at over 20
million tonnes/year; market pressured by new
capacity
Downstream acrylonitrile-butadiene-styrene
(ABS) margins still negative while polystyrene
(PS) margins are constrained
Implementation of new macroeconomic
policies is expected to stimulate end-use
demand, which players are closely watching
ICN
Petrochemicals14-Oct-2024
MUMBAI (ICIS)–India’s retail inflation hit a
nine-month high of 5.49% in September, mainly
on firmer food prices, while the country’s
industrial output in August shrank for the
first time in 22 months.
The year-on-year increase in the consumer price
index (CPI) in September was higher than the
3.65% rate seen in August, the Ministry of
Statistics and Programme Implementation (MoSPI)
said on Monday.
“It is likely that the increase in inflation
rate for the month of September 2024 is due to
high-base effect and weather conditions,” the
MoSPI said.
The September inflation figure remains within
the Reserve Bank of India’s (RBI) tolerance
band of 2.00-6.00%.
Inflation had softened significantly in
July and August with both
months recording an inflation rate below the
central bank’s target of 4%.
Food inflation, which forms a significant
portion of the CPI, stood at 9.20% in
September, a sharp increase from 5.66% in
August.
On 9 October, the central bank kept its key
interest rate unchanged at 6.5% but changed its
monetary policy stance to
“neutral”, following a deceleration in GDP
growth below 7% in fiscal Q1.
RBI maintained its inflation forecast for the
fiscal year ending March 2025 at 4.5%, while
retaining its full-year GDP growth forecast at
7.2%.
India – a giant emerging market in Asia –
overperformed most economies last year, posting
a robust 8.2%
GDP growth in the year ending March 2024.
Meanwhile, India’s factory output in August, as
measured through the Index of Industrial
Production (IIP), declined for the first time
in 22 months – down by 0.1% year on year
compared with a 4.7% expansion in July.
The decline was caused by an unfavourable base
effect and excessive rainfall in several
regions across the country, data released on 11
October showed.
August manufacturing output grew 1% year on
year, while mining output contracted by
4.3% and power generation declined by 3.7%.
In the same period last year, manufacturing
posted a 10% growth, with mining and power
generation posted increases of 12.3% and 15.3%,
respectively.
For the first five months of the current fiscal
year (April-August 2024), India’s IIP grew by
an average of 4.2%, weaker than the 6.2%
expansion recorded in the previous
corresponding period.
Focus article Priya Jestin
Speciality Chemicals14-Oct-2024
SAO PAULO (ICIS)–Here are some of the stories
from ICIS Latin America for the week ended on
11 October.
NEWS
Dow
shuts Argentina polyols plant on global
oversupplyDow has decided to
stop producing polyether polyols at its site in
San Lorenzo, in Argentina’s province of Santa
Fe, on the back of poor economics, the US
chemicals major confirmed to ICIS on Wednesday.
Brazil growth story props
up chloralkali sector; Argentina still distant
from being out of woods –
CloroSurBrazil’s healthier
than expected growth in 2024 has greatly
propped up the chloralkali sectors, while
Argentina’s woes, although improving, will take
some time to be fixed, said the director
general at Brazil’s trade group Abiclor.
Brazil’s September
inflation ticks up to 4.4% on drought-induced
higher electricity, food
costsThe drought affecting
Brazil filtered through consumers prices with
higher energy bills and foods prices, pushing
the annual rate of inflation to 4.4%, up from
4.14% in August, the country’s statistics
office IBGE said on Wednesday.
Argentina’s chemicals
output down 3.5% in August, manufacturing down
6.9%Argentina’s chemicals
and some petrochemicals-intensive sectors such
as manufacturing and construction continue to
bear the brunt of the recession, with output
falling again in August, the country’s
statistics office Indec said on Tuesday.
Chile’s September
inflation down to 4.1%, central bank expected
to cut rates furtherChile’s
annual rate of inflation fell in September to
4.1%, down from July’s 4.7%, reinforcing
analysts’ expectation the central bank is to
cut interest rates further later this month.
Brazil’s Q3 automotive
output highest since
2019Brazil’s
petrochemicals-intensive automotive output
posted in Q3 its best quarter since 2019 and
fully recovered its pre-pandemic levels, trade
group Anfavea said.
Lula
signs law to promote cleaner energy in
BrazilOn Tuesday, President
Luiz Inacio Lula da Silva officially signed
into law the Combustivel do Futuro (PL
528/2020), a significant legislative step aimed
at promoting cleaner energy in Brazil.
Mexico’s Alfa completes
key step towards Alpek
spinoffThe proposed spinoff
of Mexican polyester producer Alpek has reached
a key milestone, with corporate parent Alfa
saying on Tuesday that it has solicited
consents from more than 90% of the holders of a
batch of senior notes.
Argentina’s inflation
falls to 209%; monthly price rises finally
below 4% markArgentina’s
annual rate of inflation fell in September to
209%, down from 237% in August, the
country’s statistics office Indec said on
Thursday.
Brazil’s Grupo Potencial
to expand soybean oil-based biodiesel plant in
ParanaBiodiesel and
glycerine producer Grupo Potencial is to invest
Brazilian real (R) 600 million ($107 million)
to expand its facility in Lapa, in Parana
state’s region of Curitiba, to up its capacity
to 1.62 billion liters/year (1.42 million
tonnes/year) of biodiesel, the government of
Parana said this week.
PRICING
LatAm
PP international prices increase in Chile, Peru
on higher Chinese
offersInternational
polypropylene (PP) prices increased in Chile
and Peru on the back of higher offers from
China, while in Argentina and Brazil, prices
dropped tracking competitive offers from
abroad.
LatAm
PE international prices fall on competitive US
export offersInternational
polyethylene (PE) prices fell across Latin
American (LatAm) countries on competitive
offers from the US.
Brazil expanding sectors
drive PVC import
surgeBrazil’s polyvinyl
chloride (PVC) imports emerged in 2024, driven
by the improved demand from the construction
and automotive sectors.
Ethylene14-Oct-2024
HOUSTON (ICIS)–Here are the top stories from
ICIS News from the week ended 11 October.
Hurricane Milton
on track to hit US fertilizer hub in
Tampa
Milton strengthened on Monday into a powerful
Category 4 hurricane, and it is expected to
continue strengthening before making landfall
by midweek near Tampa, Florida, a major
fertilizer hub that was drenched by an earlier
major hurricane.
Florida ports
close as Hurricane Milton approaches Tampa
fertilizer hub
Ports along Florida’s Gulf Coast are closed to
vessel traffic as Milton approaches the state’s
fertilizer hub in Tampa as a Category 4
hurricane.
Railroad shuts
many Florida terminals ahead of Hurricane
Milton
Railroad company CSX is suspending operations
at several of its intermodal and TRANSFLO
terminals in Florida ahead of Milton, which has
shifted its path away from Tampa, a major
fertilizer hub.
Hurricane Milton
makes landfall in Florida as Category 3
storm
Hurricane Milton has made landfall near Siesta
Key, along Florida’s Gulf Coast in the US as a
Category 3 storm, bringing strong winds and
heavy rains, with warnings of a storm surge in
effect at several locations.
UPDATE: Hurricane
Milton moves off Florida’s east coast with
damaging winds, heavy
rainfall
Hurricane Milton is moving away from Florida’s
east coast but is still producing damaging
winds and heavy rainfall in the state,
according to the latest update on Thursday.
INSIGHT: After
Milton, global chems face future of rapidly
intensifying hurricanes
Warmer waters in the Atlantic Basin could make
record-setting hurricanes like Milton and Beryl
more common, which strengthened rapidly to
become major storms that caused significant
damage.
Some Florida
ports reopen while millions lack power after
Milton
Some ports in Florida have resumed operations
while millions in the US state remain without
power after Hurricane Milton made landfall
earlier in the week, south of the fertilizer
hub of Tampa.
Petrochemicals14-Oct-2024
LONDON (ICIS)–Click
here to see the latest blog post on
Chemicals & The Economy by Paul Hodges,
which looks at ‘reinvention’ as a
critical issue for the industry.
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.
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