Chemical News
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OPEC/non-OPEC coalition talks intensify ahead of key Algiers summit Sep 17,2018
London — With a critical meeting in Algiers fast approaching, a fractured OPEC and its allies are still searching for consensus on how members with spare output capacity can equitably distribute the extra barrels they intend to pump without upsetting those unable to produce more. The Saudi and Russian energy ministers met over the weekend to ali...>>>
Outages top 750,000, power demand and natural gas prices sink Sep 17,2018
Houston — As Hurricane Florence battered the Carolinas and Virginia Friday, the number of customers without power topped 750,000, which sapped power demand in much of the region, cutting power burn and natural gas prices. However, forecasts for above-normal temperatures strengthened balance-of-week power prices in next week's forecast storm path...>>>
Storm-related power outages, lower temperatures reduce demand for gas Sep 17,2018
Houston — Hurricane Florence, which made landfall near Wrightsville Beach, North Carolina, Friday morning, put a damper on natural gas demand in the Carolinas and parts of the US Southeast. The storm, which knocked out power to more than 700,000 customers in North and South Carolina as of Friday afternoon, was slowly making its way across the st...>>>
Ethanol's competitiveness in Southeast Brazil falls amid higher prices: ANP Sep 17,2018
Sao Paulo — The pump price of hydrous ethanol in Southeastern Brazil averaged 57.21% of gasoline for September 2-8, compared with 54.65% the week before, latest data from the National Petroleum Agency showed. The ratio is the highest since the week of August 5-11. Hydrous fuel ethanol is used as E100 in flex-fuel vehicles and competes with gaso...>>>
Venezuela HBI prices remain unchanged amid political instability Sep 17,2018
Sao Paulo — Venezuelan hot-briquetted iron export prices were unchanged during the second week of September as political instability caused concern among traders, sources said Friday. S&P Global Platts' weekly Venezuelan HBI export price assessment held at $235/mt FOB on Friday. The FOB price equates to around $310-$315/mt CFR European ports. A...>>>
British Steel to cut 400 jobs amid higher raw materials costs Sep 17,2018
London — Long steel producer British Steel said Friday it is cutting 400 jobs, blaming a weaker pound for pushing up raw materials costs. Despite moving the previously loss-making business -- which was founded in 2016 with assets acquired from Tata Steel Europe by Greybull Capital -- back to profit, the company said it needs to reduce costs "to ...>>>
Japan Q4 aluminum so far agreed at $103/mt plus LME, talks continue Sep 17,2018
Tokyo — Negotiations for Japanese fourth-quarter aluminum premiums moved on with eight settlements reported so far at $103/mt plus London Metal Exchange cash, CIF Japan, while more than 10 companies are still engaged in talks, sources said Friday. A $103/mt CIF Japan premium represents a decline of 22% from $132/mt CIF Japan for the third quarte...>>>
Front-month Singapore jet fuel timespread falls to 59-week low on weak fundamentals Sep 17,2018
Singapore — Front-month jet fuel timespread spotted a 59-week low, flipping into contango Thursday, tracking the continual weakness in the physical market as buying appetite remain dull approaching the end of peak summer travel season. At the Asian close Thursday, the prompt October/November inter-month spread fell 23 cents/b to minus 15 cents/b, n...>>>
100 Spot Commodities Price Chart - 14/09/2018 Sep 17,2018
It was assessed by SunSirs that in the tracked 100 spot commodities,30 commodities increased in prices, 26 fell and 44 remained unchanged on 14/09/2018.The largest rises were Polysilicon (3.45%),Iron ore (1.80%),Acetic acid (1.68%),while the largest fa...>>>
US imposes new tariffs on metals from China: White House, USTR Sep 18,2018
Washington — The US has imposed new tariffs on Chinese metals imports, the White House announced Monday evening. The US Trade Representative or USTR said that aluminum and steel items, including aluminum scrap and stranded wire plus stainless steel and alloy steel products, will be subject to a 10% tariff starting September 24. The tariff rate w...>>>
Amid LNG industry fears of retaliation, Trump unveils tariffs on more Chinese goods Sep 18,2018
Washington — Tariffs set at 10%, increasing to 25% at end of year China LNG demand estimated to reach 8.4 Bcf/d in 2023 The Trump administration late Monday rolled out another round of tariffs, on $200 billion worth of additional Chinese goods, in a development warily anticipated by the US natural gas sector because of the potential for retalia...>>>
USGC jet fuel weakens to lowest level since late March as storm dampens demand Sep 18,2018
Houston — The US Gulf Coast jet fuel differential dropped Monday to its lowest level in nearly six months after demand softened in the wake of Hurricane Florence, sources said. S&P Global Platts assessed benchmark Gulf Coast jet fuel on the first day of trading for Colonial Pipeline's prompt 54th cycle at the NYMEX October ULSD futures contract ...>>>
US corn inspected for export up 31.50% on week, up 49.75% on year: USDA Sep 18,2018
Chicago — The amount of US corn inspected for export in the week ended September 13 was at 1,030,267 mt, up 31.50% from the 783,495 mt inspected in the previous week, data from the Department of Agriculture showed Monday. The amount of corn inspected was 49.75% higher than the 687,996 mt inspected in the year-ago week, according to the report fr...>>>
Rhine levels to fall to lowest in 21 months Friday: WSV Sep 18,2018
London — Shipping on the Rhine river has been hampered for several weeks by low water levels which are now set to fall to 53 centimeters at key chokepoint Kaub Friday, the lowest since January 2017, Rhine river authority WSV forecast Monday. On Monday midday local time 75 cm were recorded. Levels haven't been above 118 cm since the start of Augu...>>>
Asia's energy, transport infrastructure grapples with Super Typhoon aftermath Sep 18,2018
London — Authorities in Philippines and southern China grappled with the aftermath of Super Typhoon Mangkhut that wreaked havoc in the region over the weekend, with power grids and transportation facilities such as ports and roads bearing the brunt of the tropical cyclone. Initial surveys on Monday showed that oil refineries and nuclear power pl...>>>
South Korea's Iranian crude oil imports plunge 86.5% on year in Aug Sep 18,2018
Seoul — South Korea's crude oil imports from Iran plunged 86.5% in August from a year earlier due to pending re-imposition of US sanctions on Tehran, according to preliminary data released by the Korea Customs Service Monday. The country imported 232,723 mt (1.71 million barrels or 55,161 b/d) of Iranian crude, including condensate, in August, d...>>>
Nucor says resumes steel operations at locations in the Carolinas Sep 18,2018
Houston — Steelmaker Nucor resumed normal operations at all of its plants in North Carolina and South Carolina after Hurricane Florence made landfall Friday, a company spokeswoman said Monday. "Last week, Nucor suspended operations at several facilities in the Carolinas in advance of Hurricane Florence in order to ensure the safety of our teamma...>>>
Analysis: Turkey scrap price rebound leaves rebar, billet in the shade Sep 18,2018
London — A strengthening of prices of Turkish imports of ferrous scrap has led to rebar and billet steel prices losing ground, with scrap increasing in relative strength last week, according to analysis by S&P Global Platts. Current regional long steel trends have been developing since the end of August, when scrap surged by 8% over a few days. ...>>>
Asia petrochemicals outlook, w/c Sep 17 Sep 18,2018
Singapore — Demand and supply fundamentals, as well as the impact from a weakened yuan, will largely dominate Asian petrochemical markets in the week ahead. Paraxylene is expected to remain firm on strong November demand amid production issues in Asia, while benzene remains bearish due to an increase in supply for October and November. OLEFINS ...>>>
China to slap 10% tariff on US synthetic rubber, tire products Sep 20,2018
Singapore —The synthetic rubber and tire market are being pulled into the US-China trade war, with China set to enforce a 10% tariff on various synthetic rubber and tire products originating in the US or Canada by Monday, according to China's Ministry of Commerce. The decision follows a third round of tariffs imposed by the US on Chinese product...>>>