Petrochemicals CrudeOil Nylon6 PET
Braskem posted a net loss of R2.5 billion (USD468.1 million), including a provision of R1.6 billion related to geological damage at its Alagoas salt mining site, said Chemweek.
The company’s second-quarter results included an additional R1.6bn related to the geological event it has been accused of causing in Alagoas state. The increase in EBITDA is mainly due to lower feedstock costs and lower general and third-party service expenses in Brazil and Mexico.
In the US, the company’s new PP plant in La Porte, Texas, has reached 100% completion in the second quarter, with “first production operations on commercial scale” expected for the third quarter of this year.
Second-quarter capacity utilisation rates in Brazil and the US were temporarily reduced due to lower demand and inventory effects in the petrochemical and plastics production chain.
The U.S. headquartered automotive seating and components manufacturer said its third-quarter results for fiscal 2020 “mirrored the overall industry”, with zero sales in April and a steady improvement into May and June. Petrochemicals CrudeOil Nylon6 PET
Adient sales for the third-quarter of the company’s fiscal 2020 totalled US$1.6 billion, down about US$2.6 billion or 60% on a year-over-year basis, due to production stoppages at customers across Europe and the Americas. Net loss for the quarter amounted to US$325 million and a loss of US$3.46 per share. Driven by the significant reduction in sales, adjusted EBITDA loss was US$122 million, down US$327 million compared with the same quarter of the previous year. Adient has estimated the impact of the Covid-19 pandemic at around US$400 million for the quarter. Doug Del Grosso, President and CEO, Adient, said sales improved month-over-month in third quarter, from essentially zero in April to about 75% of pre-Covid levels, but production has not fully
PET resin is used in textiles, plastic bottles, tires, undersea cables and 3-D printing, among others. However, the department said that the scope of product under consideration does not include recycled PET Resin used to manufacture preforms, which are then converted into PET bottle and jars for the storage of mineral water, carbonated soft drinks, edible oils, and pharmaceutical products. Petrochemicals CrudeOil Nylon6 PET
The commerce and industry ministry has suggested a provisional anti-dumping duty of $15.54- 200.66 per MT on imports of Polyethylene Terephthalate (PET Resin) coming from China. Reliance Industries NSE 0.07 % Limited and IVL Dhunseri Petrochem Industries Private Limited had filed an application claiming injury resulting from the alleged dumping.
BASF and Toyota Motor North America Research & Development have reported achieving lightweighting success with the new 2021 Toyota Sienna. The vehicle, scheduled to be launched later this year, has just won the prestigious Altair Enlighten Award for achievements in vehicle weight savings for reduced mass of the third row seat.
In the previous model, the third-row seat was comprised of 15 different steel components, making it very heavy. Toyota wanted the 2021 Sienna’s third seat to be lighter and cost competitive while exceeding all performance criteria, and turned to BASF to help it achieve its lightweighting goal. Petrochemicals CrudeOil Nylon6 PET
“Lightweighting doesn’t always have to be more expensive,” said Todd Muck, from the Toyota Technical Strategic Planning Office at the Toyota R&D Center in Saline, Michigan. “We were able to meet our cost objective and saved 15% compared to the prior generation. The seat is 30% lighter compared to the previous model. We had some great partnerships that helped us achieve these targets, one of which was BASF.”
Global sales for the France headquartered automotive seating and components manufacturer declined 32.2% in the first half of 2020, totalling €6.17 billion against €8.97 billion in the same period of 2019. Petrochemicals CrudeOil Nylon6 PET
According to Faurecia, most regions significantly outperformed their respective market during the first half of the year, but an unfavourable geographic mix resulted in a slight underperformance at Group level. The company reported an operating loss of €114 million in the period (H1 2019: €645 million), which included a €20 million one-off charge related to the coronavirus crisis, and confirmed its 2022 ambition for profitability and cash generation with lower sales prospects, with an ambition to reach operating margin of 8% of sales and net cash flow of 4% of sales, with sales above €18.5 billion in a global market now estimated at 82 million vehicles; still below 2019.
After slashing capex plans for 2020 and idling rigs by the dozen, U.S. shale drillers are still not ready to return to their default state of perpetual growth. Oil is simply too cheap for that, so they are staying in survival mode, maintaining production with no plans to start boosting it anytime soon. Shale producers are caving in to low oil prices and worried investors, pledging to stick to production maintenance for the time being, Bloomberg reported this week, citing updates by several of the larger shale drillers in the United States. Modest growth in production is the most that any of these producers can offer their shareholders, with some cutting their earlier production guidance for this year and declining to provide any update on 2021. Petrochemicals CrudeOil Nylon6 PET
According to some, U.S. onshore oil production shed as much as 2 million bpd when the double blow of the Saudi-Russian price war and the coronavirus pandemic struck. It will be a while before it recovers, and analysts see this “while” as at least a couple of years. Some even doubt that the industry will recover to its pre-crisis state at all.
Yarn merchants have appealed Prime Minister Imran Khan to withdraw the decision of imposition of 2 percent regulatory duty on polyester spun yarn, a statement said on Wednesday.
Khawar Noorani, chairman of the standing committee on imports, convener yarn trade committee, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), and former chairman Pakistan Yarn Merchants Association (PYMA), urged the prime minister to save the textile industry from disaster. Petrochemicals CrudeOil Nylon6 PET
He feared in the absence of relief, the textile industry, which was facing serious economic crisis due to COVID-19 pandemic, would collapse and traders and industrialists would go bankrupt.
Increased demand for packaging is driving strong demand growth for low density polyethylene (LDPE) in the US, Westlake executives said during a Thursday earnings call.
“Demand for LDPE has been up around 7.4% from the same period of last year, whereas we normally expect LDPE demand to grow at around 1-2% per year,” CEO Albert Chao said. Petrochemicals CrudeOil Nylon6 PET
“LDPE exports are down largely because of the strength of domestic demand. Meanwhile, export sales for high density polyethylene (HPDE) and linear low density polyethylene (LLDPE) have risen significantly,” Chao stated.
Westlake executives attributed the rise in LDPE demand to increasing demand for packaging products, especially food packaging.
Import activity for polypropylene (PP) to Indonesia is poised to face more challenges going forward, as major local producers cut prices in the domestic market to stimulate buying interest.
Downstream demand remains persistently weak amid buyer caution, as fears of a potential second wave of the pandemic dampened sentiment.
Some market players estimate that year-on-year demand could have dropped by around 30%. Petrochemicals CrudeOil Nylon6 PET
“Producers in Indonesia are running well but downstream demand remains severely curtailed due to the pandemic, leading to an imbalance in demand and supply fundamentals,” a trader said.
Prices of textile products recovered broadly in June 2020 from the lows of April and May on account of gradual resumption of operations, India Ratings and Research said on Wednesday. Petrochemicals CrudeOil Nylon6 PET
According to Ind-Ra, several textile companies have increased utilisation of their respective capacities after the easing of lockdown restrictions since May 2020.
“The inventory pile-up, lower channel liquidity, and labour migration in the context of subdued demand will continue to impact textile operations and exports in 2FY21,” the ratings agency said in a credit report on the textile sector.
“Furthermore, the pick-up in the domestic demand in June could only be a flash in the pan after the unlock and hence there is a need to watch its sustainability.
Petrochemicals CrudeOil Nylon6 PET