Petrochemical PET Resin Fibers News 23-11-2019 - Arhive
Petrochemical PET Resin Fibers
October was quiet month on the North American commodity resin pricing front, with only polypropylene registering any movement.
North American prices for PP fell an average of 2 cents per pound in October, amid lower feedstock costs and lackluster demand. That drop negated 1-cent hikes from July and September. Regional PP prices were flat in August.
Market watchers told Plastics News that North American PP sales are up less than 2 percent so far in 2019. Factoring out export sales leaves domestic demand slightly negative for the year.
Japan-based Nissei said it’s buying 75 per cent of Negri Bossi’s shares now and the remaining 25 per cent “within a few years.”
Japan-based injection molding machine maker Nissei Plastic Industry Co. Ltd. is buying a controlling interest in Italian competitor Negri Bossi SpA for an undisclosed amount.
In a Nov. 21 statement, Nissei said it is buying 75 per cent of the company’s shares “for the time being and the remaining 25 per cent within a few years.”
“Negri Bossi is the number one injection molding machine manufacturer in Italy, with a wide range of high-performance injection molding machines,” Nissei said.
The final rulings earlier this month by the United States Department of Commerce that China and India have been dumping certain textiles on the U.S. market were welcomed by most Taiwanese textile exporters as chance to compete in a fair market.
In a statement issued Nov. 14, the U.S. DOC said after an investigation, it found that exporters from China and India had dumped polyester textured yarn (PTY) in the U.S. market at margins ranging from 76.07 percent to 77.15 percent and 17.62 to 47.51 percent, respectively.
US biodiesel production is likely to decline further if the lapsed $1/gal tax credit is not reinstated as part of the government’s spending budget for the next fiscal year.
Without any certainty that the federal $1/gal tax credit will be reinstated, US biodiesel producers face extreme financial pressure to maintain operations.
The situation has grown more dire now that producers have exceeded the 2019 mandate as of late October/early November, with fully integrated producers heard to be operating at 50-60% across their plants, said one source.
The situation will grow in severity as the Environmental Protection Agency’s (EPA) statutory 30 November deadline for finalizing its 2020 Renewable Fuel Standard (RFS) production targets approaches.
Polyethylene (PE) imports into Europe from the US are not always tempting buyers in spite of the very low prices.
– US HDPE at knockdown prices
– Buyers target end-year discounts
– Global GDP forecasts down
The grades most affected by US imports are high density polyethylene (HDPE) and linear low density polyethylene (LLDPE), with levels well below €900/tonne FD (free delivered) NWE (northwest Europe) for some HDPE grades in particular.
Some sources even quoted prices as low as €800/tonne, but this has not been confirmed in the wider market.
Spot prices had been trading above this level in previous weeks.
A month-on-month increase in feedstock naphtha values might help stave off any further declines in European ethylene and propylene spot prices, but cracker operators might curtail operating rates due to persistent market softness.
“Considering the [spot] discounts and the increase in naphtha, we are close to break-even point,” a source said.
Another said: “Firm naphtha and lack of support from the by-products would certainly put a cap on what some cracker operators can offer.”
Suntory Group has announced it has joined the Global Plastic Action Partnership (GPAP), a platform that works to effectively and sustainably reduce plastic waste and pollution around the world.
The partnership will help Suntory be part of a more sustainable society while also exercising dynamic leadership in the transformation to a circular, post-carbon world.
UK chemicals should continue to be counted in quotas for EU-origin material for finished products post-Brexit or risk being stripped out of supply chains, according to trade group the Chemical Industries Association (CIA).
The UK government should push for local-origin product to continue to be counted as part of EU production quotas or risk seeing domestic players removed from European supply chains, the trade group is expected to say in its new Britain at Work manifesto.
Biofuels association Advanced Biofuels Canada (ABFC) is continuing to expand its membership, with the addition of new members including fuel marketers, global technology developers and strategic intelligence services providers.
The new members include: Argus Media, an independent provider of energy and commodity price benchmarks; Carbon Engineering, a Canadian company whose technology captures carbon dioxide directly from the atmosphere and synthesises it into clean energy; Elbow River Marketing, a North American marketer of a range of energy products; and VERBIO North America, a subsidiary of German biofuels producer VERBIO.
Petrochemical PET Resin Fibers