SEOUL (ICIS)–The European chemical industry is bracing for continued weakness in 2024, with demand remaining soft globally due to sluggish growth in the US and a slowdown in China, an industry official said on Friday. “The European industrial sectors are out of recession but still a long way from any dynamic growth,” European Chemical Industry […]

SEOUL (ICIS)–The global petrochemical supply glut will take some time to run its course and focusing on portfolio optimization and higher value products would be the way forward, LG Chem CEO Hak Cheol Shin said on Friday. “China will continue to build although there is a slowdown in new projects,” said Shin, who is also […]

LONDON (ICIS)–Freepoint Eco-Systems Belgium NV is planning to build an 80,000 tonne/year pyrolysis-based chemical recycling plant in Ghent, Belgium, the company announced in a press release. The plant will use mixed plastic waste diverted from incineration as an input, although there were no further details of the grade of mixed plastic waste that will be […]

TORONTO (ICIS)–A possible freight rail strike in Canada is not likely to begin before mid-July, according to rail carrier Canadian Pacific Kansas City (CPKC). The ongoing uncertainties over the looming strike make it hard for Canadian chemical, fertilizer and other industrial producers, in particular exporters, to prepare for a work stoppage. After about 9,300 unionized […]

SAO PAULO (ICIS)–Most of Rio Grande do Sul’s industrial plants remain shut or operating at very low rates as the Brazilian state reels from the floods, with the restart at the Triunfo petrochemicals hub an exception rather than the norm, a chemicals consultant at MaxiQuim said to ICIS. Mauricio Jaroski, a director at the Porto […]

NEW YORK (ICIS)–Economists are growing ever more confident on a soft landing for the US as they continue to ratchet up growth forecasts – now to the point where it’s hardly a landing at all. After all, consensus estimates for 2024 GDP growth at 2.4% are nearly on par with the 2.5% gain seen in […]

LONDON (ICIS)–Moldova’s best chance to consolidate its gas sector is to couple up with the Romanian market, the CEO of gas incumbent Moldovagaz told ICIS on 24 May. Speaking on the 25th anniversary of the company, which is majority owned by Russia’s Gazprom, Vadim Ceban said the country and Moldovagaz were facing major changes including […]

HOUSTON (ICIS)–Rates for shipping containers continued to surge, liquid chemical tanker rates were flat to softer, and a possible freight rail strike in Canada is unlikely before mid-July, highlighting this week’s logistics roundup. Rates are being pressured higher because of possible start of a restocking cycle in Europe and as US importers pull forward some […]

LONDON (ICIS)–Ukraine and Russia are locked in negotiations over the transit of gas that could change the supply dynamics to Europe and Turkey from 1 January 2020. While Ukraine would like to retain its historical role as Europe’s most important transit route, Russia plans to divert supplies to its new pipelines, Nord Stream 2 and […]

SINGAPORE (ICIS)–China’s LPG demand is projected to hit 80m tonnes this year, a lower growth rate of 7% compared with last year’s 14%, as the sector grapples with logistic risks and weak downstream demand. China’s LPG demand growth is mainly driven by feedstock demand from the propane dehydrogenation (PDH) units, which are projected to account […]