Source: ChemOrbis According to a letter sent to its customers, Serbia’s HIP Petrohemija declared a force majeure on all of its products from Pancevo, Serbia. The company had to declare the force majeure on July 28 due to unexpected issues at the company’s ethylene plant. In its integrated petrochemical complex, HIP PetroHemija produces more than 600,000 tons/year of petrochemical products, while the company’s Pancevo complex houses a 200,000 tons/year steam cracker, a 90,000 tons/year HDPE plant and a 60,000 tons/year LDPE plant.
Source: ChemOrbis According to market sources, August ethylene contract has settled with €70/ton ($72/ton) drops from July at €1425/ton ($1462/ton with the recent parity) FD NWE. According to ChemOrbis Price Wizard, spot ethylene prices were last reported at around €1075/ton ($1103/ton) FD NWE, down by around €100/ton ($103/ton) from early July.
Source: ChemOrbis According to market sources, July propylene contract has settled in Europe. The settlement indicated a decrease of €120/ton ($125/ton) from June at €1480/ton ($1542/ton with the recent parity) FD NWE. According to market sources, July ethylene contract has settled with €100/ton ($104/ton) drops from June at €1495/ton ($1559/ton with the recent parity) FD NWE.
Source: Chemorbis According to market sources, June propylene contract has settled in Europe. The settlement indicated a decrease of €10/ton ($11/ton) from May at €1600/ton ($1714/ton with the recent parity) FD NWE. According to ChemOrbis Price Wizard, spot propylene prices were last reported at around €1330/ton ($1425/ton) FD NWE, down by €150/ton ($161/ton) from early May.
Source: Chemorbis According to an official press release on the company’s website, France-based multinational oil and gas company TotalEnergies has signed a commercial agreement with US-based company New Hope Energy in order to build an advanced recycling plant in Texas. The plant will convert end-of-life plastic waste into a recycled feedstock. TotalEnergies will partly purchase and convert this feedstock into virgin-quality polymers and use them for food-grade packaging. Lummus Technology will provide patented pyrolysis technology for the new plant. The proposed plant will pro
Source: Chemorbis In a press release published on May 2, Italian producer Versalis confirmed the transformation of its activities at Porto Marghera site and the implementation of new industrial initiatives in the area. As part of the company’s transformation programme, Versalis will start the process of shutting down the cracking and aromatics operations at Porto Marghera on May 9. The process is estimated to last for six days. The cracker has capacity to produce 490,000 tons/year of ethylene and 245,000 tons/year of propylene. Porto Marghera site also produces 35,000 tons/year
Source: Chemorbis Freight rates from China have slid upon lockdows in the past month. Will the impact of Shanghai lockdown on global supply chains last only for a short while, or will it stretch through the entire year and maybe even longer? Early indicators present a mixed bag of opinions amid rapidly evolving and increasingly complex set of challenges. Truck access is the major setback amid lingering zero-Covid policy A Covid-19 outbreak that began on March 1, 2022, in the city of Shanghai became the most widespread the city has had since the start of the pandemic two years prior. A
Source: Chemorbis Although strong March hikes passed on initial PP deals, European players have noticed a patchy demand. Cost pressure has been the key driver of the bullish run, considering weak market dynamics for PP. Some suppliers stopped all new orders or elected to issue further hikes on top of initial announcement levels in a bid to reflect soaring energy costs. This approach faced a lukewarm response from buyers in certain sectors as prices were already regarded too high to work and they, being cautious towards high-cost materials, limited their purchases to their urgent needs.
Source: Chemorbis Many Asian PP and PE producers have either cut or considered lowering their operating rates recently as multi-year high spot naphtha and olefins prices have wrecked margins. Spot ethylene and propylene are currently priced at or even above some PP and PE prices across Asia. Secco, Shouguang Luqing PC, Sinopec Zhongke (ZGRPCL - KPC JV), Sinochem Quanzhou, Fujian Ref & Petrochemical (FREP), LCY Chemical Corp.,Sinopec Shanghai Petrochemical, ZRCC, Sinopec Maoming PC, Tangshan Risun Chem, Anhui Jiaxi New Materials Technology Co Ltd, Zhong’an Coal Chem. a
Source: Chemorbis Asian ethylene and propylene prices extended their gains this week, driven higher by the price spikes in the key naphtha feedstock to the highest in 14 years. Propylene also saw an 8-year high while ethylene reached only its highest since September 2018. Undoubtedly, the boosted rally both in naphtha and olefins has been a reflection of skyrocketing crude oil prices. May Brent futures hit a peak of $139/bbl on Monday, before easing back in the following days but still seeing big swings in daily tradings. Spot naphtha prices were reported $130/ton higher on the week a