Chemicals News Today

In the domestic market, importers have increased Methanol prices by Rs.0.5/kg to Rs.26.5/kg ++ Ex-Mumbai and Rs.26.25/kg ++ Ex-Kandla, with advance payment terms. Bulk deals have been observed at lower rates, around Rs.26.25/kg ++ Ex-Kandla, on 60-day LC terms with lifting within two weeks.

Despite a 1.3% plunge in US Hydrochloric Acid (HCl) prices in April 2024, stability marks the early-May landscape, driven by a minimal 0.1% steel rebar fluctuation and a significant 9% caustic soda price surge, indicating persistent HCl demand.

Increasing Ethylene Vinyl Acetate prices in the US due to improved demand from packaging, solar, and footwear industries. US footwear market remains resilient with retail sales stabilizing at $9.1 billion, mirroring Q1 2023 figures.

Cracker closures in Europe resulted in a drop in Ethylene Dichloride (EDC) prices and market upheaval. SABIC and ExxonMobil's decision to close their crackers affected market balance, leading to decreased demand.

Saudi Aramco pens MOUs with US-based companies, aligning with sustainable energy objectives. The agreement will improve pipeline integrity and advance lower-carbon solutions, promoting sustainable resource consumption across industries.

BASF debuts its first biomass-balanced (BMB) urea and ammonia products, extending its BMB range within the ammonia chain. The diverse portfolio includes various ammonia, urea prills, and urea solutions, all carrying the BMBcert™.

Global chemical industry leader, LyondellBasell, has established a new distribution hub for its polyolefins grades in Hungary, following the UK hub opening in November 2023, aimed at improving customer experience by reducing order lead times.

Asia's gasoline markets remained balanced as declining U.S. inventories counterbalanced losses due to elevated Singapore stocks; Pertamina launches its H2 term tender.

Dow has expanded its propylene glycol capacity by 80,000 TPA at its facility in Map Ta Phut, Thailand, making it the largest such facility in Asia Pacific. The expansion is expected to provide a cost competitive supply of materials.

April 2024 saw a surge in acetylene prices due to increased downstream demand in Asia, particularly India and China. This reflects China's recovering economy and boost in construction, marked by a significant rise in new home prices.