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| Acetone at a 4 month high! |
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US acetone, phenol prices climb despite conflicting demand
Houston (Platts)--16Feb2012/524 pm EST/2224 GMT
Acetone hit a four-month high of $1,257/mt FOB US Gulf Coast Thursday, while phenol closed in on a six-month high, assessed at $1,455/mt FOB USG Thursday, according to Platts data.
Rising feedstock refinery-grade propylene and benzene prices, coupled with healthy demand for acetone amid lower demand and production of its co-product, phenol, have pushed both acetone and phenol prices higher, sources told Platts.
RGP has increased over 23 cents/lb in almost a month from 43.25 cents/lb January 17 to be heard at 66.5 cents/lb Thursday. With that price increase, acetone has gained over $300/mt in the last month.
While benzene was heard talked at $4.20/gal FOB USG Thursday morning, it has fluctuated between $4.10-$4.20/gal in the last three weeks. Phenol prices have also fluctuated in recent weeks, moving down after reaching a six-month high of $1,460/mt FOB USG January 24. Phenol prices have not seen these levels since August 2, when it was assessed at $1,496/mt FOB USG.
Acetone is created from phenol, but acetone production is lagging currently as phenol rates are being cut because of weak phenol demand.
"Acetone is getting short because phenol plants are not running hard," one source said. "Phenol is there, but you have to pay the price, and buyers don't want to pay that price."
A trader who sells both acetone and phenol said he had not heard of any deals done for acetone because producers do not want to sell acetone without selling the phenol with it.
An acetone trader, however, said he had several orders in the past week.
A second acetone trader said he was told by two producers that they did not have any supply, while another said they had very little volume available.
Sources agree that acetone is fairly tight right now because of the small volume being produced as phenol prices continue to increase. Sources said Shell is planning a turnaround at its Deer Park, Texas, facility, which produces 600,000 mt/year of phenol and 366,000 mt/year of acetone, in April and that will further tighten the market. Shell declined to comment.
"Acetone is tight, and it is going to get tighter," another producer said.
Along with tight supply in the US, Europe's severe winter conditions have forced phenol and acetone plants in the region to run at reduced rates, making the global market even tighter.
French chemical maker Novapex declared force majeure at its Roussillon plant, which produces 185,000 mt/year of phenol and 115,000 mt/year of acetone because of the cold weather.
The cold weather also forced Ineos to reduce output at its Gladbeck plant in western Germany by up to 50%.
One producer said it was sending any phenol and acetone they could not sell domestically to Europe.
The cost of European acetone was last talked at $1,195/mt FOB Rotterdam, with European phenol last talked at $1,665/mt FOB Rotterdam, $210/mt more than the US phenol price. With freight from the US to Europe running around $60, the arbitrage to Europe is open for phenol, but not for acetone.
--Jeremy Rakes, jeremy_rakes@platts.com |
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| Post by John Lagae Feb 21, 2012 | Comments: 0 | Leave a Comment |
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| DOP Arkema Force Majure |
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Feedstock, Olefins and Aromatics
France's Arkema declares force majeure on DOP supplies
8-Feb-12 12:48
LONDON (ICIS)--France’s Arkema has declared force majeure on 100% of its dioctyl phthalate (DOP) production after failing to restart its unit in Chauny, northern France, a company source said on Wednesday.
The restart operations did not succeed because of the exceptionally cold temperatures in the region, the source said.
“[We] are in the process of warming the unit to restart as soon as possible, but the ongoing cold weather makes it impossible to forecast [a restart day],” the source added.
The producer of vinyl products, industrial chemicals and performance products reported technical problems at its DOP facility last week.
Arkema’s phthalic anhydride (PA) units are not affected by the force majeure.
Availability in the European DOP market has been affected by the shutdown because European inventories are very low, as manufacturers have reduced their DOP production capacity in response to regulatory pressures and shrinking demand.
However, buyers have had no difficulties in acquiring the material they need.
DOP is widely used as a plasticiser in manufacturing PVC products, but will be phased out by the EU by February 2015 unless an application for authorization is made before July 2013 and subsequently granted.
Last week prices increased by €40/tonne, in line with price hikes in the upstream orthoxylene (OX) and propylene markets |
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| Post by John Lagae Feb 13, 2012 | Comments: 0 | Leave a Comment |
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| Ethylene Increases To Come Soon |
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US spot ethylene extends uptrend, increasing by 4%
09 January 2012 22:58 [Source: ICIS news]
HOUSTON (ICIS)--US spot ethylene traded sharply higher on Monday, climbing by 4% from Friday on limited availability amid the start of a busy maintenance season in the US Gulf.
US ethylene for January traded at 59.875 cents/lb ($1,320/tonne, €1,043/tonne), up from a deal done at 57.500 cents/lb on Friday.
The increase on Monday followed a 6% gain in the previous week, when January ethylene traded at 56.750–57.500 cents/lb, rising from 53.875 cents/lb in the last week of December.
Market sources said ethylene spot availability in the US was limited, citing inventory building because of planned cracker turnarounds in the coming weeks.
($1 = €0.79)
For more on ethylene visit ICIS chemical intelligence
By: William Lemos
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| Post by Jan 11, 2012 | Comments: 0 | Leave a Comment |
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| Iran Threatens to Block Oil if West Sets New Sanctions |
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Iran issued a blunt warning on Tuesday that it would block the Strait of Hormuz, the world’s most important oil transit point, if Western powers attempt to impose an embargo on Iranian petroleum exports in their campaign to isolate the country over its suspect nuclear energy program.
The warning, issued by Vice President Mohammad Reza Rahimi, came as Iran’s naval forces were in the midst of a 10-day war games exercise in a vast area of the Arabian Sea and Gulf of Oman. The Strait of Hormuz, a narrow passage that connects the Gulf of Oman to the Persian Gulf, is the route for one third of the world’s oil-tanker traffic.
“If Iran oil is banned not a single drop of oil will pass through Hormuz Strait,” Mr. Rahimi was quoted as saying by the official Islamic Republic News Agency at a conference in Tehran.
“We are not interested in any hostility,” he was quoted as saying. “Our motto is friendship and brotherhood, but Westerners are not willing to abandon their plots.”
Mr. Rahimi appeared to be referring to efforts under way by the United States and European Union to restrict Iran’s ability to sell oil, its most important export, as part of their increasingly strict economic sanctions in response to Iran’s uranium enrichment program. Iran contends the program is purely peaceful but a United Nations report issued last month raised the possibility that it is clandestinely working on a nuclear weapon and missile delivery system.
European Union ministers have said they will take up the question over whether to boycott Iranian oil in coming weeks, and the United States Congress passed a measure this month that could potentially choke Iranian oil exports. Although the United States does not buy Iran’s oil, the measure could discourage other buyers, even those who have friendly relations with the United States, by restricting their access to the American market if they do business with Iran’s Central Bank, the principal conduit for Iranian oil transactions.
Oil prices rose slightly, partly in reaction to Mr. Rahimi’s remarks. At the New York Mercantile Exchange, the benchmark contract was up 75 cents a barrel to $100.43 by late morning.
This is not the first time Iran has threatened to disrupt world oil supplies in response to the sanctions. Iranian officials have also predicted that oil prices would double if their own exports are constricted.
NY Times, By RICK GLADSTONE |
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| Post by Dec 27, 2011 | Comments: 0 | Leave a Comment |
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| Big Oil Sees Energy Bonanza Ahead |
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DOHA, Qatar�(CNNMoney) -- Just three years after fears of an energy supply shortage, executives of the world's leading oil companies now foresee a bonanza of oil and natural gas on the horizon.
In 2008, concern that a rapidly developing world was eating through all its energy supplies helped push prices to record levels, with oil hitting $147 a barrel and natural gas topping $15 per million cubic feet.
"The world holds centuries of natural gas supply, enough for generations," said James Mulva, chief executive of ConocoPhillips (COP, Fortune 500), at the World Petroleum Congress on Tuesday. "We don't need any new miracles, the miracles have already occurred."
Those "miracles" include the relatively new ability to liquefy natural gas so it can be sent around the world on massive ships. Previously, natural gas had to be transported by pipeline, which made it hard to get it from places where it's abundant, such as here in Qatar, to consuming markets in Asia and elsewhere.
The miracles also include the ability to tap oil and natural gas from shale rock, which is done using a combination of new horizontal drilling technology and a process called hydraulic fracturing. Known as frackingfor short, it involves injecting vast amounts of water, sand and some chemicals deep into the earth to crack the shale rock and allow the gas or oil to flow out.
The technology has indeed freed huge amounts of gas -- which is why natural gas prices in the United States, where the process was pioneered and is now fairly widespread, are about a fifth of what they were in 2008.
But fracking has also raised concerns about ground water contamination and earthquakes, and has been banned in several spots around the world.
Little mention was made of the fracking controversy at this oil conference. But Royal Dutch Shell (RDSA) Chief Executive Peter Voser said it's better that the big companies have gotten in on the shale gas boom -- suggesting they have the money and technical ability to make sure it is done right.
"Companies like Shell and Exxon coming into shale gas operations in a big way will drive the standards higher," said Voser, who also said that Shell has recently begun tapping shale gas in China. "This is where the bigger players can drive the sustainability of these reserves."
The bonanza doesn't come cheap. While natural gas prices have moved considerably lower and oil prices are down by about a quarter since the heady days of 2008, it's unclear how they will react when the global economy picks up.
As Exxon Mobil (XOM, Fortune 500) Chief Executive Rex Tillerson noted, demand for energy is expected to jump some 30% over the next two decades as the global economy doubles in size. Most of that energy will continue to come from fossil fuels, forecasting agencies predict, and they expect tighter supplies and higher prices.
These new energy sources are more expensive than traditional wells, whether it's tapping shale rock, liquefying natural gas or exploring for oil in ultra deep water. And it will require a massive investment to bring this new energy to market.
Tillerson said his company spends $34 billion a year investing in new energy projects. Worldwide, he said the industry spends $1.5 trillion per year on new infrastructure. That's nearly half the spending of the entire U.S. government in 2011.
Tillerson said the spending is worth it and that rising energy demand, especially in the developing world, is not a bad thing. Energy allows water to be purified, farms to be fertilized, and hospitals and schools to operate.
"There is a moral imperative behind humanity's need for energy," he said. "The delivery of energy will provide a bridge to a better future."
Few would disagree -- although many are hoping that energy will come someday in a cleaner form than fossil fuel. 
First Published: December 6, 2011: 11:32 AM ET |
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| Post by Dec 06, 2011 | Comments: 0 | Leave a Comment |
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| Chemicals Seen Boosting In 2012! |
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Vessels hauling chemicals used to make everything from paint to plastics may earn the most in four years in 2012 as volumes exceed fleet capacity, boosting profit for tanker owners Stolt-Nielsen Ltd. (SNI)and Odfjell SE. (ODF)
Demand will gain 5 percent next year, more than twice the 2.3 percent expansion in the number of carriers, according to the median estimates in a Bloomberg survey of eight analysts. Rates will rise 10 percent in 2012 and 15 percent in 2013, says investment bank SEB Enskilda. Shares of Odfjell will almost double and those of Stolt-Nielsen will climb 48 percent within 12 months, according to the mean of as many as six analyst predictions compiled by Bloomberg.
While vessels hauling crude and coal lost money for owners this year and rates for cargo boxes tumbled 64 percent since January, Odfjell and London-based Stolt-Nielsen will report profit for at least the next two years, the analyst estimates show. The fleet of the largest oil tankers is the biggest in three decades and the number of capesizes hauling dry-bulk commodities reached a record. The carrying capacity of chemical tankers declined 21 percent this year, the United Nations says.
“The market is a lot tighter than people think,” said Erik Folkeson Jensen, an analyst at First Securities ASA in Oslo whose recommendations on the shares of shipping companies returned 8.5 percent in the past three months. “We will have an improvement next year and a bigger one in 2013.”
Trade Route
Rates on the benchmark Houston-to-Asia trade route rose 65 percent to an average $101.67 a metric ton since June, the biggest rally since April 2009, according to data from London- based shipbroker Clarkson Plc. The cost of hauling chemicals such as styrene and benzene, used to make paint, plastics, soaps and rubber, averaged $63.62 a ton in 2011 across 15 routes, the highest level since 2008, the data show.
U.S. exports of the 20 largest chemicals made from oil and natural gas rose 4.7 percent in the first nine months of this year, the most recent data show.
Demand is strengthening in part because of this year’s 22 percent plunge in U.S. natural-gas prices, which lowers costs for chemical companies and increases their competitiveness against Asian producers who rely on naphtha derived from crude, according to Ole Stenhagen, an Oslo-based analyst at SEB Enskilda. Oil advanced 7.5 percent in New York since the start of January.
Sulfuric Acid
Chinese purchases of eight chemical cargoes including styrene, sulfuric acid and glycol were more than 20 percent higher in September than a year earlier, according to First Securities. The Asian nation is the largest buyer of oil- and gas-based chemicals, importing 26.4 million tons last year, according to Drewry Maritime Research. The U.S. and Saudi Arabia are the top two exporters, the London-based group says.
The jump in trade from the U.S. to Asia is spurring owners to divert vessels in the Atlantic Ocean to compete for business, potentially curbing the rally in rates, said Rohit Pattnaik, an analyst for Drewry in Gurgaon, India.
Volumes from the U.S. are being driven by producers seeking to cut inventories before the end of the year, reducing taxes paid on stockpiles, according to RS Platou Markets AS, the investment-banking unit of Norway’s largest shipbroker. That may mean shipments decline at the start of 2012.
IMF Estimate
Strengthening demand for chemicals depends on economic expansion. Chinese growth will slow to 9 percent next year from 9.5 percent in 2011, the International Monetary Fund predicts. The Washington-based group also anticipates weaker expansion in the euro region, India, Latin America and the Middle East. The IMF in September cut its 2012 growth forecast for the global economy to 4 percent from 4.5 percent.
Chinese growth will help chemical producers even as they pay higher freight costs. Midland, Michigan-based Dow Chemical Co. (DOW), the largest U.S. chemical maker, will report a 34 percent jump in earnings before interest, taxes, depreciation and amortization to $8.17 billion for 2011, according to the mean of 14 analyst estimates compiled by Bloomberg.
Natural gas traded in New York declined this year as production from shale fields in the U.S. expands more quickly than demand. Output will gain 6.1 percent this year, against 1.7 percent for demand, according to the Energy Department.
Stolt-Nielsen will report a 4.4 percent increase in net income to $110.75 million this year, the most since 2008, according to the mean of eight analyst estimates compiled by Bloomberg. Profit will reach $125.8 million in 2012 and $179 million in the following year, estimates show.
‘Buy’ Advice
While the shares fell 29 percent to 101 kroner in Oslo trading this year, nine of 10 analysts covering the company tracked by Bloomberg recommend buying the stock, anticipating on average that it will reach 149.60 kroner within 12 months.
Odfjell, based in Bergen, Norway, will report record net income of $240.4 million this year, including a one-time gain of $270 million, the mean of seven estimates shows. Profit will be $21.1 million next year and almost $64 million in 2013, according to analysts’ projections.
The shares fell 44 percent to 30.4 kroner in Oslo this year and will reach 58.82 kroner in 12 months, according to the mean prediction of analysts tracked by Bloomberg. Nine of 10 analysts rate the stock a “buy.”
Frontline Ltd., the biggest operator of the largest crude tankers, will report a loss for 2011, the mean of as many as 19 analyst estimates shows. The Hamilton, Bermuda-based company said Nov. 22 it may run out of cash early in 2012 and is seeking talks with lenders. The shares fell 89 percent this year.
43% Drop
A measure of the combined earnings of the 14-company Bloomberg Pure Play Dry Bulk Shipping Index will decline 43 percent this year, according to data compiled by Bloomberg. The gauge tumbled 44 percent this year.
Rates for very large crude carriers fell 9.4 percent this year, according to Clarkson. Hire costs for capesizes averaged $14,420, below the $20,000 they need to break even, according to data from the London-based Baltic Exchange, which publishes freight rates along more than 50 maritime routes.
Earnings for chemical tankers are difficult to compile because the vessels carry about 600 different kinds of cargo, according to Odfjell. As much as 40 percent of the fleet can also be deployed to haul oil products, said Folkeson Jensen of First Securities.
“Right now chemical-tanker equities with favorable prospects are unjustifiably lumped in with struggling tanker companies,” said Stenhagen of SEB Enskilda. “The outlook for 2012 and 2013 is very good, and both Stolt-Nielsen and Odfjell have the strength and leverage to benefit.”
By Isaac Arnsdorf and Alaric Nightingale, Bloomberg.com |
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| Post by Dec 05, 2011 | Comments: 0 | Leave a Comment |
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| Dow Chemical 3Q profit soars on higher prices |
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NEW YORK — Dow Chemical Co. said Thursday its third-quarter earnings jumped 59 percent on higher prices and sales growth in Asia and Latin America that countered lower sales volume closer to home.
It said it's investing heavily in developing countries to take advantage of this growth and balance what it sees as "ongoing deterioration in confidence in the pace of global economic recovery."
Shares of Dow Chemical, which gained in premarket trading after the quarterly results were announced, surged more than 8 percent Thursday after European Union leaders agreed on a deal to slash Greece's massive debts.
The Midland, Mich., company reported net income of $815 million, or 69 cents per share, for the July-September period, up from $512 million, or 45 cents per share, a year earlier. Excluding one-time items, earnings were 62 cents per share compared with 54 cents per share in the third-quarter of 2010.
Revenue rose 17 percent to $15.11 billion from $12.87 billion a year ago. Sales volume was flat, as decreases in North America were offset by improvements in Latin America and Asia.
Analysts polled by FactSet expected adjusted earnings of 63 cents per share on $14.63 billion in sales.
Dow said the biggest revenue gains were in its feedstock and energy unit as well as its agricultural sciences division.
Sales in feedstocks and energy sales rose 34 percent to $2.9 billion. Sales soared 36 percent while volume fell 2 percent. Feedstocks are raw materials used for fuel, including everything from oil to waste vegetable oil.
Agricultural sciences sales rose 27 percent to $1.2 billion. Volume increased 18 percent, while prices rose 9 percent. Dow said this business continues to be driven by products that help crops grow bigger and more plentiful.
Geographically, sales grew the most in Latin America. Volume in North America fell 3 percent, but prices rose by 17 percent.
"The new reality is that the world is operating as a two-speed global economy with the developing world strong and the developed regions showing slow-to-no growth," Chairman and CEO Andrew Liveris said in a conference call with analysts. "But let me be clear, taken as a whole, growth continues on a positive path."
While Thursday's debt announcement eased concerns, there are still "two confidence-busting issues that are being perpetuated in the political capitals of the developed world...solvency and liquidity concerns in Europe and the U.S." He expects these concerns coupled with still-high unemployment to keep a lid on growth over the next several quarters in the developed world.
In developing regions, though, Dow says growing populations are continuing to drive investments in many sectors it provides for, including cars, food packaging, energy and water treatment. That's despite what Dow calls a "pause" in those regions' rapid growth.
—Copyright 2011 Associated Press |
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| Post by Nov 03, 2011 | Comments: 0 | Leave a Comment |
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| GSP renewed and extended into 2013 |
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Thursday, October 27, 2011
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Print:  Email: 
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CBP Issues Instructions for Duty Refunds After GSP Renewal
U.S. Customs and Border Protection issued a memo to its field offices Oct. 24 concerning the renewal of the Generalized System of Preferences, which was recently extended through July 31, 2013. Because this renewal is retroactive to Jan. 1, when the previous authorization for GSP expired, all duties paid on GSP-eligible merchandise entered or withdrawn from warehouse for consumption during the period from Jan. 1 through Nov. 4, 2011, may be refunded.
Accordingly, filers will be entitled to file GSP-eligible entry summaries utilizing the special program indicator “A” without the payment of duty for shipments entered or withdrawn from warehouse for consumption effective Nov. 5. CBP will begin processing refunds immediately for entries filed via the Automated Broker Interface with the SPI “A” for duties deposited on GSP-eligible goods during the Jan. 1 through Nov. 4 period. For Automated Commercial Environment entry summaries where no SPI was transmitted, retroactive GSP claims must be made via post-summary correction where applicable; i.e., if the entry meets the time requirements for PSC filing.
GSP refunds for all other entry summaries (e.g., warehouse withdrawals, change liquidations, reliquidations and suspended entry summaries) will be processed in accordance with normal liquidation or reliquidation procedures. A liquidation or re-liquidation may be made with respect to an entry only if a request is filed with CBP no later than 180 days after the date of the enactment of the GSP renewal (Oct. 21).
Requests for refunds must be made in writing and must contain sufficient information to enable CBP to locate the entry. To expedite the refund, CBP recommends that the request indicate the entry number, line number and requested refund amount. Claims may be made via post-entry amendment or protest as long as they meet the applicable time requirements. Any amounts owed by the U.S. pursuant to the liquidation or reliquidation of an entry will be paid without interest.
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Source; WorldTrade\Interactive |
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| Post by Oct 28, 2011 | Comments: 0 | Leave a Comment |
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| US DuPont proposes 15 cent/lb TiO2 hike, buyers vow to fight |
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US DuPont proposes 15 cent/lb TiO2 hike, buyers vow to fight
14 October 2011 23:53 [Source: ICIS news]
HOUSTON (ICIS)--DuPont Titanium Technologies announced on Friday its plan to increase North American pigment prices by 15 cents/lb ($331/tonne, €238/tonne) effective on 1 November, making it the second domestic producer to propose an increase.
Current North American TiO2 prices are $1.80-1.94/lb, as assessed by ICIS.
Buyers said they were frustrated but not surprised.
“I am hearing a possibility of another 30% in price increases next year,” a coatings maker said. But he and other buyers said they would resist the increase as strongly as possible.
Kronos announced in September its intent to implement a 25 cent/lb increase effective on 1 October, but buyers likewise vowed to fight the effort.
“White business is still soft,” a compounder said, “and TiO2 sales are just as soft. Customers are hoarding TiO2, awaiting another shortage in the marketplace. But you can only sit on so much inventory before you run into cash-flow problems.”
Producers did back off of recent initiatives for October implementation by 10 cents/lb, generally conceding softer market conditions, but a producer said that it would continue to negotiate to achieve that remaining portion in the near term.
If the newest initiatives succeed, the Kronos hike would take place on 1 January, in accordance with the market's typical 90-day lag. Likewise, DuPont's increase would take place on 1 February.
For all the supply-side rationale, the ongoing increases will have a chilling effect on the marketplace, a buyer said.
“Who knows where this will end? Painting will not be a cheap way of fixing up your house in the near future,” he said. “That in itself will drive people away.
“Maybe that will lower [demand] and cause the price to go down,” he added. “Maybe it will be too late then.”
Other North American TiO2 producers include Cristal, Huntsman, and Tronox.
($1 = €0.72)
For more on TiO2, visit ICIS chemical intelligence
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| Post by GreenChem Industries Oct 17, 2011 | Comments: 0 | Leave a Comment |
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| Dow Declares Force Majeure on Caustic Soda |
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05 October 2011 18:10 [Source: ICIS news]
 HOUSTON (ICIS)--US-based Dow Chemical has declared force majeure (FM) on its membrane-grade caustic soda supply after it shut down a unit suffering from mechanical problems, sources said on Wednesday.
“One of our manufacturing units has experienced a mechanical failure, making it necessary to initiate a shutdown of the unit and make immediate repairs,” according to a letter it sent to its customers.
The force majeure went into effect on 4 October and applies to membrane-grade 50% caustic soda solution material.
Dow estimates that caustic soda volumes may be allocated for a minimum of 10 days or until further notice. The company did not specify allocation volumes in the letter.
A company spokesperson with Dow was unable to be reached for confirmation.
A distributor said the affected facility is Dow’s Freeport, Texas, unit. The plant has a listed caustic soda capacity of 3.63m tonnes/year, according to ICIS plants and projects.
Market sources also said Dow was scheduled for a 10-day maintenance turnaround at its Plaquemine, Louisiana, plant. A company source could not be reached for comment to confirm this.
The force majeure is likely to cause concern for the US Gulf caustic soda players, which was already under tight supply constraints because of a seasonal weakening in co-product chlorine demand as well as a sluggish polyvinyl chloride (PVC) market.
US caustic soda spot exports are at $420–440/dry metric tonne (dmt) (€315-330/tonne) FOB (free on board) USG (US Gulf), as assessed by ICIS.
Caustic soda, which is a co-product of chlorine, is a basic chemical commodity with several end uses, including alumina processing, pulp and paper manufacturing and wastewater treatment.
Other major US caustic soda producers include Formosa Plastics USA, Georgia Gulf, Olin, Occidental Chemical (OxyChem), Shintech and PPG Industries.
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| Post by John Lagae, GreenChem Industries LLC Oct 06, 2011 | Comments: 0 | Leave a Comment |
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| ICIS Article; Outlook for US economy continues to weaken - chem trade group |
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An article of interest for our industry.
ICIS Article; Outlook for US economy continues to weaken - chem trade group
23 September 2011 23:21 [Source: ICIS news]
 HOUSTON (ICIS)--The outlook for the US economy for the rest of 2011 and 2012 has continued to weaken, the American Chemistry Council (ACC) said on Friday.
Forecasters’ expectations in several economic indicators have been lowered since last month, the ACC said in its weekly economic report.
“The economy is expected to rise by only 1.6% in 2011, down 0.1 percentage points from expectations last month,” the ACC said. “Consumer spending is expected to rise 2.1%, up 0.1 percentage points from last month.”
Expectations have also been pared for light vehicle sales, housing starts, business investment and industrial production, the ACC said.
For 2012, expectations have been reduced more drastically.
“The forecasters expect economic growth to average 2.1%, down 0.3 percentage points,” the ACC said. “The outlook for consumer spending is for a 2.0% gain in 2012, down slightly from last month.”
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
By: Bobbie Clark
Contact us today for pricing and availability for any of your chemical needs.
561.659.2236, info@greenchemindustrie.com or simply fill in and submit the short form below.
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| Post by Tina Mancini, GreenChem Industries Sep 25, 2011 | Comments: 0 | Leave a Comment |
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| Ineos Oxide Increases |
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Effective August 15, 2011, Ineos Oxide will increase list and off-list prices for all grades of Monoethanolamine, Diethanolamine, Triethanolamine, Trolamine, and Alkanolamine 5503 by $ 0.05 per pound.
For full details, click on the link below:
Ineos 08-01-11 |
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| Post by GreenChem Admin Aug 01, 2011 | Comments: 0 | Leave a Comment |
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New York 