(Reuters) - South Korea's Hanwha Chemical said it abandoned a plan to buy Indonesian chemical producer Sulfindo Adiusaha, confirming Reuters' earlier report.
Hanwha said in a regulatory filing on Tuesday that it had considered buying the Indonesian petrochemical firm but the potential deal was suspended due to differences of opinion, it said, without elaborating.
MRC
(ICIS) -- Asian acetone spot prices hit record highs and are likely to continue rising on the back of tight supply and steady demand from the downstream solvents sector, market sources said on Wednesday.
Acetone prices have gained over 10% from mid-July levels to the latest assessment of USD 1,180-1,220/tonne (EUR 861-891/tonne) CFR (cost and freight) China on 16 September, according to ICIS data. An expected demand pick-up from the downstream solvents sector in October may fuel further price gains in the weeks ahead.
Acetone imports in China in May and June were down 41.6% and 16% year on year, respectively, according to data from the China Customs. A dearth of deep-sea cargoes was the major reason behind the sharp declines in import volumes, sources said.
Meanwhile, a buying spree of deep-sea material has been going on since the start of September, with over 10,000 tonnes heard to have changed hands every week.
(ICIS) -- South Korean and European sellers of toluene di-isocyanates (TDI) are currently locked in a tough price competition in Nigeria, given sluggish demand at their traditional main markets, industry sources said on Wednesday. Nigerian TDI importers have retreated to the sidelines, expecting further declines in prices, they said.
Prices were discussed at USD 2,280-2,450/tonne (EUR 1,664-1,789/tonne) CFR (cost and freight) Lagos this week, down USD 100-170/tonne from two weeks ago, market sources said.
Nigeria is the largest TDI market in Africa, where Europe sells material at competitive prices because of geographical proximity.
TDI is used in the production of flexible polyurethane foam, which has applications in upholstered furniture and car seats, among others.
Downstream foamers in Nigeria are currently not in a hurry to restock TDI supply given recent heavy rains in the country, said a key local trader.
(ICIS) -- Tuesday's statistics on US housing starts show that the industry is still struggling to recover after peaking five years ago, a trend that will continue to affect chemicals that rely on this key end market.
Housing starts in the US fell to a seasonally adjusted annual rate of 571,000 units in August, down by 5% from the revised July estimate of 601,000, according to the US Department of Commerce.
August's figure was by far among the worst that the department has ever reported in more than half a century of statistics, where monthly starts typically exceeded an annual rate of 1m. Moreover, August is well below the peak of 2.27m reached in January 2006.
New housing is a key end market for the chemical industry, driving demand for polyvinyl chloride (PVC); nylon for carpet, flexible and rigid polyurethane foams, paints and coatings, titanium dioxide (TiO2) pigment, adhesives and sealants; and expandable polystyrene (EPS) for insulation.
The American Chemistry Council (ACC) estimates that each new home built represents some USD 15,000 (EUR 10,950) worth of chemicals and derivatives used in the structure or in the production of component materials.
(Arabian oil and gas) -- Petrofac, the international oil & gas facilities service provider, and China Petroleum Engineering & Construction Corporation (CPECC), the engineering and construction subsidiary of China National Petroleum Company, have established a new strategic joint venture, China Petroleum Petrofac Engineering Services (CPPES). Based in Sharjah, UAE, the joint venture will provide project management and engineering services for selected oil & gas projects, focusing on projects for Chinese oil & gas companies.
Petrofac and CPECC have a long-standing relationship and track record of cooperation, most recently being jointly awarded an inspection, maintenance and repair contract for the Rumaila oil field in Southern Iraq. The strengthened relationship was recognised at an official ceremony that took place at CPECC's offices in Beijing on 19 September.
The joint venture which is 51% owned by CPECC and 49% owned by Petrofac, following formal signing and exchanging of contracts, will be established under the leadership of personnel from both companies.
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