EU chemicals and industrial production fell in September

(ICIS) -- EU chemicals and industrial production fell in September as the economic slowdown began to bite, data from statistics agency Eurostat showed on Monday. EU chemicals production was down by 1.0% in September compared with August, with a 1.2% decline in the 17-member euro area.
Year on year, chemicals production adjusted for the number of working days in each period was 0.6% lower in the 27-member EU and down by 0.7% in the eurozone.

Industrial production in the EU was down by 1.3% month on month in September, and fell by 2.0% in the eurozone, Eurostat said. Year on year in September, industrial output in both zones was 2.2% higher.

Production of capital goods was 3.1% lower month on month in the EU and 4.2% down in the euro area, Eurostat said. Production of durable consumer goods, intermediate goods, energy and non-durable consumer goods were also lower, its statistics showed.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC

(Plastemart) -- South Korea's KPIC and Honam Petrochemical are on the verge of finalising 2012 naphtha deals at higher prices, as sellers are unwilling to release cargoes at low prices to combat previous sharp losses, as per Reuters. KPIC will likely lock in around 400,000 tons of naphtha for January-December 2012 arrival at premiums of about US$2.50/ton to Japan quotes on a cost-and-freight (C&F) basis. This will be higher vs minus US$1 to premiums of US$1/ton for 250,000 tons for January-December 2011 arrival.

Honam has pegged its bids at US$1/ton discount for cargoes supplied to Yeosu port, and minus 50 cents for supplies delivered to Daesan port. Some sellers are expected to accept Honam's bids and the final volumes the petrochemical maker buys will depend on how many sellers are willing to accept its bids.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC

(ICIS) -- Austria-based Borealis is planning for a lower-growth scenario in 2012, because of the debt crisis in Europe, the polyolefins company's CEO said on Friday. Borealis reported strong third-quarter results, with profit reaching ┬107m ($145m), but CEO Mark Garrett said the company's outlook for 2012 depends on decisions EU leaders make about the eurozone debt crisis. ⌠We wouldn't be confident of repeating this year's results, because 2011 is on track to be a record year for us, he said.

⌠Europe really needs Germany to play the leading role, because the UK has problems of its own and France won't be able to get [Europe] out of it, because it doesn't have the industrial base to do it - it has to come from Germany, he added. ⌠Politicians do not have a choice and they have to find a solution, which is why we are planning with a low-growth scenario for next year, Garrett said.

Meanwhile, the company is working on its polyolefins expansion project, Borouge 3, part of a joint venture with Abu Dhabi National Oil Company (Adnoc). ⌠We're on schedule, but the peak of building is at the end of 2012, early 2013. But we expect in 2015 to really see the next step change in profitability in Borealis, Garrett said.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC

(Plastemart) -- Cash-starved West Bengal plans to raise approximately Rs 450 crore by offloading its balance 10% stake of 155 mln shares in Haldia Petrochemicals (HPL) back to the company, as per Financial Express. This will leave majority shareholder Purnendu Chatterjee-led TCG with two options of either significant cash outgo to buy the 10% stake or letting the stake be snapped up by competitors. The sale will also violate a Supreme Court order, which had asked the state government to retain its residual stake.

The developments come in the backdrop of Rs 1,000 crore accumulated losses at HPL, which has charted a turnaround road map for the next three years. The company wants the government to hold on to its stake a bit longer as it will earn far more, once it is out of the red. West Bengal is also expediting transfer of an earlier block of 520 million shares (at Rs 28.80 each) as per the orders of the Company Law Board in 2007. The transfer of shares is in installments with the entire transaction divided into four tranches.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC

(Plastemart) -- India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has managed largely steady premiums for December lifting cargo, as per Reuters. MRPL sold a cargo of 35,000 tons for Dec. 28-30 loading from New Mangalore to Cargill at premiums of about US$14/ton to Middle East quotes on a free-on-board (FOB) basis. Two other cargoes for December loading have been sold to Vitol and Total at premiums of US$14/ton and US$14.15/ton respectively.However, these figures are weaker when compared to November premiums of US$18-23/ton as lack of petrochemical import demand from China has resulted in weaker naphtha sentiment.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC