Nigeria's TDI market to remain soft for the rest of 2011

(ICIS) -- Nigeria's toluene di-isocyanate (TDI) market, the largest in Africa, will remain soft for the rest of 2011 because of the extended monsoon and ahead of the festive Christmas period, leading to a bearish outlook for TDI prices, industry sources said on Thursday.

The longer-than-expected rainy season in Nigeria has shifted the traditional peak period in the key downstream foam sector, which is usually ahead of Christmas, by more than three months to January or February 2012, regional traders and foamers said.

Heavy rainfall has led to poor road conditions, hindering the transportation of the hazardous TDI liquid. Nigerian foamers have had to seek new shelters for their foam products, which are typically kept in open warehouses.

As a result, foam factories are being operated at 50-60% capacity, which is 20-30% lower than during the seasonal peak, dampening the import interest for fresh TDI material, traders and foamers based in Nigeria 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

(PlastEurope) -- An explosion and fire at the Nanyo complex (Shunan City, Yamaguchi prefecture) of Japanese chemicals and plastics producer Tosoh killed a 52-year-old worker and shut two of its three vinyl chloride monomer (VCM) plants on 13 November. Down after the blast were the no. 2 VCM line with reported capacity of 550,000 t/y and the no. 3 VCM line with capacity of 400,000 t/y. The no.1 plant with capacity of 250,000 t/y is believed to have been off stream since October for maintenance.

Following the incident, Tosoh's feedstock supplier, Idemitsu, closed the ethylene pipeline to the site and also halted its 623,000 t/y cracker naphtha temporarily. Latest reports indicate that the cracker is back up but operating only at 80% of capacity. The plant shutdowns at Tosoh have taken out about 1.2m t of VCM out of the Japanese market, according to news agencies. This is about a third of the nation's overall capacity of 3.5m t/y.

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) -- The Cabinet Committee on Economic Affairs on Wednesday approved the revised cost estimates of the Assam Gas Cracker Project to the tune of Rs 8,920 crore (on as-built-basis). The project schedule has also been revised with mechanical completion by July 2013 and commissioning by December 2013. This would be funded by capital subsidy of Rs 4,690 crore as well as debt and equity of Rs 2,961 crore and Rs 1,269 crore respectively. In case, the planned loans do not materialise, the same would be picked up as additional equity by the promoters. According to an official statement, the revised capital subsidy would be sought by the Department of Chemicals and Petrochemicals from the Ministry of Finance, Planning Commission in the current fiscal and the next by way of additional budgetary support.

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

(Trend) -- The State Oil Company of Azerbaijan (SOCAR) on Wednesday signed agreement with Exxon Mobil over acquisition of its Swiss division, Esso Schweiz GmbH, the SOCAR reported at its Website. The agreement was signed between SOCAR and Exxon Mobil Central Europe Holding GmbH in Zurich, Switzerland. As reported, SOCAR Energy Switzerland, a recently founded company, intends to continue commercial activity on the provision of high-quality services at the expense of acquisition of Esso.

The company will work under the Esso brand within 12 months after change of the owner. De-branding of business related to aviation, trucks, and oil storage tanks will be carried out 30 days after the completion of the transaction.

Following the acquisition of Esso Switzerland, the SOCAR has taken over a retail network consisting of 170 filling stations, a division specialized in fuel marketing for industry and wholesale clients (this division is responsible for household fuel and balloon gas sale to independent suppliers throughout Switzerland), gas filling station Wangen-Olten, filling stations, joint ventures specialized in aircraft fuelling at the Airports of Geneva and Zurich, and the Swiss Provision and Supply Company that controls joint ventures managing terminals and pipelines.

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) -- US October contract prices for styrene butadiene rubber (SBR) were assessed on Wednesday down 24 cents/lb ($529/tonne, ┬391/tonne) from September on lower feedstock costs and demand. ICIS assessed October contract prices for non-oil grade 1502 at 154-161 cents/lb, while oil-extended grade 1702 prices were at 132-140 cents/lb.

Spot prices were also assessed down. The spot prices are now 15 cents/lb lower as feedstock costs and demand have driven down prices. Spot prices were assessed at 145-160 cents/lb for non-oil grade 1502 and 130-140 for oil-extended grade 1702.

October contract prices, which trail a month behind the calendar, fell because feedstocks costs for butadiene (BD) and styrene dropped.

BD contract prices were 30 cents/lb lower in October than September, while styrene contract prices decreased an average of 7.5 cents/lb. The October SBR contract price drop was the second consecutive monthly decrease.


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