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Iran’s petrochemical industry relies on foreigners
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Iran is currently negotiating with firms from France, Denmark, Germany, Japan, South Korea and Switzerland in the petrochemical industry. The Western sanctions prevented foreign companies to be involved in the project of the country. Despite a minor relief sanctions, Iran continues to believe that American officials are warning foreign companies about cooperating with Iran.
Asia spot bitumen prices expected to remain week
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Spot bitumen prices in Asia are expected to remain weak on the back of excess supply and sluggish demand. In east China, benchmark prices of AH-70/90 bitumen was at yuan (CNY) 4,200-4,250/tonne. Prices in south China also declined to CNY 4,250-4,320/tonne.
Bitumen inventories stood at 45 per cent of the regions storage capacity of 155,000 in south China. Whereas in east China, inventory accounted for 49 per cent of the regions storage capacity of 473,000 tonnes.
Bitumen inventories stood at 45 per cent of the regions storage capacity of 155,000 in south China. Whereas in east China, inventory accounted for 49 per cent of the regions storage capacity of 473,000 tonnes.
Harsh winter in the US creates problems for petchem business
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Harsh winter weather in the U.S. is taking a toll on the logistical aspect of the petrochemical business. Heavy snow, ice and freezing temperatures delayed railcar, truck and barrage deliveries. The winter weather created serious supply issues.
The Northeast and Midwest have been the worst affected regions. The Gulf Coast, where a considerable amount of US petrochemicals are produced, also had to deal with colder-than-usual temperatures.
The Northeast and Midwest have been the worst affected regions. The Gulf Coast, where a considerable amount of US petrochemicals are produced, also had to deal with colder-than-usual temperatures.
Chemical Industry Experts take on the Interim Budget 2014
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As a part of the interim budget Finance Minister P Chidambaram introduced a number of measures to boost growth of the manufacturing segment. He cut down excise rates on several capital goods and consumer goods to 10 per cent. For the chemical industry customs duty on non-edible grade industrial oils, fatty acids and fatty alcohols has been fixed at 7.5 per cent to support domestic manufacturing of soaps and oleo chemicals.
West Texas Intermediate crude rises to 4-month high
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West Texas Intermediate crude rose to a 4-month high on the back of speculations that inventories at Cushing, Oklahoma, declined. Futures rose 0.9 per cent.
Brent crude for April settlement increased 1 cent to close at $110.47 per barrel on the London-based ICEFutures Europe exchange. Crude in New York is increasing on expectations that crude supplies from Cushing will drop. The opening of the new pipeline and the increasing amount of oil moving out of Cushing is making everyone speculate.
Brent crude for April settlement increased 1 cent to close at $110.47 per barrel on the London-based ICEFutures Europe exchange. Crude in New York is increasing on expectations that crude supplies from Cushing will drop. The opening of the new pipeline and the increasing amount of oil moving out of Cushing is making everyone speculate.
MGC announces timetable for shutdown of ammonia production
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Mitsubishi Gas Chemical Company Inc. (MGC) has announced a timetable for shutdown of the ammonia production facilities within the Niigata plant.
Ammonia is being produced at Niigata plant using natural gas and produces a total of 132,000 tons of ammonia per year.
However, production has declined due to the sluggish domestic demand for ammonia. Also, the old facilities require repair and maintenance which are extremely expensive and probably counterproductive.
Ammonia is being produced at Niigata plant using natural gas and produces a total of 132,000 tons of ammonia per year.
However, production has declined due to the sluggish domestic demand for ammonia. Also, the old facilities require repair and maintenance which are extremely expensive and probably counterproductive.
Oil prices to reach $103 a barrel on the back of growing demand from C
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Oil prices increased on Monday due to the tremendous rise in China's exports in May.
Exports from China rose by nearly 7 per cent in the month of May, up from 0.9 rise in April.
US employment figures also indicated a rise in demand for oil.
This growth has reinforced that US and Europe will drive the increasing demand for commodities, including oil.
Exports from China rose by nearly 7 per cent in the month of May, up from 0.9 rise in April.
US employment figures also indicated a rise in demand for oil.
This growth has reinforced that US and Europe will drive the increasing demand for commodities, including oil.
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At Global Chemical Price the focus is primarily on the Indian market scenario of chemicals and petrochemical sector with careful and comprehensive analysis of the price scenario globally and analysis of various industrial sectors in the market.

