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VOLUME XXI
September 14, 2023
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August 3, 2020
US July propylene contracts rise by 6 cents/lb as production issues persist
Author: Michael Sims
2020/07/31
HOUSTON (ICIS)–US July propylene contracts settled at a 6 cent/lb increase from June as spot prices rose to one-year highs amid ongoing production issues.
The settlement puts July polymer-grade propylene (PGP) contracts at 32.5 cents/lb ($716/tonne) DEL (delivered) and chemical-grade propylene (CGP) at 31.0 cents/lb.
The settlement marks the largest month-on-month increase since June 2018, when contract prices rose 8 cents/lb from the prior month.
Front-month PGP traded in July at 29.5-39.0 cents/lb, compared with 21.5-28.0 cents/lb in June.
Outages affecting US PGP production include: Dow’s propane dehydrogenation (PDH) unit in Freeport, Texas; INEOS’s cracker in Chocolate Bayou, Texas; Formosa Plastics Corporation USA’s cracker in Point Comfort, Texas; and BASF Total’s cracker in Port Arthur, Texas.
Also, co-production of propylene was reduced as ethane’s share of the US steam cracking feedslate is greater than it has ever been and is not expected to falter as heating demand for propane and butane rises in the colder months.
Cracking ethane produces ethylene with limited co-products, while cracking propane, butane and other heavier feeds yields propylene, among other chemicals.
Furthermore, continued low US refinery utilisation amid depressed gasoline demand has resulted in less refinery-grade propylene (RGP) production. RGP can be upgraded to PGP using a splitter.
Although US propylene supply faces a few short-to-medium-term production constraints, it is likely to be sufficient to meet slowly recovering demand in the latter half of 2020.
A slow global economy likely means demand weakness for propylene and its derivatives for the remainder of the year, with the possibility of further weak demand if coronavirus cases continue to spike.
The main outlet for propylene is as a feedstock for polypropylene (PP). Propylene is also used to produce acrylonitrile (ACN), propylene oxide (PO), a number of alcohols, cumene and acrylic acid.
Major US propylene producers include Chevron Phillips Chemical, Enterprise Products, ExxonMobil, Flint Hills Resources and Shell Chemical.
July 31, 2020
Jul. 31, 2020 9:45 AM ET|By: Gaurav Batavia, SA News Editor
June Chicago PMI: 51.9 vs. 42.8 consensus, 36.6 prior.
New orders and production helped the index higher, while supplier deliveries eased.
Employment ticked up, but remains a depressed 26 with firms continuing to lay off staff as a result of the current health crisis. Some companies, however, reported difficulties in finding new staff.
At 51.9, the PMI is at its highest level since May 2019, and ends a streak of 12 consecutive months in contraction territory.
https://seekingalpha.com/news/3598437-chicago-pmi-hits-highest-level-since-may-2019
July 31, 2020
Jul. 31, 2020 9:45 AM ET|By: Gaurav Batavia, SA News Editor
June Chicago PMI: 51.9 vs. 42.8 consensus, 36.6 prior.
New orders and production helped the index higher, while supplier deliveries eased.
Employment ticked up, but remains a depressed 26 with firms continuing to lay off staff as a result of the current health crisis. Some companies, however, reported difficulties in finding new staff.
At 51.9, the PMI is at its highest level since May 2019, and ends a streak of 12 consecutive months in contraction territory.
https://seekingalpha.com/news/3598437-chicago-pmi-hits-highest-level-since-may-2019
July 31, 2020
28. July 2020
Evonik: Taneja new head of the Catalysts business line
Sanjeev Taneja has taken over the management of Evonik’s business line Catalysts effective from 1 July 2020. On the same date, the Catalysts business line became part of the newly created Smart Materials division. He most recently headed Evonik India as President and Managing Director for more than two years. For his new role, he will return to Hanau, Germany, where he takes over the function from Steffen Hasenzahl, who has been named as the Managing Director of Evonik Creavis GmbH.
Sanjeev Taneja (Source: Evonik) Taneja, who holds a process engineering degree and an MBA began his professional career in 1987 at what was then Degussa AG. After various positions in production & technology, he went to Mobile, AL, USA, where he was initially responsible for the hydrogen peroxide manufacturing operations and later as head of the technical site services. In 2000, he was appointed Head of Technical Controlling & Investments for the global Fine Chemicals business and subsequently took over responsibility for the development and implementation of the Asia strategy of what was then Exclusive Synthesis & Catalysts business unit.
In 2005, he moved to New Jersey and assumed responsibility for integrating Cyro Industries from New Jersey (USA) into the global Methacrylate business. In 2007, he took over responsibility for managing Cyro’s monomer business for the Americas region. After his return to Germany in 2008, he took over the role of managing strategic projects in the High Performance Polymers business line and subsequently as head of the high-temperature polymer growth line in 2011. Since 2016, Taneja has worked in Asia, initially as Head of the Resource Efficiency Segment in the Asia-Pacific South region in Singapore and since 2018 he has served as President & Managing Director of India region with head office in Mumbai. Taneja has extensive experience in technical, commercial and strategic areas in his previous professional positions. He has a track record of driving growth and transformation projects as well as post M&A initiatives at an international level.
July 31, 2020
28. July 2020
Evonik: Taneja new head of the Catalysts business line
Sanjeev Taneja has taken over the management of Evonik’s business line Catalysts effective from 1 July 2020. On the same date, the Catalysts business line became part of the newly created Smart Materials division. He most recently headed Evonik India as President and Managing Director for more than two years. For his new role, he will return to Hanau, Germany, where he takes over the function from Steffen Hasenzahl, who has been named as the Managing Director of Evonik Creavis GmbH.
Sanjeev Taneja (Source: Evonik) Taneja, who holds a process engineering degree and an MBA began his professional career in 1987 at what was then Degussa AG. After various positions in production & technology, he went to Mobile, AL, USA, where he was initially responsible for the hydrogen peroxide manufacturing operations and later as head of the technical site services. In 2000, he was appointed Head of Technical Controlling & Investments for the global Fine Chemicals business and subsequently took over responsibility for the development and implementation of the Asia strategy of what was then Exclusive Synthesis & Catalysts business unit.
In 2005, he moved to New Jersey and assumed responsibility for integrating Cyro Industries from New Jersey (USA) into the global Methacrylate business. In 2007, he took over responsibility for managing Cyro’s monomer business for the Americas region. After his return to Germany in 2008, he took over the role of managing strategic projects in the High Performance Polymers business line and subsequently as head of the high-temperature polymer growth line in 2011. Since 2016, Taneja has worked in Asia, initially as Head of the Resource Efficiency Segment in the Asia-Pacific South region in Singapore and since 2018 he has served as President & Managing Director of India region with head office in Mumbai. Taneja has extensive experience in technical, commercial and strategic areas in his previous professional positions. He has a track record of driving growth and transformation projects as well as post M&A initiatives at an international level.
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