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VOLUME XXI
September 14, 2023
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November 28, 2018
DowDuPont largely unaffected by U.S.-China trade war, CFO says
DowDuPont (DWDP -1.5%) has experienced little impact from China’s tariffs on U.S. petrochemicals because the company can supply China and Asia through its non-U.S. operations, according to CFO Howard Ungerleider.
Through “our Canadian assets, our Argentinian assets, our large footprint in Europe, and our position in Saudi Arabia and our joint venture in Kuwait, we have the ability to source products from lots of different places around the world,” the CFO told the Citi Basic Materials Conference in New York. “Our footprint gives us the ability to move the product wheel around the world to make sure that we minimize any impact.”
Ungerleider said ~40% of Dow’s total sales are in the North America, 30% are in Europe, 20% in Asia and 10% in Latin America.
Dow expects its tariff-related costs to reach $50M-$100M from this year into next, or 1% or less of the company’s ~$10B in earnings, the CFO said.
https://seekingalpha.com/news/3412833-dowdupont-largely-unaffected-u-s-china-trade-war-cfo-says#email_link
November 28, 2018
DowDuPont largely unaffected by U.S.-China trade war, CFO says
DowDuPont (DWDP -1.5%) has experienced little impact from China’s tariffs on U.S. petrochemicals because the company can supply China and Asia through its non-U.S. operations, according to CFO Howard Ungerleider.
Through “our Canadian assets, our Argentinian assets, our large footprint in Europe, and our position in Saudi Arabia and our joint venture in Kuwait, we have the ability to source products from lots of different places around the world,” the CFO told the Citi Basic Materials Conference in New York. “Our footprint gives us the ability to move the product wheel around the world to make sure that we minimize any impact.”
Ungerleider said ~40% of Dow’s total sales are in the North America, 30% are in Europe, 20% in Asia and 10% in Latin America.
Dow expects its tariff-related costs to reach $50M-$100M from this year into next, or 1% or less of the company’s ~$10B in earnings, the CFO said.
https://seekingalpha.com/news/3412833-dowdupont-largely-unaffected-u-s-china-trade-war-cfo-says#email_link
November 28, 2018
TDI Prices in China Increase as BASF Halts Production in Germany
(Yicai Global) Nov. 28 — Prices of toluene diisocyanate, a key ingredient in producing flexible polyurethane foams, have increased in China on the back of a halt to production at a plant in Germany belonging to chemical giant BASF.
BASF stopped production at its 300,000 tons per year TDI plant in Ludwigshafen on Nov. 26 due to the low water levels in the River Rhine and the restart date hasn’t been decided, reported Shanghai Securities News.
In the Chinese market, Covestro’s latest guidance price for TDI from its Shanghai plant is CNY23,000 (USD3,307) per ton, an increase of CNY1,000 per ton compared with last week, and it also halted production earlier in the month to overhaul its equipment.
The world’s TDI production capacity was about 2.9 million tons last year, and TDI is in short supply now because some facilities have stopped operations.
TDI is in short supply because plants have been pre-selling it for destocking and there are no stocks available in the short-term, Guotai Junan Securities said, predicting the shortage and price hikes will continue.
November 28, 2018
TDI Prices in China Increase as BASF Halts Production in Germany
(Yicai Global) Nov. 28 — Prices of toluene diisocyanate, a key ingredient in producing flexible polyurethane foams, have increased in China on the back of a halt to production at a plant in Germany belonging to chemical giant BASF.
BASF stopped production at its 300,000 tons per year TDI plant in Ludwigshafen on Nov. 26 due to the low water levels in the River Rhine and the restart date hasn’t been decided, reported Shanghai Securities News.
In the Chinese market, Covestro’s latest guidance price for TDI from its Shanghai plant is CNY23,000 (USD3,307) per ton, an increase of CNY1,000 per ton compared with last week, and it also halted production earlier in the month to overhaul its equipment.
The world’s TDI production capacity was about 2.9 million tons last year, and TDI is in short supply now because some facilities have stopped operations.
TDI is in short supply because plants have been pre-selling it for destocking and there are no stocks available in the short-term, Guotai Junan Securities said, predicting the shortage and price hikes will continue.
November 26, 2018
The Delaware Memorial Bridge reopened late Sunday night following a chemical leak at a nearby plant. No injuries were reported.
11/26/18 Damian Giletto, The News Journal
A toxic gas leak from a chemical plant near the base of the Delaware Memorial Bridge on Sunday shut down all lanes of traffic on the busy holiday weekend for more than six hours.
A hazmat crew was called to Croda Inc. in New Castle at 4:16 p.m. for leaking ethylene oxide, an extremely flammable gas, from a tank on the site, according to Holloway Terrace Fire Chief Mark Willis.
At 11:20 p.m., the leak was contained and the bridge reopened.
Ethylene oxide is used to manufacture other chemicals, to sterilize medical devices and as a fumigant, according to the Occupational Safety and Health Administration.
The gas was transferred from the leaking tank to a secure one. More than 70 percent of the gas escaped the chemical tank, said fire company spokesman George Greenley.
As of 11:20 p.m. Sunday, the ethylene oxide was fully contained, the chemical plant announced.
Residents in New Castle neighborhoods north of Moores Lane were urged to stay in their homes, said New Castle City Police Chief Richard McCabe. Dispatchers used a reverse 911 call to notify residents.
No injuries have been reported.
All north and south lanes of Delaware Memorial Bridge closed around 5 p.m. as a precautionary measure as crews responded to the leak, Delaware River and Bay Authority spokesman Jim Salmon said.
Interstate 295 closed at I-95, and traffic was diverted to the Commodore Barry, Walt Whitman or Ben Franklin bridges. The congestion from the bridge had a ripple effect along I-95 and other major roadways, causing major delays for the end of the holiday weekend.
“We deeply regret the significant inconvenience that this has had on the community and those traveling in the area,” a press release said.
Dan Heneghan said his son and his daughter-in-law, who is diabetic, were stuck on the New Jersey side of the bridge, trying to return home to northern Virginia. They had just spent the holiday with Heneghan in Ventnor City.
British-based Croda Inc. is an international specialty chemical manufacturer.
Atlas Point, Croda’s Delaware location, manufactures formulas ranging from pharmaceutical use to industrial chemicals. Croda bought the site from Uniqema in 2006.
The process of turning ethanol into ethylene oxide is new — something Croda began doing less than six months at its Atlas Point location, according to Greenley.
A manufacturing operation has been at Atlas Point for more than 75 years.
Contact Josephine Peterson at (302) 324-2856 or jhpeterson@delawareonline.com
https://www.delawareonline.com/story/news/crime/2018/11/25/gas-leak-closes-delaware-memorial-bridge-both-directions/2109773002/
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