January 6, 2025

Chinese PMDI Overview

Will China’s PMDI Market Continue Its Upsurge in 2025?

PUdaily | Updated: January 3, 2025

On December 31, 2024, China’s PMDI market closed at a range of CNY 18,100-18,300/tonne, reflecting a remarkable increase of CNY 2,800/tonne (+18.2%) compared to the range of CNY 15,300-15,500/tonne at the end of December 2023. The average price of PMDI in China in 2024 stood at CNY 17,200/tonne, remaining basically same with the yearly average in 2022. The market price in 2024 indicated an upward trend. In December, as most suppliers had completed sales targets and halted or reduced deliveries, PMDI supply remained tight. Many distributors had no stock nor quotations, awaiting shipments from suppliers in the upcoming month.

In Supply Side

In 2024, PMDI suppliers’ pricing strategies and inventory management practices maintained PMDI social stocks at low levels.

In February, global oil prices increased during the Chinese New Year holiday, then China benzene market followed to increase, leading to increased PMDI production costs, pushing major MDI suppliers to raise list prices, then distributors followed to increase their quotations.

However, in late February, sudden severe cold weather across several regions in China delayed resumption of production and procurement for raw materials including PMDI in downstream sectors, leading to insufficient support for PMDI price increases. PMDI prices moved down in March.

In April, as it turned warmer, demand picked up gradually in construction sectors. but PMDI supply was relatively slow, leading to further depletion of spot inventories and a rebound in PMDI prices.

The uptrend continued during May and mid-June.

The market faced a marginal retreat due to off-season factors towards the end of June until August, and picked up again from September onwards.

In November and December, the price stabilized in the range of CNY 18,000-18,500/tonne.

In Demand Side

The downstream sectors for PMDI include home appliances, building insulation, cold chain logistics, transportation., etc. Home appliance is currently the largest downstream sectors of PMDI demand markets in China. Thanks to trade-in policies and leading home appliance companies’ ambitious actions on exploring overseas markets, both domestic sales and exports of refrigerators in China saw unexpected growths in 2024, contributing to ongoing increases in refrigerator production. The growth in international trade, the upturn in container shipping segment and incidents like Red Sea Crisis brought substantial orders for Chinese reefer container and LNG carrier manufacturers. In addition, Chinese PMDI exports from January to November 2024 rose by 11.5% year on year.

Looking ahead to 2025, suppliers’ pricing and inventory management are expected to maintain stable support to the market. In terms of demand, China set top of key tasks for 2025 at the Central Economic Work Conference as “vigorously boosting consumption, improving investment efficiency and expanding domestic demand on all fronts”. The conference prioritized supporting expanding domestic demand, particularly in consumer demand, which in turn will have a positive effect on industries like automobiles and home appliances. Furthermore, as 2025 marks the conclusion of China’s 14th Five-Year Plan (2021-2025), most market participants are observing the support given by the national and local governments in infrastructure projects. Despite market concerns about the risks associated with U.S. tariffs, which may impact on PMDI prices and export business of PMDI-based products from China to the U.S., Chinese PMDI market is projected to continue its upsurge driven by bullish factors in both supply and demand sides.

https://www.pudaily.com/Home/NewsDetails/53251

January 5, 2025

Troy Lewis Joins Everchem Specialty Chemicals

Everchem announced today that Troy Lewis has joined the company as a Sales Representative.

Lewis was born and raised in NJ. He has a bachelor’s degree from Miami University (Oxford, OH) for Engineering Management with a manufacturing concentration. After graduating, Lewis moved out to California and started working as an Applications Engineer for the Computer-Aided Manufacturing software company ESPRIT. After 5 years, he moved back to NJ and got hired as a Sales Representative for Everchem Specialty Chemicals.

“It has been great working with the amazing team that Everchem has put together and I’m excited for the journey going forward and learning as much as I can about the chemical industry. I also get to work with my father who is also a sales rep, which has been awesome. My current hobbies include 3D printing, CAD, micro-controller programming, & fishing.”
– Troy Lewis

January 2, 2025

Top 10 Posts of 2024

Just for fun. Thanks for reading!

December 23, 2024

The Global Economy

Visualizing The $115 Trillion World Economy In One Chart

by Tyler Durden

Monday, Dec 23, 2024 – 05:45 AM

There’s nothing quite like a big chart to really get into the data. In this edition, Visual Capitalist’s Pallavi Rao takes a look at the massive $115 trillion world economy in 2025, along with how it breaks down per country.

Data is sourced from the International Monetary Fund’s GDP estimates for 2025 (except for Pakistan). All figures are rounded and in nominal USD.

Ranked: Every Country by GDP in 2025

The U.S. has been the world’s largest economy for over 100 years, and in 2025 will maintain its lead, at $30.3 trillion.

Rank	Countries	2025 GDP (Billions USD)
1	🇺🇸 U.S.	$30,337.2
2	🇨🇳 China	$19,534.9
3	🇩🇪 Germany	$4,921.6
4	🇯🇵 Japan	$4,389.3
5	🇮🇳 India	$4,271.9
6	🇬🇧 UK	$3,730.3
7	🇫🇷 France	$3,283.4
8	🇮🇹 Italy	$2,459.6
9	🇨🇦 Canada	$2,330.3
10	🇧🇷 Brazil	$2,307.2
11	🇷🇺 Russia	$2,195.7
12	🇰🇷 South Korea	$1,947.1
13	🇦🇺 Australia	$1,881.1
14	🇪🇸 Spain	$1,827.6
15	🇲🇽 Mexico	$1,817.8
16	🇮🇩 Indonesia	$1,492.6
17	🇹🇷 Türkiye	$1,455.4
18	🇳🇱 Netherlands	$1,273.0
19	🇸🇦 Saudi Arabia	$1,136.6
20	🇨🇭 Switzerland	$999.6
21	🇵🇱 Poland	$915.5
22	🇹🇼 Taiwan	$814.4
23	🇧🇪 Belgium	$689.4
24	🇸🇪 Sweden	$638.8
25	🇮🇪 Ireland	$587.2
26	🇦🇷 Argentina	$574.2
27	🇦🇪 UAE	$568.6
28	🇸🇬 Singapore	$561.7
29	🇦🇹 Austria	$559.2
30	🇮🇱 Israel	$550.9
31	🇹🇭 Thailand	$545.3
32	🇵🇭 Philippines	$507.7
33	🇳🇴 Norway	$506.5
34	🇻🇳 Vietnam	$506.4
35	🇲🇾 Malaysia	$488.3
36	🇧🇩 Bangladesh	$481.9
37	🇮🇷 Iran	$463.7
38	🇩🇰 Denmark	$431.2
39	🇭🇰 Hong Kong SAR	$422.1
40	🇨🇴 Colombia	$419.3
41	🇿🇦 South Africa	$418.0
42	🇷🇴 Romania	$406.2
43	🇵🇰 Pakistan*	$374.6
44	🇨🇱 Chile	$362.2
45	🇨🇿 Czech Republic	$360.2
46	🇪🇬 Egypt	$345.9
47	🇫🇮 Finland	$320.0
48	🇵🇹 Portugal	$319.9
49	🇰🇿 Kazakhstan	$306.6
50	🇵🇪 Peru	$294.9
51	🇮🇶 Iraq	$270.9
52	🇬🇷 Greece	$265.2
53	🇩🇿 Algeria	$264.3
54	🇳🇿 New Zealand	$262.9
55	🇭🇺 Hungary	$245.6
56	🇶🇦 Qatar	$226.2
57	🇳🇬 Nigeria	$195.0
58	🇺🇦 Ukraine	$189.8
59	🇲🇦 Morocco	$168.6
60	🇰🇼 Kuwait	$162.0
61	🇸🇰 Slovak Republic	$152.5
62	🇩🇴 Dominican Republic	$135.5
63	🇺🇿 Uzbekistan	$127.4
64	🇪🇨 Ecuador	$125.7
65	🇵🇷 Puerto Rico	$122.2
66	🇬🇹 Guatemala	$121.0
67	🇪🇹 Ethiopia	$120.9
68	🇦🇴 Angola	$118.4
69	🇰🇪 Kenya	$116.7
70	🇧🇬 Bulgaria	$115.5
71	🇴🇲 Oman	$111.3
72	🇻🇪 Venezuela	$110.0
73	🇨🇷 Costa Rica	$100.7
74	🇱🇺 Luxembourg	$97.0
75	🇭🇷 Croatia	$96.0
76	🇨🇮 Côte d’Ivoire	$95.5
77	🇵🇦 Panama	$91.7
78	🇹🇲 Turkmenistan	$91.2
79	🇷🇸 Serbia	$88.6
80	🇱🇹 Lithuania	$88.0
81	🇺🇾 Uruguay	$86.4
82	🇹🇿 Tanzania	$85.5
83	🇨🇩 DRC	$79.2
84	🇸🇮 Slovenia	$77.4
85	🇦🇿 Azerbaijan	$77.0
86	🇧🇾 Belarus	$76.9
87	🇬🇭 Ghana	$75.8
88	🇲🇲 Myanmar	$65.0
89	🇺🇬 Uganda	$62.9
90	🇲🇴 Macao SAR	$59.3
91	🇨🇲 Cameroon	$57.7
92	🇯🇴 Jordan	$56.1
93	🇹🇳 Tunisia	$54.7
94	🇧🇴 Bolivia	$51.3
95	🇰🇭 Cambodia	$51.2
96	🇧🇭 Bahrain	$49.5
97	🇱🇻 Latvia	$48.2
98	🇱🇾 Libya	$48.0
99	🇳🇵 Nepal	$47.8
100	🇵🇾 Paraguay	$46.8
101	🇪🇪 Estonia	$45.3
102	🇭🇳 Honduras	$39.0
103	🇸🇻 El Salvador	$37.8
104	🇸🇳 Senegal	$37.8
105	🇨🇾 Cyprus	$37.7
106	🇿🇼 Zimbabwe	$36.9
107	🇬🇪 Georgia	$35.9
108	🇮🇸 Iceland	$35.4
109	🇵🇬 Papua New Guinea	$32.6
110	🇿🇲 Zambia	$31.8
111	🇭🇹 Haiti	$30.6
112	🇸🇩 Sudan	$30.0
113	🇧🇦 Bosnia and Herzegovina	$29.9
114	🇹🇹 Trinidad and Tobago	$29.2
115	🇦🇱 Albania	$28.0
116	🇬🇳 Guinea	$27.3
117	🇲🇳 Mongolia	$27.2
118	🇦🇲 Armenia	$26.6
119	🇲🇹 Malta	$26.3
120	🇲🇿 Mozambique	$24.5
121	🇬🇾 Guyana	$24.5
122	🇧🇫 Burkina Faso	$23.6
123	🇲🇱 Mali	$23.2
124	🇧🇯 Benin	$23.1
125	🇧🇼 Botswana	$22.1
126	🇳🇪 Niger	$21.9
127	🇯🇲 Jamaica	$21.6
128	🇬🇦 Gabon	$21.0
129	🇳🇮 Nicaragua	$21.0
130	🇲🇩 Moldova	$19.6
131	🇹🇩 Chad	$19.6
132	🇲🇬 Madagascar	$18.1
133	🇰🇬 Kyrgyz Republic	$17.4
134	🇲🇰 North Macedonia	$17.1
135	🇧🇳 Brunei Darussalam	$16.7
136	🇲🇺 Mauritius	$16.5
137	🇾🇪 Yemen	$16.2
138	🇨🇬 Congo	$15.9
139	🇧🇸 Bahamas	$15.3
140	🇱🇦 Lao P.D.R.	$14.4
141	🇳🇦 Namibia	$14.4
142	🇹🇯 Tajikistan	$14.2
143	🇷🇼 Rwanda	$14.0
144	🇸🇴 Somalia	$13.9
145	🇬🇶 Equatorial Guinea	$12.9
146	🇽🇰 Kosovo	$11.8
147	🇲🇷 Mauritania	$11.1
148	🇲🇼 Malawi	$10.8
149	🇹🇬 Togo	$10.5
150	🇲🇪 Montenegro	$8.8
151	🇸🇱 Sierra Leone	$7.8
152	🇧🇧 Barbados	$7.6
153	🇲🇻 Maldives	$7.6
154	🇫🇯 Fiji	$6.1
155	🇸🇿 Eswatini	$5.4
156	🇸🇸 South Sudan	$5.3
157	🇱🇷 Liberia	$5.1
158	🇸🇷 Suriname	$5.0
159	🇩🇯 Djibouti	$4.7
160	🇦🇼 Aruba	$4.4
161	🇦🇩 Andorra	$4.1
162	🇧🇹 Bhutan	$3.5
163	🇧🇿 Belize	$3.5
164	🇨🇫 Central African Republic	$3.0
165	🇬🇲 The Gambia	$3.0
166	🇨🇻 Cabo Verde	$2.9
167	🇱🇨 Saint Lucia	$2.7
168	🇦🇬 Antigua & Barbuda	$2.4
169	🇱🇸 Lesotho	$2.4
170	🇬🇼 Guinea-Bissau	$2.4
171	🇸🇨 Seychelles	$2.2
172	🇧🇮 Burundi	$2.2
173	🇹🇱 Timor-Leste	$2.1
174	🇸🇲 San Marino	$2.1
175	🇸🇧 Solomon Islands	$1.8
176	🇰🇲 Comoros	$1.5
177	🇬🇩 Grenada	$1.5
178	🇻🇨 Saint Vincent & Grenadines	$1.2
179	🇰🇳 Saint Kitts & Nevis	$1.2
180	🇻🇺 Vanuatu	$1.2
181	🇼🇸 Samoa	$1.1
182	🇸🇹 São Tomé & Príncipe	$1.0
183	🇩🇲 Dominica	$0.7
184	🇹🇴 Tonga	$0.6
185	🇫🇲 Micronesia	$0.5
186	🇵🇼 Palau	$0.4
187	🇰🇮 Kiribati	$0.3
188	🇲🇭 Marshall Islands	$0.3
189	🇳🇷 Nauru	$0.2
190	🇹🇻 Tuvalu	$0.1
N/A	🌍 World	$115,338.3

*Pakistan’s forecast for 2025 is not yet released, so 2024 data is used here.

Second-largest China ($19.5 trillion) will also hold its position, now on a 15-year streak. The top two together account for over two-fifths (43%) of the world’s $115 trillion GDP.

However, there have been changes in the top five recently. Germany ($4.9 trillion) overtook Japan ($4.4 trillion) in 2024 as the third-largest economy. Meanwhile India ($4.3 trillion) passed the UK ($3.7 trillion) as 5th largest in 2020.

All three countries are expected to retain their positions till 2026—when India is projected to first pass Japan for fourth, and then Germany for third place in 2028.

Meanwhile, around the top 10 mark, Australia is predicted to overtake Spain for 13th place this year. And Brazil is expected to make the top eight by 2028.

So…What’s 2025 Going to Be Like?

The IMF expects global economic growth to continue at 3.2% fueled by rate cuts as inflation retreats across key markets in the U.S. and Europe.

Geopolitical risks remain the lurking threat to growth. In February, Russia’s invasion of Ukraine will complete its third year, previously a key trigger to Europe’s post-pandemic inflation rise.

The latest Israel-Palestine conflict has already passed a year, drawing in neighbors Lebanon and Yemen, and disrupting key shipping routes.

Meanwhile, Syria remains in focus after rebels overthrew the Bashar al-Assad government in Damascus, ending 24-years of rule.

As it happens we have a whole series dedicated to looking ahead. Join VC+ today to get access to the 2025 Global Forecast Series, filled with experts predictions and consensus for sectors, markets, and economies in the New Year.

https://www.zerohedge.com/economics/visualizing-115-trillion-world-economy-one-chart

December 22, 2024

Experts Discuss Potential ILA Strike

Will the ILA strike in January? Experts weigh in.

Industry observers have differing views on the likelihood of a strike, which would add to the logistics hurdles shippers are already facing.

Published Dec. 18, 2024

Alejandra CarranzaStaff Reporte

With less than a month before the International Longshoremen’s Association’s contract with the United States Maritime Alliance is set to expire, shippers want to know: Will there be a strike?

A major development in the prolonged negotiations occurred last week when President-elect Donald Trump voiced his support for the ILA’s stance against automation at the ports following a meeting with union leadership. That hasn’t yet led to a new contract, with concerns over another strike growing as the Jan. 15 expiration date for a tentative deal struck in October approaches.

“All in all, the situation points in the direction of another strike,” Lars Jensen, CEO at Vespucci Maritime, said in a LinkedIn post the week before Trump met with the ILA.

A strike would pile on to several other geopolitical issues shippers are looking out for in 2025, including tariff threats from Trump.

Jensen and other logistics and maritime experts shared their take on whether the ILA will strike in January through a series of interviews, emails and LinkedIn posts. Dive in to learn about the negotiation’s sticking points and potential risks.

Editor’s note: Some answers have been edited for length and clarity.

Will Brucher

Assistant Teaching Professor in the Labor Studies and Employment Relations Department at Rutgers University

I think the [ILA] would strike only if there’s really, at this juncture, no possibility of coming to an agreement for either party. I think what’s more likely is that the ILA is outspoken on this issue to remind the [USMX], and remind the public in general as well, that the strike that concluded recently with the framework agreement around wages, just wasn’t about wages — that automation is still an area that the ILA leadership are very concerned about, but also that they’re going to continually assert that their jobs can’t be replaced by automation.

What I suspect will happen, and I could be wrong about this, we don’t know what the future holds, that they will come to an agreement that reaffirms the job protections that ILA members already have under the current agreement that they’re still working under. That agreement might be enhanced with additional language that specifies that whether it’s the use of these partially automated cranes or whatever the other technologies may come, that there will be job guarantees that ILA members will get the right to work and maintain the new technologies.

Mike Short

President of Global Forwarding at C.H. Robinson

As of right now, it is looking increasingly likely that the ILA will strike again in January. Negotiations have yet to resume and both sides have released statements that suggest they are willing to allow another strike. To prepare, we have been working with our customers to develop plans that mitigate supply chain risks in the event of a strike. For some, this has included switching ports, front-loading freight, adjusting inventory needs, or pivoting to air.

West Coast ports are already congested, as many shippers front-loaded freight to receive inventory before Lunar New Year and potential tariff changes, so it hasn’t been as simple as switching back and forth between coasts. We’re watching volume shifts closely to bring forward the best options that keep our customer’s supply chain moving during potential disruptions. If the strike happens, we will be prepared.

Brian Nemeth

Global Co-leader of Logistics and Transportation, Partner and Managing Director at AlixPartners

I would say where we are now it’s 50/50 and every day that goes on, where there’s not a conversation and a negotiation conversation that’s occurring, it increases. But I would say where we’re at now, it’s basically a coin toss.

My understanding from what I’ve heard at this moment is there hasn’t been any major conversations since about November 13-ish, I may be off on the exact date, but let’s say roughly a month ago where this absolute no to automation statement kind of popped through more strongly.

My understanding is there hasn’t been conversations or substantive conversations since, and that’s obviously not very conducive to finding a solution if no one’s talking through.

Peter Tirschwell

VP for Maritime and Trade at S&P Global Market Intelligence

Whether or not the ILA will strike again in January depends on the ocean carriers’ appetite for being in the public eye. In October, the carriers ended up having to agree to a 62% pay increase to the union, and they may be hesitant to go down the same road especially given the possibility that president-elect Trump will back the union as President Biden did.

Lars Jensen

CEO of Vespucci Maritime, speaking on the Freight Buyers’ Club podcast

Photo: LinkedIn

End game as I see it is that the carriers/USMX are going to lose this battle. I think that is more or less a forgone conclusion. The only question is how do they want to lose it? They’re going to have to lose it in a way that makes it the easiest to pass on these costs to the customers. That means it is in their interest that the strike is as long as possible [and] as painful as possible. When this is all set and done, it is easier for them to then go to all the U.S. importers and exporters and [say] basically either the base rate has gone up by ‘X’ dollars’ or ‘let’s introduce a new surcharge.’

At the end of the day, if they’re going to lose this fight, the more visible it is that they [USMX] have been browbeaten by a combination of the U.S. administration and the ILA, the easier it’s going to be for them to force through rate increase to compensate them for this.

Editor’s note: This story was first published in our Logistics Weekly newsletter. Sign up here.

https://www.supplychaindive.com/news/will-ila-strike-january-experts-respond-usmx-negotiations/735862