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Brazil's Cade clears Braskem stake transfer
Brazil's Cade clears Braskem stake transfer
Sao Paulo, 17 July (Argus) — Brazil's antitrust watchdog Cade approved without restrictions the sale of Novonor's stake in petrochemical major Braskem to investment fund Petroquimica Verde, controlled by businessman Nelson Tanure. Initially disclosed in May , the R7.7bn ($1.38bn) deal involves the transfer of shares held by NSP Investimentos, a Novonor vehicle that owns 50.1pc of Braskem's voting capital. With the regulatory green light, the transaction now enters a 15-day legal window for third-party comments or potential review by Cade. The possible shift in control of Braskem, one of Latin America's largest petrochemical companies, could mark a strategic turning point. Petroquimica Verde, which has expressed interest in expanding its footprint in the sector, would assume the company's leadership if the deal is finalized. Despite the favorable ruling, key hurdles remain. Brazil's state-controlled oil company Petrobras, which holds approximately 47pc of Braskem's voting shares, has a right of first refusal. Additionally, unresolved issues related to financial liabilities and environmental claims, such as the land subsidence case in Maceio , in northeastern Alagoas state, continue to generate uncertainty in the market. Investors are closely monitoring the process. A change in ownership could bring shifts in governance and corporate strategy, potentially impacting the performance of Braskem's shares traded on the Sao Paulo stock exchange B3, the New York Stock Exchange NYSE and Madrid's Latibex exchange. Braskem's sale is critical for Novonor, which intends to use any proceeds to repay R14bn ($2.47bn) in debt to creditors. Novonor — formerly known as Odebrecht — is currently undergoing a judicial recovery process. Braskem is the largest producer of thermoplastic resins in the Americas and a leader in biopolymer production. Tanure, a Brazilian entrepreneur known for acquiring and restructuring distressed companies, has been involved in high-profile investments in sectors including energy and real estate. His portfolio includes stakes in power company Light, real estate firm Gafisa and independent oil company Prio. Braskem reported a first quarter profit of $114mn on 12 May, recovering from a $273mn loss a year earlier and a $967mn loss in the fourth quarter of 2024. By Fred Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
New tariff threat could disrupt Mexico GDP outlook
New tariff threat could disrupt Mexico GDP outlook
Mexico City, 16 July (Argus) — Mexico's association of finance executives IMEF held its 2025 GDP growth forecast steady at 0.1pc in its July survey but warned the outlook could deteriorate if the US raises tariffs to 30pc. The survey of 43 analysts maintained projections for year-end inflation at 4pc and for the central bank's benchmark interest rate to fall from 8pc to 7.5pc by the end of 2025. The sharpest variation came in formal employment, after Mexico's social security administration IMSS reported a net loss of 139,444 formal jobs in the second quarter. IMEF cut its 2025 job creation forecast to 160,000 from 190,000 in June — the seventh and largest downgrade this year. Job losses increased in April, May and June, "a situation not seen since the pandemic in 2020," IMEF said. "If this trend is not reversed, the net number of formal jobs could fall to zero by year-end." "It is still too early to call it a recession, but the rise in job losses is worrying," said Victor Herrera, head of economic studies at IMEF. "The next risk we face is in auto plants. Some halted production after the 25pc US tariff was imposed in April. They did not lay off workers right away — they sent them home with half pay. But if this is not resolved in the next 60-90 days, layoffs will follow." The July survey was conducted before US president Donald Trump said on 12 July he would raise tariffs on Mexican goods from 25pc to 30pc starting 1 August. "What we have seen in the past is that when the deadline comes, the tariffs are postponed or canceled," Herrera said. "Hopefully, that happens again. If not, you can expect GDP forecasts to shift into contraction territory." While the full impact would vary by sector, Herrera said the effective average tariff rate would rise from 4pc to 15pc, with most exports either exempt or subject to reduced rates under regional content rules. But 8–10pc of auto exports would face the full 30pc duty. IMEF expects the peso to end 2025 at Ps20.1/$1, stronger than the Ps20.45/$1 estimate in June. But the group warned that rising Japanese rates — which influence currency carry trades — and falling Mexican rates could put renewed pressure on the peso once the dollar rebounds. For 2026, the GDP growth forecast dropped to 1.3pc from 1.5pc, while the peso is seen ending that year at Ps20.75/$1, slightly stronger than the previous Ps20.90/$1 forecast. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU proposes support package for chemicals sector
EU proposes support package for chemicals sector
The measure aims to address high energy costs, global competition and weak demand, writes Dafydd ab Iago Brussels, 15 July (Argus) — The European Commission on 8 July proposed measures to support the EU chemicals sector, aiming to address high energy costs, global competition and weak demand. The plan includes extending emissions trading system (ETS) compensation to more producers and simplifying fertilizer registration rules. The commission says the simplification measures could save the sector €363mn/yr ($423mn/yr). The proposals are part of a broader plan to boost competitiveness and secure supply chains. A new Critical Chemicals Alliance will identify key production sites needing policy support, targeting trade issues such as supply chain dependencies and market distortions. The commission also pledged to apply trade defence measures more quickly and expand chemical import monitoring. Although the commission stopped short of proposing a Critical Chemicals Act — which would legally define specific chemicals for support — it named steam crackers, ammonia, chlorine and methanol as "essential" to the EU economy. The alliance will aim to align investment and co-ordinate support, including through the bloc's Important Projects of Common European Interest programme. The commission also defined low-carbon hydrogen and plans to allow more state aid for electricity-intensive chemical producers by year-end. It encouraged the use of carbon capture, biomass, waste and renewables. The plan uses "all levers" to put the sector back on a growth track, with measures to retain steam crackers and other key assets in Europe, EU industry commissioner Stephane Sejourne says. He also highlighted efforts to secure domestic demand for "clean and made-in-Europe chemicals". Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Alt-fuel ship orders fall in 1H25: DNV
Alt-fuel ship orders fall in 1H25: DNV
Sao Paulo, 15 July (Argus) — Ship orders for new alternative-fuelled vessels fell to 151 in the first half of 2025 compared with 179 a year earlier, according to Norway-based classification agency DNV. These orders represented 19.8mn gross tonnes, up by 78pc from the same period in 2024. LNG-fuelled vessels accounted for 87 of the new orders in the first half, followed by 40 methanol-fuelled ships, 17 LPG-powered vessels, and four hydrogen and three ammonia-fuelled ships. Orders stood at 19 in June, up from 16 in May, with two of these LPG-fuelled carriers. The total fleet of ships that could run on LPG stood at just over 150 in the final quarter of last year , with around 126 on order by 2028 following the latest additions, as orders lag other fuel types despite low prices because of safety issues and a lack of four-stroke engines. New orders, 1H 2025 Fuel Number of vessels LNG-fueled 87 Methanol-fueled 40 LPG-fueled 17 Hydrogen-fueled 4 Ammonia-fueled 3 DNV Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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