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Latin America Stories: Weekly Summary

Mexico’s chemicals H1 output falls 4.4%, manufacturing up 2%
Mexico’s chemicals output fell by 8.3% in June, year on year, contributing to a fall of 4.4% in the first half of 2023, the country’s statistics office Inegi said on Friday.

Brazil’s Unigel suspends fertilizers production at Laranjeiras on gas costs
Unigel has now suspended operations at its nitrogen fertilizers plant in Laranjeiras while continuing dialogues with “public agents and authorities” to negotiate better natural gas prices, the Brazilian producer confirmed to ICIS on Friday.

Brazil’s Unipar still pursuing controlling stake at Braskem – CEO
Unipar’s non-binding offer to acquire a controlling stake at Braskem may have expired but it continues “debating” the transaction with the company’s shareholders, the CEO at the Brazilian chemicals producer said on Friday.

Brazil’s inflation picks up to nearly 4% in July on higher fuel costs
Brazil’s annual rate of inflation picked up in July to 3.99%, up from June’s 3.16%, due to the end of a tax break, among other price falls, the country’s statistical office IBGE said on Friday.

Mexico’s central banks keeps rates at 11.25%, expects inflation within target in Q4 2024
The Bank of Mexico (Banxico) on Thursday kept the main interest rate benchmark unchanged at 11.25% as inflation remains higher than its target.

MOVES: EuroChem appoints Gustavo Horbach as head of South America
EuroChem has appointed Gustavo Horbach as head of South America, effective immediately, the European fertilizers major said on Thursday.

Polymers recovery pushed to 2025 as China woes continue amid overcapacities – Braskem
The upcycle for global petrochemicals and polymers will only occur from 2025 onward as the market deals with slower-than-expected growth in China and overcapacities, the CFO at Brazil’s Braskem said on Wednesday.

Colombia single-use plastic tax implementation marred by confusion – trade group
The tax on single-use plastics implemented in Colombia this year still lacks key aspects to be regulated, leading to confusion among companies, according to an executive at main industrial trade group Andi.

Domestic PP prices increase in Colombia on higher overseas offers
Domestic polypropylene (PP) prices increased in Colombia due to higher offers from overseas. In other Latin American countries, local prices remained unchanged.

Source : ICIS Editorial