S Korea September chemical exports fall 6.1%

S Korea September chemical exports fall 6.1%

The slump in South Korean exports eased further in September in a positive sign for an economy that depends heavily on trade, said Bloomberg.

Shipments adjusted for working-day differences decreased 2.1% from a year earlier, the customs office said Sunday. Headline exports fell 4.4% in September, compared with a 8.3% drop in the previous month. Economists had forecast a 9.3% decline. Overall imports fell 16.5%, resulting in a trade surplus of USD3.7 billion.

Korean exports began to sink late last year as semiconductor prices slid and demand from China weakened. Higher energy costs and interest rates have also weighed on the global demand that South Korea depends on to power its economy. Exports to US increased 9% in September, while those to China gained for a second month.

South Korea is one of the world’s largest exporters, with its manufacturers embedded in a wide swath of global supply chains. Its exposure to global trade makes the nation a useful indicator for the health of the world economy.

Policy makers have voiced hopes exports would return to growth by the end of 2023, with Finance Minister Choo Kyung-Ho saying last week shipments may turn positive in October. The latest breakdown on technology exports, which account for roughly a third of overall shipments, shows demand is starting to bounce back from a trough at the start of 2023.

The World Trade Organization said in August that global merchandise trade volumes turned up in the second quarter after two periods of decline, although uncertainties continue to cloud the outlook.

We remind, South Korea’s exports shrank last month for 11 consecutive months but signs of a recovery in demand for the country’s mainstay export item semiconductors, coupled with brisk Korean car sales overseas, have heightened expectations for a turnaround in exports in the last quarter of this year.

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Ultra low-sulfur diesel loadings from Russia's Primorsk to fall in October

MRC) -- Ultra low-sulfur diesel loadings from the Russian Baltic Sea port of Primorsk are set to fall in October by 80% month on month on a daily basis to 210,000 metric tons from 1.08 million metric tons scheduled for September, as per Reuters.

Last week, Russia temporarily banned exports of gasoline and diesel to cope with a domestic market shortage, but made some exemptions, including for transit cargoes. After the ban, Russian pipeline operator Transneft stopped export shipments of diesel fuel from Primorsk and the Black Sea's Novorossiisk port from Sept. 22.

Ultra low-sulphur diesel is shipped to Primorsk and Novorossiysk via the Transneft pipeline system. According to the market sources, diesel volumes planned for loadings from Primorsk in October originate from Belarus' refineries.

Transneft has not immediately replied to a request for comment. In 2021, Belarus and Russia entered into an agreement on transportation and transit transhipment for exports of petroleum products from Belarusian refineries via Russian ports.

Belarus' state energy company Belneftekhim declined to comment.

We remind, Russia may introduce quotas on overseas fuel exports if a complete export ban imposed last week does not succeed in bringing down persistently high gasoline and diesel prices, its Deputy Prime Minister Alexander Novak said. The government said in a statement late on Thursday that Novak told a meeting of senior managers at Russian oil companies that the ban on the export of gasoline and diesel had initially led to a fall in prices on the commodity exchange.

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Russia considers fuel export quotas to tackle high prices

Russia considers fuel export quotas to tackle high prices

Russia may introduce quotas on overseas fuel exports if a complete export ban imposed last week does not succeed in bringing down persistently high gasoline and diesel prices, said Reuters, citing Deputy Prime Minister Alexander Novak.

The government said in a statement late on Thursday that Novak told a meeting of senior managers at Russian oil companies that the ban on the export of gasoline and diesel had initially led to a fall in prices on the commodity exchange.

The Kremlin and Russia's energy ministry have said the current fuel export ban, announced on Sept. 21, will remain in place until the domestic fuel market stabilizes. Analysts expect it to last until the Russian harvest, and peak fuel demand, is over in a few weeks.

Any fuel export quotas are likely to be put in place after the lifting of the export ban and would be similar to Russian restrictions on cross-border fertilizer sales.

The idea of fuel market regulations similar to those for fertilizers was first put forward by President Vladimir Putin at a governmental meeting on Wednesday.

Moscow introduced temporary quotas on some of its fertilizer exports in late 2021 to ensure sufficient domestic supplies but has extended them continuously since. Although Russian domestic fuel prices initially eased on the local commodity exchange after the export ban, they crept up after an easing was announced over the weekend.

"As a result of the ban on the export of gasoline and diesel fuel, we saw a decrease in prices on the exchange. We expect a reduction in these prices to be transmitted to the small wholesale and retail segments, as well as to agricultural producers," Novak was quoted as saying.

"Price increases are unacceptable. If the situation does not change, strict regulatory measures will be taken, comparable to those in force on the fertilizer market," he added. Novak also told the meeting with oil producers to take urgent measures to reduce fuel prices at filling stations of oil producers and the independent companies.

We remind, Russian government has approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels as well as diesel with high content of sulfur. It also lifted restrictions on the export of fuel already accepted for export by the Russian Railways and Transneft before the initial ban had been announced last week. The ban on all types of gasoline and high-quality diesel remains in place.

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North America chem rail traffic rises

North America chem rail traffic rises

North American chemical rail traffic rose for a sixth consecutive week, with railcar loadings for the week ended 23 September up 8.8% year on year to 46,175, according to Association of American Railroads.

For the first 38 weeks of 2023 ended 23 September, North American chemical rail traffic was down 1.5% year on year to 1,723,125 loadings - with the US down 2.8% to 1,183,796.

In the US, chemical railcar loadings represent about 20% of chemical transportation by tonnage, with trucks, barges and pipelines carrying the rest. In Canada, chemical producers rely on rail to ship more than 70% of their products, with some exclusively using rail.

We remind, North American chemical rail traffic rose for a fifth consecutive week, with railcar loadings for the week ended 16 September up 2.0% year on year to 46,964. Increases in the US and Mexico more than offset a decline in Canada.

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LanzaTech announces collaboration with Dow to introduce bio-degradable cleaning solution

LanzaTech announces collaboration with Dow to introduce bio-degradable cleaning solution

LanzaTech Global, Inc., the carbon recycling company transforming waste carbon into sustainable raw materials, has collaborated with Dow to introduce a new biodegradable surfactant to the home care market, said Hydrocarbonprocessing.

Dow’s surfactant, EcoSense 2470, is made using LanzaTech’s CarbonSmart technology and ensures immediate market entry, while maintaining high-performance standards and advancing sustainability with recycled carbon materials. Surfactants are a critical ingredient for creating the foam and cleaning action of many household cleaning and laundry products.

LanzaTech’s biorecycling technology works like a brewery: proprietary bacteria consume carbon-rich pollution from industrial facilities, such as steelmaking plants, and convert it into CarbonSmart chemicals, such as ethanol. This ethanol can be converted into ethylene oxide, and subsequently used to produce surfactants.

This recycled carbon-based surfactant, marketed by Dow as EcoSense 2470, has versatile properties suitable for diverse home care applications.

“The capacity to provide cleaning solutions made from recycled carbon with outstanding effectiveness is a distinguishing factor that significantly influences the purchasing decisions of household consumers,” said Farooq Alam, Global Strategic Marketing Director, Dow Home Care. “EcoSense 2470 underscores our dedication to eco-conscious surfactant manufacturing, serving as the gateway to a sustainable future. It sends a resounding message to both home care brand owners and consumers that sustainability and superior performance work hand-in-hand harmoniously.”

“There is enough carbon above ground to make all the things we need,” said Jennifer Holmgren, CEO of LanzaTech. “We have been active in the ethoxylates space for several years, converting ethanol to surfactant ingredients, and with now Dow, our collaboration will enable us to greatly expand our reach in this market, which was valued at $19 billion in 2022. In this way, we can pave the way for recycled carbon home care products that deliver both sustainability and product quality. There is no need for compromise when doing good for the planet!”

The official launch of EcoSense 2470 will take place during a presentation at the Innovation Forum with Dow experts hosted during the SEPAWA Congress, held from October 26 – 28 in Berlin, Germany.

We remind, LanzaTech NZ, Inc. announced a funding partnership with Brookfield Renewable, and its institutional partners, to co-develop and build new commercial-scale production plants that will employ LanzaTech’s CCT technology, which transforms captured carbon into valuable raw material commodities.

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