Obbligazioni societarie Monitor bond Chimica Europa

[lorenzo63]

.EU Crt Upholds Cartel Fine On Akzo Nobel;Reduces Hoechst Fine

LUXEMBOURG (Dow Jones)--A European court has upheld fines imposed on Dutch chemicals company Akzo Nobel NV (AKZA.NV) and France's Arkema (AKE.FR), who were found to have participated in a cartel in an industrial chemical.

The European Court of First Instance lowered the fine on a third company, Germany's Hoechst by 10% to EUR66.63 million, saying the company had owned up to its participation in the cartel so aiding the investigation.

Europe's antitrust regulator, the European Commission, imposed the fines in 2005 for anti-competitive conduct on the Monochloroacetic Acid market. MCAA is an industrial chemical used in the making of various products such as detergents, adhesives, textiles and thickeners for food, drugs, and cosmetics.

Akzo Nobel faced the largest fine at EUR84.38 million, followed by Hoechst at EUR74.03 million and then Arkema (then known as Atofina) at EUR58.5 million.

 

[lorenzo63]

Una piccola carrellata su DSM:UPDATE: DSM Beats Views With 3Q Guidance As Demand Pick

AMSTERDAM (Dow Jones)--Dutch chemicals and nutrition company DSM (DSM.AE) surprised the market Thursday with a better-than-expected trading update for the third-quarter, saying that customer demand picked up in some markets, although it declined to give a full-year outlook.

In a statement released in connection with an investors' day presentation, DSM said that customer demand in some markets improved during the third quarter, although it declined to give a full-year outlook due to market uncertainty.

"The extent to which this improved demand will be sustained in the coming quarters remains uncertain", Chief executive Feike Sijbesma said in a statement.

Investors were pleased with the comments and by 0900 GMT, DSM shares traded 2.9% higher at EUR28.08 on an overall lower AEX market in Amsterdam.

DSM came with a "blow-out trading update", as its guidance for the third-quarter was much better than expected, said RBS analyst Mutlu Gundogan. "The potential risk of temporarily lower demand in the summer months did not materialize", KBC securities analyst Wim Hoste added.

Both analysts rate DSM at buy and said they are likely to lift their earnings per share forecasts for 2009.

In the past quarters, DSM has been hit hard by plummeting demand from the construction, automotive and coatings markets.

The Dutch company Thursday said it expects third-quarter operating profit from continuing operations and before exceptional items of around EUR116 million. Last year this figure came in at EUR267 million.

However, due to a better performance by the two Materials Sciences units and the Base Chemicals & Materials unit in July and August, operating profit is expected to double compared to the EUR58 million in the second quarter.

Meanwhile, the company's Base Chemicals & Materials cluster is expected to be loss-making in 2009 despite a "strong" improvement, it added.

 

[lorenzo63]

Ancora DSMSM Contributes To World Record For Most Efficient Solar Module

24 settembre. Un passo miliare nella costruzione dei pannelli solari foovoltaici..

Royal DSM N.V., the global Life Sciences and Materials Sciences
company headquartered in the Netherlands, announces today that its
KhepriCoat(TM) anti-reflective coating system has contributed to
achieving the highest energy conversion ever of a full-size solar
module.
The world record of 16.4%, achieved by the Energy Research Centre of
the Netherlands (ECN), was verified by global certification and
testing organization T??V. The previous record of 15.5% from 1998 was
broken by an impressive 0.9 percentage point. A significant part of
this efficiency improvement can be attributed to DSM's coating.
The new record efficiency of 16.4% means a substantial step in the
ongoing quest to bring solar energy closer to "grid parity", the
point at which solar energy is equal to or cheaper than conventional
electricity. This would make it broadly accessible to both industrial
and residential users without state and/or government subsidies. The
successful utilization of DSM's KhepriCoat(TM) anti-reflective
coating confirms its performance leadership and will contribute to
the speed of implementation of anti-reflective coatings in the
rapidly growing solar energy market.
Due to an ever increasing demand for generation of sustainable
energy, solar power will play a critically important role in future
energy supply. To enable these developments, innovative companies
like DSM are constantly working on technology breakthroughs that
allow a significant cost reduction in solar systems.
One such breakthrough has been the development of DSM's
KhepriCoat(TM) anti-reflective coating on solar glass, which offers
the best performance in terms of light transmission, durability and
flexibility. Application of the coating to solar glass sheets has
shown an increase in light transmission of around 4%, leading to a
transmission rate of approximately 96% for wavelengths in the 400nm -
1200nm range.
Commenting on the new record, Paul Wyers, manager of ECN Solar
Energy, said: "The added value of anti-reflective coatings in
improving the efficiency of solar modules is significant. We were
glad we could make use of the latest technology in this field to set
our world record. Our cooperation with DSM helped us achieve a
premium conversion efficiency of 16.4% on a full-size solar module,
which is a huge leap from the previous record."
About Khepricoat(TM)
Khepricoat(TM) is the second commercial product in DSM's Functional
Coatings program, which focuses on applying DSM's proprietary coating
technology platform to various applications. In addition to coatings
for solar panels, DSM has already launched ??claryl picture glass
which makes framed pictures clearer, emphasizes colors better and
reduces the amount of reflection. ??claryl is currently available in
15 European countries. A US launch is being prepared

 

[lorenzo63]

DSM CEO: Sees Cost Savings Of EUR150M-EUR200M In 2010

AMSTERDAM (Dow Jones)--Dutch chemicals and nutrition company Royal DSM NV (DSM.AE) expects cost savings in 2010 to come in the range of EUR150 million to EUR200 million, Chief Executive Feike Sijbesma said Thursday during an analyst conference call.

DSM previously forecast cost savings in 2010 to be "tens of millions more than" EUR125 million.

Earlier Thursday, DSM surprised the market with a better-than-expected trading update for the third quarter, saying that customer demand picked up in some markets, although it declined to give a full-year outlook.

-By Maaike Noordhuis; Dow Jones Newswires; +31-20-5715-200; [email protected]

(Adds detail, comment)

AMSTERDAM (Dow Jones)--Dutch chemicals and nutrition company Royal DSM NV (DSM.AE) expects cost savings in 2010 to come in the range of EUR150 million to EUR200 million, Chief Executive Feike Sijbesma said Thursday during an analyst conference call.

DSM previously forecast cost savings in 2010 to be "tens of millions more than" EUR125 million, to weather the economic downturn.

The company's cost-savings program includes 1,250 job cuts, of which 500 were made in the second quarter, partly by the closure of a citric-acid factory in China. Sijbesma said that the recession isn't over yet, and that after the crisis, demand will mainly be driven by emerging markets like China and India.

DSM aims to generate $1.5 billion revenue from China by 2010, from $1.15 billion in 2008.

Earlier Thursday, DSM surprised the market with a better-than-expected trading update for the third quarter, saying that customer demand picked up in some markets, although it declined to give a full-year outlook.

 

[lorenzo63]

DSM CFO: Co To Leave Dividend Policy Unchanged

AMSTERDAM (Dow Jones)--Dutch chemicals and nutrition company Royal DSM NV (DSM.AE) will leave its dividend policy unchanged, Chief Financial Officer Rolf-Dieter Schwab said Thursday during an analyst conference call.

For 2009, DSM will pay an unchanged interim dividend of EUR0.40 an ordinary share, representing one-third of the total dividend paid for 2008.

DSM's dividend policy is "to provide a stable and preferably rising dividend", the company said on its Web site.

Earlier Thursday, DSM surprised the market with a better-than-expected trading update for the third quarter, saying that customer demand picked up in some markets, although it declined to give a full-year outlook.

 

[lorenzo63]

DSM: (un po') di develeraging...

01 ottobre 2009

Royal DSM N.V., the global Life Sciences and Materials Sciences
company headquartered in the Netherlands, announces today that it has
finalized the sale of DSM Energie Holding B.V. (DSM Energy) to TAQA
Abu Dhabi National Energy Company PJSC on 30 September 2009.
The disposal consists of the participations which DSM has in oil and
gas exploration and pipelines, including the 40% participation in
Noordgastransport.
DSM will report a book profit of EUR 270-275 million after tax on the
sale as an exceptional item in the income statement in Q3 2009.

 

[lorenzo63]

Air Liquide: China: Major Contract With SMIC, in Shenzhen

Air Liquide(Paris:AI):

The electronics market in China experienced sequential improvement in the second quarter of 2009. Shenzhen Grand Industrial Zone (SGIZ), a major industrial park based in Guangdong Province, stands at the forefront of China's electronics industry. High-tech industries have been the number one pillar industry of Shenzhen.

Air Liquide has just signed a long-term contract with the leading integrated circuit foundry in China, Semiconductor Manufacturing International Corporation (SMIC), for its new 200mm and 300mm wafer fabs in Shenzhen. Under the terms of the contract, Air Liquide will supply SMIC with carrier gases including nitrogen, oxygen, hydrogen, argon and compressed air, as well as specialty gases, with start-up scheduled early 2010. To support this contract and the development of the electronics industry in South China, Air Liquide will invest in various facilities and production units, with the first phase of this plan amounting to EUR13 million.

Founded in April 2000, SMIC is the world's 3rd largest semiconductor foundry, and mainlandChina's largest and most advanced foundry, providing integrated circuit foundry and technology services. In January of 2008, SMIC decided to invest US$1.58 billion to build two new production lines and a R&D centre in SGIZ, northeast of Shenzhen city.

Air Liquide and SMIC have a long-term partnership. Since 2001, Air Liquide has been supplying Electronic Specialty Gases (ESG) to SMIC's fabs in China (in Shanghai, Beijing, Tianjin and then Chengdu). In 2008, Air Liquide began supplying carrier gases to its 300mm wafer fab in Wuhan.

Samuel Tsou, SMIC Vice President of Facilities, said: "Shenzhen is an important base for the IC industry in China. Building a new IC production project in Shenzhen, the first facility producing wafers larger than 200mm in South China, is of strategic importance to both SMIC and the city. We naturally decided to entrust our industrial gas needs to Air Liquide again.Air Liquide is our partner in our geographic expansion and we benefit from its worldwide expertise."

Li Yong, Director of the SGIZ investment bureau, declared: "We are happy to have Air Liquide, partnering with SMIC, settled in SGIZ, to improve the infrastructure of industrial gas in the Zone and serve electronics, TFT-LCD and PV customers in the near future."

Francisco Martins, Vice-President World Business Line Electronics of the Air Liquide Group, declared: "Following the successful cooperation with SMIC on numerous projects, we are very proud to expand this relationship by supplying SMIC in the strategic Shenzhen area. This new contract attests to our ability to supply electronics customers with products and services that meet the highest standards. This fits well with Air Liquide's strategy of bringing the industrial gas infrastructure required by electronics to the Shenzhen area, including the semiconductor, TFT-LCD and PV industries. High tech is a long-term growth driver for the Group."

Air Liquide Electronics

With 3,000 employees and EUR1,044 million in revenue in 2008, Air Liquide Electronics has activities in ultra-pure and specialty gases, new molecules, related equipment and customized services.

The Electronics World Business Line Head Office is based in Asia, leveraging its proximity to the semiconductor, TFT-LCD and PV markets.

Air Liquide in China

Air Liquide's presence in China began in the early 20th century. It returned in the 1970s, supplying air separation units. In 1990, Air Liquide began to set up gas operations and invest in production facilities in China. Currently, Air Liquide employs more than 2,500 people and has more than 30 entities in China. Air Liquide operations are located in many key industrial areas of China: Beijing / Tianjin / Liaoning / Shandong in the north, Shanghai / Jiangsu / Zhejiang in the east, Sichuan/Hubei in the west, and expanding in Guangdong in the south.

Air Liquide is the world leader in gases for industry, health and the environment, and is present in over 75 countries with 43,000 employees. Oxygen, nitrogen, hydrogen and rare gases have been at the core of Air Liquide's activities since its creation in 1902. Using these molecules, Air Liquide continuously reinvents its business, anticipating the needs of current and future markets. The Group innovates to enable progress, to achieve dynamic growth and a consistent performance.

Air Liquide combines many products and technologies to develop valuable applications and services not only for its customers but also for society. Innovative technologies that curb polluting emissions, lower industry's energy use, recover and reuse natural resources or develop the energies of tomorrow, such as hydrogen, biofuels and photovoltaic energy... Oxygen for hospitals, homecare, fighting nosocomial infections...

A partner for the long term, Air Liquide relies on employee commitment, customer trust and shareholder support to pursue its vision of sustainable, competitive growth. The diversity of Air Liquide's teams, businesses, markets and geographic presence provides a solid and sustainable base for its development and strengthens its ability to push back its own limits, conquer new territories and build its future.

Air Liquide explores the best that air can offer to preserve life, staying true to its sustainable development approach. In 2008, the Group's revenues amounted to EUR13.1 billion, of which almost 80% were earned outside France. Air Liquide is listed on the Paris Euronext stock exchange (compartment A) and is a member of the CAC 40 and Dow Jones Euro Stoxx 50 indexes.

 

[lorenzo63]

Sempre inerente la tensione sui prezzi delle mp chimiche..

Qui dice che anche a causa del prezzo alto del petrolio ed alla domanda bassa (io credo ben di piu' alla seconda cosa) non si spunta un prezzo decente per il benzene ... Ricordo che il benzene è alla base di tanti anzi tantissimi prodotti ... Qui cita il Policarbonato ed altro, ma in realtà è il precursore di molto ma molto di + .. Ora nella parte terminale dell' articolo vi è qualche crtica circa la gestionedegli aiuti pubblici (banche e non aziende) .. Questo articolo, pero', mi dà la stura per quanto riguarda la ripresa tanto sbandierata .. ma se i prodotti di base non ripartono??? Che ripresa sarà mai?




High energy prices amid historic high inventories of distillates may signal entrenched stagflation that could delay recovery in US benzene markets, participants said on Friday.

Too much money was moving in energy commodities and supporting crude oil prices in the upper $60s/bbl or higher, according to refiners and benzene producers. At the same time, demand remained low for crude-oil products.

If crude oil prices remain high and the downward price trend continues for benzene, participants said US producers may look to buy the benzene instead of make it.

Benzene is the largest-volume aromatic chemical feedstock and depends heavily on demand from packaging and consumer goods markets, as well as the automotive and construction sectors. But end-user demand for benzene is weak across the board, from styrenics to polycarbonate (PC), nylon and even phenolic resins.

“We would like to see crude around $60/bbl, toluene and gasoline under $2/bbl. The benzene contract could be $2.50/gal and that would be fine for everyone,” a US Gulf coast producer said.

“It would give stability to pricing and leave margin at each link in the chain. As it is, the bullish commodity markets are hurting us,” the producer said.

September benzene contracts dropped 24% from August to $2.79/gal, and spot prices have since ebbed lower still to $2.60-2.73/gal FOB (free on board) US Gulf on 24 September.

The gravity of the situation for high-cost, low-demand aromatic feedstocks was highlighted by the negative spread of spot mixed xylenes (MX) to toluene, where toluene values have only recently backed away from benzene prices in the $2.45-2.65/gal band.

Under normal circumstances, aromatics producers need to achieve higher prices for xylene than toluene to ensure sustainable profit margins. Spot toluene was notionally near parity with MX, in the $2.10s/gal, after weeks of 10-cent or greater premiums.

In The Plaza Group’s monthly chemicals report, company vice president Wilf Kimball said the 86 cent/gal reduction in benzene contracts from August to September rattled the market’s expectations.

Kimball cited “some rationale for a further reduction, but forward month trades are showing only a modest 5 -10 cent differential. Our opinion is for the balance of 2009 ... there will not be an appreciable difference in pricing.”

Benzene prices will get no boost from end users, who see demand remaining weak.

“Some benzene customers are telling me they’re on the bottom of the demand curve and see nothing improving,” a seller said.

“Even if demand is up a few percent next year, you have to remember these guys’ business was down 50% after last year. That’s the stark cold reality,” the seller said.

Although product prices and demand are declining, NYMEX crude oil values have remained firm between $65-75/bbl for months, leaving refiners to be bludgeoned by an inability to preserve margin in refined products, participants said.

“Cutting back utilisation increases per-unit cost and just makes things worse, and still they need to do more,” a US aromatic feedstocks producer said.

According to the Department of Energy (DOE), capacity utilisation of US refineries was at 85.6%. US benzene producers estimated that production would outpace demand at any rate above 80%.

“There really are no positive expectations for domestic benzene in the near term,” a producer said.

Indeed, talk of a general economic recovery is premature, said a commodities analyst in Houston.

“You like to think you’re at the bottom, that you’ve fired everyone you’ll have to fire,” a styrene producer said. “But the bailouts and infusions and government spending now seem to be frittered away and doing nothing for the economy or for infrastructure.”

At the current pace, that point in the future when chemical markets recover is getting farther away.

Major US benzene producers include BP Chemical, ExxonMobil, Flint Hills Resources, LyondellBasell, Shell, Sonoco and Total.

 

[lorenzo63]

Anche in questo caso, il Butadiene (uso: in comnìbinazione con altri polimeri caracsse elettrodomestici, parti per auto, gomme etc.) prezzi previsti al ribasso.. ma velocemente...



SINGAPORE (ICIS news)--Asia butadiene (BD) prices plunged $250/tonne (€170/tonne) or 15% over a two-week period, with expectations of further declines in October as demand shrinks while inventories rise, industry sources said on Wednesday.

Spot BD plummeted to $1,450-1,500/tonne CFR (cost and freight) northeast (NE) Asia in the week ending 25 September, its second straight week of declines, as additional supply flooded the market following the start-up of three new BD units in China this month.

Some traders with available cargoes have opted to sell immediately before prices again take a nosedive in the absence of demand from the key China market, said a Korean trader.

The Chinese market will be closed on 1-8 October in observance of China's National Day.

“The Chinese has no interest to import BD given the surplus BD stocks and weak market conditions in China,” a Korean trader said.

“We expect BD prices to drop further to $1,200/tonne CFR NE Asia as there is too much supply in China and demand is very weak,” said a Chinese synthetic rubber producer.

Prior to the mid-September crash, BD more than doubled its value to above $1,700/tonne CFR NE Asia from $700/tonne CFR NE Asia in early June.

Additional supplies from three new plants coming at a time of poor demand, however, triggered the severe price decline.

Fujian Refining and Petrochemical Co (FREP) started up its new 120,000 tonne/year BD unit on 15 September in south China, while Liaoning Panjin Ethylene’s new 100,000 tonne/year BD unit in northeast China also commenced production around the same time.

A third producer - Dushanzhi Petrochemical - also started up its new 145,000 tonne/year BD unit in Xinjiang, west China in the middle of the month.

Meanwhile, demand from China is expected to deteriorate following the slapping of punitive tariffs by the US on imports of Chinese tyres over three years, market sources said.

Effective from 26 September 2009, China-made tyres for passenger vehicles and light trucks will be slapped with an extra 35% tariff by the US on the first year of implementation. The extra tariff rate will decline to 30% in the second year and 25% in the third year.

China is a major importer of synthetic rubber which is used in the manufacture of tyres for the global automotive industry.

The US’ decision to impose heavy tariffs on Chinese tyres has dampened sentiment, prompting several Asian synthetic rubber producers to cut output, industry sources said.

Several synthetic rubber producers in Asia, including China’s Shen Hua Chemicals, Taiwan’s TSRC Corp and Korea Kumho Petrochemical Co (KKPC) have either shut down or cut operating rates at their styrene butadiene rubber (SBR), butadiene rubber (BR) and nitrile rubber (NBR) plants.

“Demand for synthetic rubber is very weak and we have shut down our BR plant since mid September,” said a company source at Taiwan’s TSRC.

TSRC’s 54,000 tonne/year BR rubber plant in Kaohsiung, Taiwan will be shut for about a month, he added.

“We expect demand in China to be weak for October and November. We will shut down our 180,000 tonne/year SBR plant in Nantong in October for three weeks for maintenance,” a source at Shen Hua Chemicals said.

Major Korean synthetic rubber producer, KKPC, may extend the shutdown of its 480,000 tonne/year SBR plant and 50,000 tonne/year NBR plant in Ulsan, South Korea in October if market conditions remain poor, a company source said.

The SBR and NBR plants were originally scheduled to shut for 10 days in October.

 

[lorenzo63]

L' etilene (ed il prezzo) è il driver .....Come già detto in altri post...
Quindi attenzione alla parte nerettata


HOUSTON (ICIS news)--The US ethylene market reached a long-awaited three-month settlement on Thursday, putting September contract prices at 34.50 cents/lb ($761/tonne or €517/tonne), market sources said.

According to sources, the monomer settled down 3.75 cents/lb for July, up 2.75 cents/lb for August and up 2.00 cents/lb for September.

US ethylene for June settled at 33.50 cents/lb, according to global chemical market intelligence service ICIS pricing.

The three-month settlement puts July ethylene at 29.75 cents/lb and August at 32.50 cents/lb.

US ethylene usually settles at the end of the month being negotiated. However, contracts can remain unsettled if the market is unable to reach a consensus.

The ethylene market reached a three-month settlement at least once before, following Hurricane Rita in September 2005.

The latest impasse began in July, when buyers and sellers failed to agree on a reduction to match lower production costs that month, including a 7 cent/gal drop in the cost of ethane.

“We have all agreed to disagree,” a settlement participant said at the time.

Ethane is a key component in determining US ethylene prices because it accounts for more than 50% of the feedstock used to make the monomer.

Mont Belvieu ethane end-of-week prices in July averaged 44 cents/gal, down from 51 cents/gal in June.

Buyers and sellers resumed talks at the end of August, but by then the market had turned and ethane prices had increased to 49 cents/gal.

A new round of negotiations ensued but by the end of first week of September at least one settlement participant had moved to the sidelines, triggering the three-month standoff.

The outlook from the downstream markets indicates some softness for the monomer in October, and one source predicted a “big correction” in fourth-quarter prices.
Spot ethylene was pointing to that as prices dropped in the past week, losing about 10% in seven days.

Ethylene for October traded on Wednesday at 28 cents/lb, down from 31 cents/lb on 23 September.

US polyethylene (PE) exports, a bulwark for the market in recent months, were slowing down and that will likely mean less demand for the monomer going forward.

On the vinyls side, the sentiment for the domestic resin market was also weakening.

According to sources, US vinyls demand is seasonally slower in the fourth quarter, and demand for ethylene in that segment is also expected to drop.