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Brazil bets on plastics despite global uncertainties
Brazil bets on plastics despite global uncertainties
Sao Paulo, 28 March (Argus) — Brazil's plastics industry expects investments of R10.5bn/yr ($1.8bn/yr) for the next few years despite potential tariff threats that could upend trading relationships, plastic industry association Abiplast said. Factory expansions, advancements in sustainable packaging, new recycling technologies and enhancements in reverse logistics will fuel the investments, the association said at its Plasticos Brasil industry event. Despite the optimism, Latin American polymers markets are experiencing a period of uncertainty caused by global market disruptions resulting from tariff threats by US president Donald Trump and other factors. The threats of tariffs and retaliations has disturbed traditional plastic resin flows, resulting in lower prices throughout the region, with the effects most evident in the region's largest market, Brazil. A global polymer trader told Argus that polyethylene (PE) prices have reached record lows, with high-density polyethylene (HDPE) blow molding grades dropping close to $900/t during the week, compared with the $1,040–1,080/t range on 27 February. Other PE grades, as well as polypropylene (PP) prices, have followed a similar downward trend. On the other hand, offers of low density polyethylene (LDPE) and linear low density polyethylene (LLDPE) grades are limited, but the scarcity is not pushing these grades upward, according to the source. Instead of taking advantage of discounts, many buyers are postponing purchasing decisions in anticipation of further price drops, leading to fewer deals. Resin produced in the US and the Middle East is also being sold by Chinese traders at prices significantly lower than fresh offers from the original producers. These additional volumes, offered as re-exports, have depressed global prices, particularly in Latin America and especially in Brazil. As a result, some traders continue to lose market share in Brazil, they told Argus. This trend is part of a downturn in the petrochemical industry's cycle, which some traders said will persist for at least a couple more years. Despite these challenges, many market participants were emphatic that they closed many contracts and that they remain optimistic. Regional developments Brazilian chemical giant Braskem told Argus that Mexican joint venture Braskem Idesa's new ethane import terminal is scheduled to start up in May. With the move, the Mexican JV will serve all of its PE plant's feedstock needs with ethane imported from the US. It remains unclear if the Trump administration's threats about imposing fees on Chinese-made vessels when they dock in US ports could impede Braskem's strategy in the region. Braskem's first vessel, the Chinese-built 19,000t Brilliant Future , recently began transporting ethane to Braskem Idesa's complex from the US and a second vessel, with similar specifications and the same route, will be delivered in June. Brazil's Unipar Carbocloro new $35mn plant in Camacari, in northeastern Bahia state, is gradually ramping up its capacity utilization as operations start, with an official opening scheduled for early April. The plant is designed to produce 10,000 t/yr of chlorine, 12,000 t/yr of caustic soda, 25,000 t/yr of hydrochloric acid and 20,000 t/yr of sodium hypochlorite. Unipar could upgrade it for PVC production someday. Unipar also said that the gradual resumption of operations at its Bahia Blanca, Argentina, plant is progressing as planned. The plant went off line on 7 March because of torrential rains. By Fred Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
India approves P and K subsidy for kharif 2025
India approves P and K subsidy for kharif 2025
London, 28 March (Argus) — The Indian government has approved the nutrient-based subsidy for phosphates and potash fertilizers for the kharif season, which runs from April until September. It has approved a total budget of 372.16bn rupees ($4.35bn) for the kharif season, which is 130bn rupees higher than the subsidy for rabi 2024-25 and around 128bn rupees higher than the allocation for kharif last year . The government said that the increased subsidy reflects the recent trends in international prices of fertilizers and inputs. The new rates are largely in line with the proposal made by the Inter-Ministerial Committee (IMC) in February, although the rate for DAP is slightly lower than the initial proposals as are the rates for the NPK grades, which moved according to the hike in the rate for P2O5. The subsidy for MOP will remain at Rs2.38/kg, unchanged on the level for the rabi season as proposed in September. This will give a per tonne subsidy rate for MOP of Rs1,428. The subsidy for phosphate will rise by 42pc from Rs30.80/kg for the rabi season to Rs43.60/kg. The subsidy for nitrogen will remain at Rs43.02/kg. This will give a per tonne subsidy rate for DAP of Rs27,799, a rise of Rs5,888/t from the base subsidy for rabi, slightly lower than the expected rise of around Rs6,000/t. The government will probably extend the Rs3,500/t special additional subsidy for DAP into kharif, bringing the total subsidy for DAP up to Rs31,299/t. The maximum retail price for DAP will remain at Rs27,000/t. At current market prices, DAP importers' margins will remain negative. The government will probably continue to compensate importers for losses on DAP, but there is no indication that Indian DAP producers will also receive compensation for losses. The rates for NPK grades have moved up according to the hike in the rate for P2O5. The new subsidies are as follows for the following key import grades when compared with the rates for rabi: 10-26-26 - Rs16,257/t, up by 26pc 20-20-0+13 – Rs17,663/t, up by 18pc 12-32-16 – Rs19,495/t, up by 27pc 15-15-15+9S – Rs13,585/t, up by 19pc A total of 28 fertilizer grades are included in the scheme. By Julia Campbell and Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
ISCC aware EU mulling certification recognition: Update
ISCC aware EU mulling certification recognition: Update
Adds comment from the European Commission London, 28 March (Argus) — The ISCC, an international certification system for sustainability, said today that it is aware of discussions in an EU committee about future recognition of its certification for waste-based biofuels. It said there is no legal basis for any planned measures. Industry participants said yesterday that the EU Committee on Sustainability of Biofuels, Bioliquids, and Biomass Fuels is drafting implementing regulations that would include a two-and-a-half year pause to obligatory acceptance of ISCC EU certification for waste-based biofuels. "This action is said to be subject to further legal scrutiny and will need approval by member states," the ISCC said. Currently, member states accept EU-recognised voluntary scheme certification as proof that fuel or feedstocks are compliant with the bloc's Renewable Energy Directive (RED) sustainability criteria. Market participants told Argus that discussions have centred around giving individual countries more choice. "Other voluntary schemes would not be able to fill the gap. The measure would be a severe blow to the entire market for waste-based biofuels and would seriously jeopardise the ability of the obligated parties to comply with blending mandates," the ISCC said. The ISCC has been singled out in a discriminatory way and has supported European Commission and member states' investigations into alleged fraud, it said. "We are more than surprised by this step […and] are unable to see the rationale of the planned measure, which seems ad hoc and baseless," it added. Secretary-general of the European Biodiesel Board (EBB) Xavier Noyon told Argus that, if confirmed, the suspension would affect thousands of operators. "At this time, member states are refusing to comment, and we call on the commission to urgently clarify any decisions of this nature that are on the table," he said. The EBB published its own proposed revision to the RED implementing legislation last month, which expanded the supervisory power of member states over voluntary schemes and certification bodies. The European Commission confirmed that the committee met on 26 March to discuss sustainable certification, promotion of biofuels, avoidance of double counting, and alleged fraud. "We are still working on our examination of this alleged fraud in biodiesel imports from China," said commission energy spokesperson Anna-Kaisa Itkonen. But the commission has not taken any decision yet and cannot allude to "possible" scenarios, she said. By John Houghton-Brown, Simone Burgin and Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
UK steel importers oppose other countries' caps
UK steel importers oppose other countries' caps
London, 28 March (Argus) — Steel importers in the UK suggest the imposition of a cap on any other countries' quotas could effectively stop trade, given the small volume of the quotas. In a recent submission to the Trade Remedies Authority, UK Steel said 15pc caps should be introduced on other countries quotas for hot-dip galvanised, plate and rebar. But in its submission to the TRA, trading firm Salzgitter Mannesmann argues that any cap based on a percentage of the quota "will ultimately most likely remove rather than reduce imports as shipments from many third countries, notably the far east, require a certain base volume to ship economically to the UK". Other trading firms and service centres told Argus they share the same view. Salzgitter Mannesmann also suggested a new country quotas for individual importers be added to the safeguard based on their imports over the past two or three years. The only local producer of hot-dip galvanised coil, Tata Steel, would be likely to argue against this as volumes from some countries, notably Vietnam, have increased dramatically in recent years. Salzgitter Mannesmann also suggests Tata Steel cannot produce hot-rolled coil over 1.85m wide, for which the UK has to totally rely on imports. Traders have for some time argued that there should be no import constraints on material, such as 2m wide, as there can be no injury to the producer on grades it cannot produce. Service centre Sebden Steel said the current measures make it "impossible" for the UK to be flooded with cheap foreign imports, and that people are "misinformed by mainstream media and UK Steel". "The UK producer is in a safe place already and any additional measures will only serve to cause injury to independent steel service centres, independent steel stockholders and the UK manufacturing base, which will all be faced with a further tightening of the supply chain and increased costs," it said. Importers, unsurprisingly, question why Tata Steel, now a re-roller until its electric arc furnaces are installed, can import on much more favourable terms than others. Tata has a much bigger quota than the rest of the market, at around 2.3mn t, but the main problem for importers is that the company has fewer constraints on where it can source, with only a 40pc cap on any given country within that quota. Independent service centres, which all compete with Tata Distribution, can only import much smaller quantities from different locations, given the fragmented composition of quotas; the other countries quota for 1A, for example, is less than 100,000 t/yr. EU mills have far and away the largest quota to sell 1A HRC into the UK, but given their higher costs compared with Asian producers, they struggle to compete; Tata's imports come from all over the world, as well as some from its sister mill in IJmuiden, the Netherlands. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Argus Asia-Pacific Crude and Products Online Forum
Argus Asia-Pacific Crude and Products Online Forum
Global wheat market frenzy: Strong, volatile competition with Canadian wheat
Global wheat market frenzy: Strong, volatile competition with Canadian wheat
Argus Battery Materials and Rare Earths Market Outlook
Argus Battery Materials and Rare Earths Market Outlook
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