Market Flash

On July 28th, 2023, the European Food Safety Authority (EFSA) announced that the Panel on Additives and Products or Substances used in Animal Feed (FEEDAP) has issued a scientific opinion on the safety and efficacy of eucalyptus oil as a sensory additive

• eucalyptus oil

David Cherech, Manager of Business, Economic, and Transportation Policy at the Chemistry Industry Association of Canada (CIAC), recently stated that existing data shows that Canadian industrial chemical producers have had a difficult year

• CIAC

A significant industrial project, the Sop Acetic Acid Vinyl Acetate (VAM) and Ethylene Vinyl Acetate (EVA) project, was officially signed at the Zhenjiang Shipbuilding and Marine Engineering Equipment Industry Chain Integration and Development Conference.

• EVA

On July 26th, CNNC Titanium Dioxide Holdings issued a midday announcement stating that in light of the current international and domestic titanium dioxide market conditions, the pricing committee of its subsidiary.

• Titanium Dioxide

On July 27th, Chemours released its financial report for the second quarter of 2023 and announced the closure of its titanium dioxide factory in Guanyin, Taiwan.

• Chemours

Asian Paints, one of the leading paint companies in India, recently announced its financial results for the quarter ending June 30, 2023.

• Asian Paints

Egyptian Pharmaceutical Market General Overview

• pharmaceutical trend

The Chinese government has announced that it will "strictly control" the approval and size of new coal-to-chemical projects in a bid to strengthen the supply of coal to power plants.

• coal-chemical

Jiangsu Hengxing New Material Technology Co., Ltd. (Hengxing Technology) recently registered for an initial public offering (IPO) on the Shanghai Stock Exchange (SSE) main board, with plans to raise 900 million yuan.

• Hengxing

The chemical industry is facing a climate emergency and must take action to reduce its reliance on oil and gas.

• climate

Osaka Organic Chemical Industry, a high-end chemical manufacturer used in the production of chips in Japan, is betting on the potential market for Extreme Ultraviolet (EUV) lithography materials.

• EUV
• lithography materials

BCL Industries, a leading Indian agro-based company, has recently commissioned a new 200 KLPD ethanol expansion plant at their Bhatinda facility in Punjab, India.

• Ethanol

Recently, the European Chemical Industry Council (Cefic) announced that it expects chemical production in the 27 EU countries to decrease by about 8% from the previous year in 2023.

• chemical production

According to the European Union's Rapid Alert System for Food and Feed (RASFF) weekly report for week 29 of 2023, two cases involving Chinese food and related products have been reported.

• EU Alert

On July 12, 2023, the European Food Safety Authority (EFSA) announced that the Panel on Nutrition, Novel Foods, and Food Allergens (NDA) has issued that an ethanolic extract of the dried biomass of the microalga Phaeodactylum tricornutum as a novel food.

• Ethanol
• biomass

On July 20, 2023, the Canadian Ministry of Health released PMRL2023-38 notification, in which the Pest Management Regulatory Agency proposed to revise the import limit of azoxystrobin in sugar beet roots. The proposed revision is as follows:

• Beetroot

Department of Chemicals and Petrochemicals (DCPC) in India issued a notification postponing three mandatory quality control orders (QCO) that were originally scheduled to take effect in May 2023, to February 29, 2024, based on the recommendations of BIS

• postpone

Since the fourth quarter of last year, Chemours has reached a joint venture agreement with the BWT Group.

• Chemours
• Titanium Dioxide

Recently, a number of domestic chemical companies have disclosed the first half of 2023 performance forecast. Of the 21 companies, 20 saw a year-on-year decline in net profit (six of them were in the red), and only one company turned a profit.

• Decline

China’s chemical industry is facing a challenging environment in its foreign trade, with the country’s Commerce Ministry warning of an “extremely severe” situation

• Foreign Trade