March 16, 2023 • Posted in Daily Bulletin

MH Daily Bulletin: March 16

News relevant to the plastics industry:

At M. Holland

  • M. Holland announced a new partnership with Lavergne, a global manufacturer specializing in the formulation of customized compounded engineered resins, to distribute PCR resins for customers in North America. Click here to read the press release.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.


  • Oil plunged nearly 5% Wednesday to settle at the lowest levels in over a year on concerns that a crisis in the banking sector could trigger a recession and cut demand.
  • Energy futures were mixed in mid-morning trading today, with WTI down 1.3% at $66.72/bbl, Brent down 1.0% at $72.94/bbl, and U.S. natural gas up 2.5% at $2.50/MMBtu.
  • U.S. crude stocks rose by a larger-than-expected 1.6 million barrels last week, according to the administration.
United States Crude Oil Stocks Change

Supply Chain

  • The latest in a series of atmospheric river storms soaked California Tuesday, bringing another deluge of rain to the already saturated state.
  • A Nor’easter swirling over New York and New England prompted emergency orders and closed roads on Wednesday.
  • Cyclone Freddy has killed more than 270 people in southern Africa since it made landfall last month, making it one of the deadliest storms to hit the continent in two decades. 
  • A freight train reportedly carrying hazardous chemicals derailed in Arizona’s Mohave Desert late yesterday, perhaps due to a tornado reported in the area, adding to growing concerns about rail safety. 
  • The Cass Freight Index for expenditures for U.S. domestic freight transport dropped to 4.02 in February, down 9.7% from a year earlier to nearly the lowest level since October 2021.
  • The Port of Long Beach moved 543,675 TEUs last month, down 31.7% from its record set a year ago but still 2.5% above pre-pandemic levels.
  • Ohio is suing Norfolk Southern to hold the carrier financially responsible for a Feb. 3 train derailment in East Palestine, Ohio, that sent 38 cars off the tracks, including 11 tankers carrying hazardous materials.
  • Unionized dockworkers and port employers in Canada have started contract negotiations.
  • Cargo volume at Germany’s Frankfurt Airport fell 11% in February following an 18% drop in January.
  • Large companies like Walmart and Whole Foods Market are pressing suppliers to cut prices for goods while others have been canceling orders for products from clothing to appliances, a stark change from buying strategies a year ago.
  • General Electric is deploying some of its workers to suppliers to address bottlenecks in jet-engine production.
  • A large majority of supply-chain executives in a PwC survey say the results of their technology investments have fallen short of expectations.
  • The Port of Oakland will require tenants operating cargo-handling equipment to create a plan to eliminate carbon emissions
  • Self-driving trucks will soon start making deliveries at some of Kroger’s Dallas stores as the grocer partners with driverless tech firm Gatik.
  • Samsung Electronics expects to invest $230 billion over the next 20 years to develop the world’s largest chip-making base in South Korea.
  • A chip plant that Samsung is building in Taylor, Texas, will cost the company over $25 billion, up more than $8 billion from initial forecasts due to inflation.
  • Apple supplier Foxconn plans to ramp up investment outside of China to attract automakers to its contract manufacturing and will build a $200 million plant in India to service a recently won contract to make Apple AirPods. 
  • China plans to cut annual crude steel production in 2023, marking the third consecutive year the government has mandated output to rein in carbon emissions.
  • In the latest news from the auto industry:

Domestic Markets

United States Business Inventories

International Markets

Euro Area Industrial Production MoM

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