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C-MACC Sunday Thematic & Weekly Recap 156
A Non-Inflationary China Recovery Is Not Good News For Chemicals
- China has enough spare capacity/labor to support its economic growth without price rises, assuming crude oil inventory is such that it is not inflationary for energy.
- A steepening of the global petrochemical production cost curve, coupled with stronger-than-expected growth, is needed for prices to exceed most expectations.
- A risk for US chemicals is slow growth in China and a crude oil inventory draw – lowering global demand and driving prices down – this has happened before.
- Agriculture market outlooks remain constructive, and we discuss why we think ammonia markets could be taking a recent breather before becoming much tighter.
- We discuss global freight rate weakness, given improved supply availability, and other energy and economic data supporting our view of global supply/demand.
Last week we discussed 21 Chemicals and Related Products and 133 Companies.
See PDF below for all charts, tables and diagrams