Daily Chemical Reactions

You Gave Me A Mountain – After Reaching A 2022 Price Peak, The C-MACC Clean Mineral Index Faces High Altitude Risk(s)
March 3, 2023
Commodities Mentioned:
Plastics (PVC, PP, PE, PU, PC, PET, etc.), Clean Energy Minerals, Carbon Dioxide, Hydrogen, Natural Gas/NGLs, Crude/Naphtha
Companies Mentioned:
SQM, Pilbara, Albemarle, Ganfeng, Livent, Glencore, Umicore, Freeport-McMoRan, Tesla, CATL, Westlake, Nova Chemicals, Dow, Celanese, BASF, Ascend, Sumitomo, Huntsman, Iberdrola, BP, EIG, Repsol, Yansab, Perstorp, AVANGRID, Array Technologies, Solvay, Cepsa, Oneok, Enbridge, Viridis Chemical, Agrivoltaics, Indorama Ventures, Petrobras, Aramco, Toyoda Gosei, Equinor

Daily Chemical Reaction

You Gave Me A Mountain – After Reaching A 2022 Price Peak, The C-MACC Clean Mineral Index Faces High Altitude Risk(s)

Key Points:

  • The C-MACC Clean Energy Minerals Monthly Price Index fell 17% MoM in February, led lower by lithium and cobalt values as demand and substitution concerns grew due to their high prices.
  • We highlight SQM 4Q22 results and its views of lithium supply and demand, along with noting EV producer activities, such as at Tesla, that show concerted efforts to secure low-cost supply.
  • We discuss the production cost pockets where EV manufacturers are targeting cuts, and discuss these efforts relative to news of EV producer price cuts and their push to keep margins.
  • US natural gas and USGC ethane values increased WoW relative to Brent Crude and Ex-US naphtha. However, both remain notably lower on a one- and three-month relative basis.
  • We flag global inflation estimates to show low inflation in China relative to high inflation levels in the US and Europe. A non-inflationary China recovery in 2023 is not great news for chemicals.

See PDF below for all charts, tables and diagrams


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