Daily Chemical Reaction
- The C-MACC Clean Energy Minerals Monthly Price Index fell ~6% MoM in May to reflect a 28% lower YTD level, with components beyond lithium leading the index lower amid loosening supply.
- Dow cuts its 2Q23 revenue view below Street expectations, and we discuss other market news supporting our view that global demand headwinds are much stiffer than those facing supply.
- We discuss ExxonMobil’s view of increasing shale output through technological advances and flag shifts in global petrochemical feedstock costs WoW supporting our chemical supply views.
- Expensive polyester recycling faces challenges, paper packaging with plastic barriers poses a recycling challenge, and electric furnaces for ethylene production face power and cost challenges.
- US job growth is strong in services but weak in manufacturing, hampered in some areas by permitting and infrastructure challenges. US reliance on imports may increase as a result.
See PDF below for all charts, tables and diagrams