The Weekly Catalyst
- Global polymer prices continued their downward trend last week, while North American feedstock costs, on average, increased relative to Europe and Asia – margins decreased in all major markets.
- US integrated spot ethylene margins WoW fell to a YTD low, and Europe and Asia ethylene margins fell due to falling monomer prices. Chinese benefits from discounted Russian crude remain a concern.
- Crop prices broadly increased WoW as weather concerns weighed on global production estimates, enhancing our positive return outlook for fertilizer and other crop input sellers in future periods.