Automotive polymer demand decouples from unit growth, shifting toward lifecycle intensity and system-driven specifications where performance assurance, recyclability, and circular compliance define material value.
Integration
General Thoughts: Western polyolefin price strength following 4Q23 global logistical constraints, supply cuts, and recent cost curve movements are benefiting its producers and, most notably,
US chemical sector equities have underperformed the market YTD. Fertilizers & Agricultural chemicals have underperformed, while industrial gases have outperformed the sector on avg.
We
Consensus Asia consumer price inflation expectations for 2023 have fallen in May relative to the US and Eurozone, suggesting it will benefit from lower inflation
Most views call for intermittent CO2-free energy sources, such as solar and wind, to lead the charge to net zero. Firm CO2-free power sources are
Both C-MACC co-founders will attend CERAWeek. Our initial view of the agenda suggests a heavy focus on energy transition, but other relevant themes are present.
Asia spot butadiene (BD) prices have increased YTD on an absolute basis and relative to US values. We discuss the strength in BD derivatives and
US industrial production limped higher into 2023, but the curbs have tightened commodity markets while the US input/energy cost advantage rose. A domestic production revival
The global energy landscape significantly shifted in mid-1Q22, which has resulted in sector followers looking past many better than expected corporate 1Q results to 2Q
Global chemical feedstock prices are notably higher YTD, pushing prices (and sales) up for most sector participants. We discuss dollar (instead of %) margin trends
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