Global Market Analysis
US wholesale prices rose in September due to higher energy and food costs, benefiting North American agricultural and commodity chemical producers relative to peers in
October 11, 2023
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US wholesale prices rose in September due to higher energy and food costs, benefiting North American agricultural and commodity chemical producers relative to peers in
Global chemical oversupply will likely worsen into year-end as North America’s cost advantage and China’s unrelenting production push will overtake cutbacks that will likely occur
Automotive chemical suppliers have benefited from rising auto production in 2022/23, partly due to inventory rebuilding – we think significant headwinds will face auto chemical
The 2021/2022 price inflation surge in the US and Europe did not occur in China – it appears well poised to benefit from much lower
Oversupplied global markets in some chemicals, such as polyvinyl chloride and ammonia, have pinched near-term profits and masked their advantaged regional cost and competitive positions.
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.
Effective global energy transition requires a level of global collaboration better than we saw with COVID – current trends suggest we are moving the wrong
The C-MACC Clean Energy Minerals Monthly Price Index was unchanged MoM in January, and we anticipate continued support in 1H23, though some materials will stay
Initial chemical sector 4Q reports and outlooks support consensus views of commodity weakness and non-integrated derivative producer benefits. Risks vary by region.
US natural gas
We are more concerned about chemical demand than supply in 2023. A steepening of global production cost curves may help offset tepid demand in support
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