US Chemicals Weekly Watch

Research evidence excerpt

US Chemicals Weekly Watch

timates/raised PT given slowing generics imports NANA LDPELLDPE 85.074.0 -3.9%0.0% 10.4%8.8%

to Latam, manageable Iran impacts, ~lsd% 1H beat, and its upcoming Seed NA HDPE 74.0 -5.1% 5.7%

spin (SpinCo "Vylor") (Link). CC: TiO2 price growth remains somewhat Eur. LDPE 119.6 0.0% 28.7%

gradual, a normalization of APM earnings, msd% growth in refrigerants Eur. LLDPE 99.7 0.0% 22.9%

Eur. HDPE 102.3 0.0% 24.1% and cost reduction efforts should continue to benefit (Link). OLN: Price

benefits appears to be lagged, although Q3 should see a step-up from Q2 Asia LDPE 62.4 0.0% 3.0%

Asia LLDPE 48.5 0.0% -3.6% on continued benefits from supply disruptions and lower maintenance;

we adjusted estimates/PT (Link). CE: 2H guide appears conservative Asia HDPE 54.0 0.0% 5.3%

(given supply shocks could continue to benefit AC), but EM is still seeing NA Propylene/Polypropylene

inventory headwinds; We adjusted estimates/PT (Link). SpotSpot (PG)PDH PropyleneMargins 49.823.5 -13.3%-7.2% -15.3%-26.1%

Specialties. Per Benchmark, lithium spot pricing was flat to up ~msd% Spot Polypropylene 71.0 0.0% 2.9%

w/w on 5/6. Benchmark saw CIF Asia Carbonate/Hydroxide spot pricing Methanol/AcetylsNA Methanol ($/ton) 564 0.4% 21.0%

+6.2%/-0.1% w/w to $22.30/$20.275 per kg, while pricing in battery/ Eur. Methanol 637 3.1% 14.2%

Asia Methanol 390 -1.3% -6.7% technical was ~$24-25/kg, up lsd% w/w. Benchmark noted that some of

the higher pricing was due to pre-buying ahead of a holiday in China, NA Spot Export Acetic Acid 690 0.0% 3.8%

2,100 -4.5% 21.7% although solid cell production and lower inventories also helped pricing. NA Spot Export VAM

Spodumene was up +5.8% w/w to $2,528/MT. Source: CMA, FactSet, RBC Capital Markets Estimates

Ethylene and PE.