According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on March 17, 2023, chemical railcar loadings were down to 33,013 for the week ending March 11. Loadings were down 8.1% Y/Y (13-week MA), down (7.4%) YTD/YTD and have been on the rise for 9 of the last 13 weeks according to data released by the Association of American Railroads.
Chemical production continued to rebound in February, up 2.4% and following an upwardly revised 4.9% gain in January according to the Federal Reserve. The previous two months’ gains come after six consecutive monthly declines including a sharp drop in December related to disruptions from winter storm Elliott. There were monthly gains across all categories, except inorganic chemicals. Capacity utilization tightened in February, up to 80.6%. Both production and capacity utilization were below year ago levels.
Chemical producer prices rose 0.5% in February, the first monthly increase in the past eight months. Higher prices for plastic resins, inorganic chemicals, consumer products, and other specialty chemicals offset declines in organic chemicals, synthetic rubber, coatings, and agricultural chemicals. Chemical prices were up 3.8% Y/Y.
Chemical import prices fell 3.8% in February and were down 7.0% Y/Y. At the same time chemical export prices edged up 0.5% but were down 5.9% Y/Y.
Note On the Color Codes
The banner colors represent observations about the current conditions in the overall economy and the business chemistry. For the overall economy we keep a running tab of 20 indicators. The banner color for the macroeconomic section is determined as follows:
Green – 13 or more positives
Yellow – between 8 and 12 positives
Red – 7 or fewer positives
For the chemical industry there are fewer indicators available. As a result we rely upon judgment whether production in the industry (defined as chemicals excluding pharmaceuticals) has increased or decreased three consecutive months.
For More Information
ACC members can access additional data, economic analyses, presentations, outlooks, and weekly economic updates through MemberExchange.
In addition to this weekly report, ACC offers numerous other economic data that cover worldwide production, trade, shipments, inventories, price indices, energy, employment, investment, R&D, EH&S, financial performance measures, macroeconomic data, plus much more. To order, visit http://store.americanchemistry.com/.
Every effort has been made in the preparation of this weekly report to provide the best available information and analysis. However, neither the American Chemistry Council, nor any of its employees, agents or other assigns makes any warranty, expressed or implied, or assumes any liability or responsibility for any use, or the results of such use, of any information or data disclosed in this material.
ACC_EconomicsDepartment@americanchemistry.com
American Chemistry Council
The American Chemistry Council (ACC) represents the leading companies engaged in the multibillion-dollar business of chemistry. ACC members apply the science of chemistry to make innovative products, technologies and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health, safety and security performance through Responsible Care®; common sense advocacy addressing major public policy issues; and health and environmental research and product testing. ACC members and chemistry companies are among the largest investors in research and development, and are advancing products, processes and technologies to address climate change, enhance air and water quality, and progress toward a more sustainable, circular economy.
