According to American Chemistry Council (ACC) Weekly Chemistry & Economic Trends report on December 9, 2022, chemical railcar loadings were up 0.4% W/W to 28,290 for the week ending 3 December. Loadings were down 5.9% Y/Y (13-week MA), up 1.0% YTD/YTD and have been on the rise for 6 of the last 13 weeks.
Producer prices for chemical products edged lower for a fifth consecutive month in November, down by 0.2%. Gains in prices for inorganic chemicals, consumer products, agricultural products, petrochemicals, coatings and other specialty chemicals were offset by lower prices for plastic resins, synthetic rubber, and manufactured fibers. Compared to a year ago, chemical prices were up by 9.2% Y/Y
Chemical shipments were lower for a second month in October, off by 0.6%. Higher shipments of agricultural chemicals, adhesives, and coatings were more than offset by lower shipments of other chemicals. Chemical inventories were essentially unchanged (off by 0.1%), following nearly two years of sequential gains. Inventories of coatings and adhesives continued to expand but were offset by lower inventories of agricultural and other chemicals. Data on shipments and inventories are in nominal terms and do not reflect price changes. Compared to a year ago, chemical shipments were off by 0.5% (the first negative Y/Y comparison since the end of 2020), while inventories were up 10.3% Y/Y. The inventories-to-shipments ratio for chemicals remained stable at 1.41 (compared to September) but was up from 1.28 a year ago.
U.S. production of major plastic resins totaled 7.3 billion pounds during October 2022, up 1.6% M/M and down 5.4% Y/Y, according to statistics released by the ACC. Year-to-date production was 78.1 billion pounds, up 3.4% Y/Y. Sales and captive (internal) use of major plastic resins totaled 7.3 billion pounds, down 4.7% M/M and down 1.2% Y/Y. Year-to-date sales and captive use were 77.6 billion pounds, up 4.7% Y/Y.
The U.S. Geological Survey reported that monthly production of soda ash in September was 797 thousand tons, down 15.8% compared to the previous month and down 14.9% Y/Y. Several companies reported shutdowns of some production units in September resulting in the lower production levels for the month. Stocks fell 0.4% compared to August to 236 thousand tons at the end of the month, a 9-day supply. Ending stocks were up 10.3% 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.
Contact us at 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.
