Still Searching for a Bottom

Discussions with producers at the Gulf Petrochemicals and Chemicals Association (GPCA) forum, held last week in Dubai, make clear that industry demand remains rotten with no bottom to the market turmoil yet in sight. Extensive capacity shutdowns and disconcerting earnings previews last week from DuPont and Eastman Chemical point to a fourth-quarter performance that will be industry’s worst in years. While severe inventory depletion is inflicting great pain, there is no way that underlying consumption matches the volume drops of 20% or more that several...

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