LyondellBasell expects challenging market conditions to persist through 1H 2023

The company said, "In January, demand from consumer packaging, oxyfuels and refining markets remained stable. Moderating energy and feedstock costs are providing some offsets to tepid global demand. Nonetheless, challenging market conditions are expected to persist through the first half of 2023. LyondellBasell is aligning production with global demand trends and expects first quarter average utilization rates for the assets operated by the company to be 80% for each of the Olefins & Polyolefins and Intermediates & Derivatives segments. Start-up activities for the new PO/TBA capacity in Houston remain on track for the end of the first quarter 2023. The company expects typical spring and summer seasonal demand improvements and is prepared to leverage any increased economic activity in China as the year progresses."