LyondellBasell to idle cracker in Germany and a monomer unit in Texas

The company said, “In the Q4, year-end seasonality and lower operating rates are expected to impact results across most businesses. In North America, higher natural gas and feedstock costs are likely to pressure integrated polyolefins margins. In Europe, weak industrial and consumer demand is expected to persist. Global capacity rationalizations and anti-involution measures in China are supporting a more constructive mid-term outlook for the industry. Industry downtime supported oxyfuels margins during October, but seasonally higher costs for feedstocks and lower octane values are expected to pressure oxyfuels profitability for the remainder of the quarter. In Advanced Polymer Solutions, pricing pressures persist, but cost reduction initiatives are expected to offset some of the impact. In November, LYB will idle its larger cracker in Wesseling, Germany and one of the propylene oxide/styrene monomer units in Channelview, Texas. Each asset will be down for about 40 days. The downtime will allow for maintenance activities while aligning production with global demand and reducing working capital. The company expects fourth-quarter operating rates of 80% for North American olefins and polyolefins assets, 60% for European O&P assets and 75% for Intermediates & Derivatives assets.”