This week on petrochemicals

ExxonMobil opens an advanced recycling facility in Texas.

ExxonMobil confirmed the successful start-up of one of the biggest recycling plants in North America in a statement issued on December 14.?

Located in Baytown, Texas, the facility can process more than 30,000 tons/year of plastic waste by using special technology to convert hard-to-recycle plastics into raw materials for new products.?

Aramco and TotalEnergies to collaborate on Saudi petrochemicals plant

The final investment choice has been made on the construction of a significant new petrochemical facility in Saudi Arabia by state-owned Saudi Aramco and TotalEnergies. The entire investment will be $11 billion, of which $4 billion will be raised through equity and divided between TotalEnergies (37.5%) and Aramco (62.5%). The facility is scheduled to start up in 2027 and construction officially starts in the first quarter of 2023.

A big jump in CIF PVC prices in China

In China, import PVC prices started rising after the third week of November, with the uptrend gaining strength after the Taiwanese producer last week raised its offers for January. Import PVC prices in China rose for the second week in a row, ending on December 10, as major Taiwanese producers' January offers reinforced the uptrend in Asian PVC markets. Export and domestic PVC prices rose as a result of stronger imports and easing Covid restrictions.?The Taiwanese major hiked January PVC offers by $80/ton on the month to $815/ton CFR China.

Global freight rates

Spot?freight rates on major routes were mostly lower week over week. The downward trend in freight rates appears to have slowed down this week. The composite world container index fell 1% week on week to $2,127.33 per 40ft container, marking the 42nd consecutive weekly decline. It has also dropped by 77% since the same week last year.?

• Spot freight rates between New York and Rotterdam fell 4%, or $53, to $1,269 per feu.?
• Spot rates between Shanghai and New York fell 1% to $3,952 and $1,674 per 40ft box, respectively.?
• Similarly, rates on the Los Angeles-Shanghai and Rotterdam-New York routes fell 1% each, to $1,175 and $7,050 per 40ft container, respectively