Date: February 3, 2023
We start 2023 with some uncertainties and concerns.
Russia’s war against Ukraine continues and the Western bloc continues to provide financial and weapons resources to repel the aggression.
The economic cost, not least that of human losses, is increasing every day and the positions of the parties remain immovable. I don’t know, it portends a near end, so the costs for the West, but especially for Europe, will continue to increase and reduce our GDP.
Year-on-year inflation in the EU is gradually falling, although at the same time, the economy is showing signs of weakness with a decline in the corresponding national GDP.
The ECB continues to raise interest rates and it seems they are going to rise more, which causes a decrease in business investment and slows down the consumption of durable goods, which in turn generates a decrease in the order book at all levels .
Energy costs have been contained slightly, although they are still higher than those of the pre-pandemic.
PET and other plastics have been affected by the entry into force since January of the €450/t tax on single-use containers and packaging.
The demand in January has been slightly below expectations, but there is already a greater search for PET with rPET in all its formulations in order to avoid having to apply, to its full extent, the tax on its products.
The price in January has fallen slightly, although some indicators show signs of rising in the short term.
The PX price for December has finally been known, which was €195/mt lower than in November, but in January of this year a first settlement points to a rise of €55/mt.
For its part, the MEG fell €60/mt in January.
Although in January there has been a slight rebound in the price of Brent oil, the last six prices have marked continuous daily declines.
The uncertainty about the recovery of the Chinese economy and the repercussion of the boycott measures in Europe against Russian refined products are generating uncertainty in the market.
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