Privately owned housing units authorized by building permits in January reached 1.339 million, slightly above 1.337 million in December, but 27.3% lower than 1.841 million in January 2022.

US housing starts in January reached 1.309 million units, down 4.5% from 1.371 million units in December and 21.4% lower than 1.666 million units in January 2022, according to US Census Bureau data. Rising interest rates and high inflation siphoned PVC demand through the second half of 2022 as US housing construction demand softened. While US export PVC prices have inched up in recent weeks, they stood 52% lower than the $1,745/mt FAS price seen in late May 2022, S&P Global data showed. 17, up 10.8% since late January, while US export linear low-density PE prices were last assessed at $992/mt FAS on the same day, up 4.6% since late January. US export low-density PE prices were last assessed at $1,124/mt FAS Houston Feb.

15, up 27% from early December, according to data from S&P Global Commodity Insights. Platts last assessed export PVC at $835/mt FAS Houston Feb. However, domestic demand so far in early 2023 has shown signs of a slow rebound, so the balance of domestic and export sales could return to what Kearns considers normal in the coming months, he said. Roger Kearns, Westlake's chief operating officer, noted that Westlake shifted to more export resin sales in the second half of 2022 in response to softer domestic demand. Meanwhile, polyethylene demand has been more resilient, as it is used to make single-use, rather than durable, plastics. PVC is used to make pipes, window frames, vinyl siding and other products. While US housing starts fell 22% in 2022 compared to 2021, prompting a decline in demand for construction staple PVC, Chao said Westlake will benefit from the 'eventual recovery' when US home construction rebounds in the coming months and years. US feedstock and energy costs have declined, he said, and while energy costs in Europe have declined from record highs, they remain elevated. 'Looking ahead, while uncertainties remain in the macroeconomic outlook, we believe some positive trends are appearing,' Chao said during the company's fourth-quarter 2022 earnings call. Receive daily email alerts, subscriber notes & personalize your experience.

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