SABIC said it expects a gradual recovery in petrochemical markets, according to a report published on 26 October. The company noted that petrochemical prices fell 10% in the third quarter.
The company also said it plans to expand urea production capacity by 54%. The recovery outlook was linked to growth prospects at its S-Oil operations and its Fujian joint venture in China.
Separately, North American chemical railcar volume totaled 46,863 carloads in the week ended 17 October, down 0.8% from the previous week and up 1.6% year on year, according to Association of American Railroads data. The four-week moving average was also reported as higher year on year.
