Restructuring will become an important issue for the chemical industry, according to John Verity, ExxonMobil’s polyolefins head. Speaking to ICIS news, he was downbeat about short-term prospects, noting that whilst some restocking is currently underway, “we are not likely to see any real demand until the end of the quarter”.
Earlier, in his speech to PlastIndia, Verity warned that “there has been a significant collapse in demand”, at a time when supply is increasing rapidly. He noted that “this will force older plants to shutdown, and drive restructuring in the industry”.