INEOS Group Holdings S. A.* has published its Q2 2024 trading performance, reporting that EBITDA reached €576 million versus €387 million in Q1 2024 and €516 million in Q2 2023. The rise resulted from healthier demand, better sales and higher margins. North American markets were relatively robust and are taking full benefit of their current cost advantage. European ones showed improvement due to a sustained increase in demand, while those in Asia remained soft in the second quarter.

The EBITDA of the Olefins & Polymers (O&P) North America segment slightly decreased by €13 million, or 6%, year on year to €189 million in April—June 2024. Ethylene markets were generally stable that quarter with a combination of steady domestic demand, limited supply and reduced export opportunities. Polymer demand was steady and downstream pipe markets stayed solid on firm demand, particularly from the oil and gas sector. One of the crackers on the Chocolate Bayou site had a scheduled turnaround during the quarter.

   The EBITDA of the O&P Europe segment surged by €105 million, or 146%, on an annualised basis to €177 million in April—June 2024. The olefin business was improving even though most crackers are still operating at reduced rates. Butadiene markets were firm that quarter with higher demand and some supply constraints. The polymer business benefited from reasonable demand and reduced imports from the Middle East and Asia. The group completed the acquisition of the Naphtachimie cracker and derivative assets in Lavera, France, in April 2024.

   Phenol sales were higher in the USA and Europe but lower in Asia. Most sectors of the oxides market saw modest improvement in demand, but European glycol markets remained weak. LyondellBasell's US ethylene oxide and derivatives business was acquired in May 2024 and integrated into INEOS’s oxide business.

   * - The group’s statement covers three business segments: O&P North America, O&P Europe and Chemical Intermediates.