Management also pointed to a volatile macro environment, including trade tensions, geopolitical fragmentation, and slowing major economies. Avolio said global uncertainties affected production decisions and inventory replenishment and contributed to lower resin spreads versus 2024. In Brazil, she said domestic resin demand fell about 2% in 2025 after a 60% growth year in 2024, as downstream converters optimized inventories.In Brazil, utilization rates for petrochemical complexes were 4 percentage points low ...