SAO PAULO, Nov 28 (Reuters) - Brazilian petrochemical producer Braskem expects the sector to start showing signs of recovery in 2024, but the scenario will still be "challenging," company executives said on Tuesday.

"From 2024 onward we expect a recovery in the international (petrochemical) spreads scenario, with a better balance between global demand and supply," Braskem CEO Roberto Bischoff said at the company's annual investor event.

The petrochemical industry is struggling to bounce back from a period when its prices were hit by over-capacity and slow economic growth.

"The recovery won't be fast, it won't be the same for all products," Bischoff said, adding that "2024 will still be a challenge."

In the 12 months through the end of September, Braskem reported recurring earnings before interest, taxes, depreciation and amortization (EBITDA) of $500 million, a third of the figure posted in 2019.

The results have pressured the company's financial leverage, prompting rating agencies Fitch and S&P to change Braskem's outlook to negative.

Braskem Chief Financial Officer Pedro Freitas said the company was not worried about its liquidity, noting that it had a total cash position of $3.4 billion at the end of September, which was bolstered by $850 million more raised through the issuance of seven-year bonds.

However, leverage is a concern, Freitas said.

"Deleveraging is a point of attention for us," he said, adding that the company expects to reduce its debt levels by the end of next year.

Braskem's leverage, measured by the adjusted net debt to recurring EBITDA ratio, was at 12.2 times in the third quarter, compared with 1.6 times a year earlier and 7.9 times in the second quarter. (Reporting by Alberto Alerigi Jr.; Writing by Peter Frontini; Editing by Paul Simao)