29 April 2011 16:21 [Source: ICIS news]
LONDON (ICIS)--EU chemicals production in February increased by 5.8% compared with the same month last year as the sector continues to move closer to the peak output levels of 2007, the European Chemical Industry Council (Cefic) said on Friday.
According to the latest Cefic chemicals trends report, EU chemicals production now stands at about 0.5% below the peak output achieved in 2007.
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“The data show that the industry is chugging along, but the speed and the overall strength of the EU chemicals recovery in 2011 could be slightly affected by increased uncertainties in the global macroeconomic environment as well as the latest developments in the Middle East and north Africa,” said Cefic chief economist Moncef Hadhri.
Petrochemicals production increased by 8.6% year on year in February, while production of basic inorganics rose by 7.8% compared with the same month in 2010.
In addition, consumer chemicals in February rose by 6.5% year on year, polymers grew by 4.3% and specialty chemicals increased by 3.8%, Cefic said.
Meanwhile, Cefic’s report also shows that chemicals prices were 9.9% higher in February than in the same month last year.
Petrochemicals prices in February registered a 17.1% year on year increase, basic inorganics went up by 12% and polymers rose by 9.8%, while specialty chemicals and consumer chemicals grew by 1.7% and 1.6%, respectively.
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