Europe’s top stories: weekly summary

12 August 2013 09:00  [Source: ICIS news]

LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 11 August 2013.

OPEC revises up 2013 global oil demand growth, 2014 unchanged
Global oil demand will grow at a higher-than-previously forecast rate this year based on stronger first-half data and an expected  increase in demand for transport fuel, OPEC said in its latest monthly report on Friday.

Europe PP buyers find August hikes hard to resist
Polypropylene (PP) buyers are finding price hikes hard to resist this month as producers target increases following the €50/tonne ($67/tonne) rise in the August propylene monomer contract, several said on Thursday.

August IPEX slides as a result of lower butadiene prices
Significant falls in the majority of European and global butadiene (BD) prices contributed to a 2.0% fall in this month’s ICIS Petrochemical Index (IPEX) to 312.42 from the revised July figure of 317.68.

Germany’s Merck swings to Q2 profit on efficiencies, resilient sales
Merck Group’s second-quarter net income swung to a €316m ($421m) profit compared with a €63m loss during the same quarter in 2012 on the back of resilient sales and efficiency savings, the company said on Tuesday.

Europe PE, PP buyers consider August options on upstream hikes
Polyethylene (PE) and polypropylene (PP) buyers are being faced with price hikes in August following last week’s contract settlements of upstream ethylene and propylene at increases of €40/tonne and €50/tonne ($53-67/tonne) respectively, sources said on Monday.

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By: Franco Capaldo
+44 (0)20 8652 3214

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