Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 24 November.

Belgium’s Solvay to sell Spain chlorine plant to CUF, 40 jobs at risk
Solvay has confirmed it is to sell its chlorine plant in Torrelavega, Spain, to Portuguese producer CUF for an undisclosed sum, the Belgium chemical major said, adding that the 40 workers at the facility would not be transferred to the new owner.

Spain’s chems sales up 5.7% in 2017 on domestic, global recoveries – FEIQUE
Spanish chemical companies’ sales are set to increase in 2017 by 5.7%, year on year, to €62.4bn, as domestic consumption and the global recovery fuelled demand, the country’s chemical trade group FEIQUE said.

Chemicals playing major role in increased UK manufacturing orders – CBI
Total orders in the UK’s manufacturing industry were the highest in just under 30 years in the three months up to November 2017, according to the latest CBI Industrial Trends Survey with chemicals making a significant contribution.

Europe PE-ethylene spread lowest of 2017
Polyethylene (PE) buyers in Europe have achieved their target of reducing the ethylene/PE spread in November, but the outlook is uncertain for December as naphtha prices remain strong, sources said.

Global CX market balances out on Asia’s oversupply, US recovery
The global cyclohexane (CX) market is balancing out after an extreme period of tightness on the back of oversupply in Asia and as the US recovers from Hurricane Harvey, according to sources.

S Africa Sasol moves away from megaprojects, raises budget for US Lake Charles complex
Sasol is to move away from large-scale capital projects in favour of smaller investments, as the impact of stormy weather in the US leads to the latest increase to the cost of its flagship Louisiana petrochemicals complex, the CFO of the South Africa-based company said.

European BD spot export prices rebound on Asian price uptick
European butadiene (BD) spot export prices have rebounded on the back of higher prices in Asia but question marks over their sustainability remain, sources said.

Europe styrene firms on strong benzene, Q1 supply concerns
The European styrene spot market remained under upward pressure this week as upstream benzene values in the region rose further on the back of ongoing tightness in the US, despite expectations that supply would start improving as November wraps up, players said.

Global ammonia prices firm again on flurry of spot sales
In a busy week for the ammonia market outside of the Americas, where business was limited ahead of Thanksgiving, contract and spot prices firmed in most regions as buyers sought to secure cargoes.