Europe top stories: weekly summary

Source: ICIS News


LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 13 April.

Key petchem end markets most affected by US-China tariffs - UBS Chemical end markets like agriculture, automobile and aircrafts are most likely to be impacted by the growing tensions between the US and China over trade tariffs, Swiss investment bank UBS said.

European MEG sellers emboldened by Asian rebound as April talks continue The European monoethylene glycol (MEG) initial April contract decrease fell short of original expectations, but the latest rebound in Asia seems to have renewed European sellers’ confidence in the spot market.

Saudi Aramco, Total sign MoU for 'giant' $5bn petchems complex at Jubail Saudi Aramco and Total have signed a memorandum of understanding (MoU) to build a “giant” petrochemical complex at their SATORP refinery in Jubail, eastern Saudi Arabia, the French energy major said.

European EPS early April contracts drop €110-150/tonne, demand weaker than expected European expandable polystyrene (EPS) early April contracts have been agreed at decreases of €110-150/tonne, largely in line with the downtrend of the feedstock contract price this month, sources said.

Lower inventories, higher demand, economic growth to support 2018 oil pricing - OPEC A healthy global economic outlook, stronger US consumption and high conformity levels with production cut accords are all expected to support crude oil pricing through 2018, OPEC said on Thursday, as prices spike on tensions in the Middle East.

UK's post-Brexit chems industry rules should remain ‘in lockstep’ with EU - CBI There is little appetite among UK businesses for a “bonfire of regulations” post-Brexit, and deviation from EU chemicals legislation in the UK would lead to upheaval across the economy, the country’s trade group Confederation of British Industry (CBI) said.

Europe LLDPE spot prices down, traders squeezed European linear low density polyethylene (LLDPE) C4 (butene based) spot prices are still under downward pressure, with cast film prices trading at a discount below blown grades.

Turkey’s polymers market worsens on slowing economy, international tensions The Turkish polyethylene (PE) market has mostly stabilised this week, but worsening economic conditions in the country are souring sentiment among players. Polypropylene (PP) was mixed, with raffia mostly static but fibre experiencing further falls.