Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 1 June.

German exporters’ confidence weakens on ‘difficult’ global fundamentals
German exporters’ business confidence fell in May, especially in the chemical-intensive automobile sector, on the back of a “difficult global” economic environment, the country’s research institute Ifo said.

EU car makers ‘concerned’ about US probe into automobile imports
The EU’s chemical-intensive automobile industry expressed on Monday its “concern” about a proposed investigation in the US into imports of vehicles and auto parts, according to trade group the European Automobile Manufacturers’ Association (ACEA).

Poland’s Ciech idles trade with Iran, awaits ‘if and when’ US sanctions are re-imposed
Ciech will address the question of whether to continue importing polyolefins from sanction-hit Iran if and when another business opportunity presents itself, a spokesman for the Polish chemical producer said.

Huntsman to build polyurethanes facilities in Dubai
Huntsman is to build a new facility for the production of polyurethanes (PU) in Dubai, UAE, in order to increase its presence in the Middle East, the US chemical major said.

Europe PET players mull over further price hikes in June on tightness
European polyethylene terephthalate (PET) players are considering June spot prices as sellers announce further increases due to high demand during a period of tightness.

Europe BDO spot supply tightens on production constraints
European butanediol (BDO) spot volumes have tightened due to limitations at two European producers, sources said.

Europe acrylate ester, AA players concerned about margins amid propylene hike
There are concerns over margins from players in the European acrylate ester and acrylic acid (AA) markets following the steep increase in June propylene, sources said.

Turkey chemical players whipsawed by currency, politics
Turkey’s central bank on 28 May announced it would simplify its system of interest rates, effectively increasing the cost of borrowing, in a move not favoured by President Recep Tayyip Erdogan.

Spain’s stock exchange up 1.7% as Prime Minister ousted
Spain’s main bourse Ibex 35 was recovering on Friday from losses earlier in the week as Prime Minister Mariano Rajoy was ousted from office after losing a confidence vote in Parliament.

Europe PE buyers stunned by new June pricing offers
Polyethylene (PE) buyers in Europe are beginning to get new offers for June pricing, and several were stunned at the strength of increases sought by suppliers.

Urea prices up as producers commit June cargoes, start selling for July
The global urea market is building on recent gains, with prices increasing further as producers have committed most of their June cargoes and started selling material for July.

Fewer chemicals registered than expected in EU as Reach passes final milestone
The final deadline for the EU’s Reach chemicals registration has passed with the total number of dossier submissions for different materials coming in below original forecasts, according to the director of registration at the European Chemicals Agency (ECHA).