Europe top stories: weekly summary

Author: ICIS Editorial

2019/07/08

LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 5 July.

Germany develops plan to counter low Rhine
Germany’s federal transport ministry and major industries, including chemicals, have developed an “eight-point plan” to ensure that shipping on the River Rhine can continue even at “extremely low water" levels.

India increases fertilizers subsidies but seeks to reduce excess use
India's government increased on Friday its fertilizers subsidies by 14% but also emphasised that farmers should go back to "zero budget farming". Finance minister Nirmala Sitharaman said in her Budget speech that zero-budget farming could help double farmers' income.

UK chems could benefit from Jaguar Land Rover's planned EV investment
The UK's chemicals industry could benefit from plans announced on 5 July by Jaguar Land Rover (JLR) to manufacture electric vehicles (EVs) at the automobile major's site in Castle Bromwich.

INTERACTIVE: June IPEX down sharply as markets struggle with weakened demand
The regional and global ICIS Petrochemical Indexes (IPEXs) were sharply lower in June as markets struggled with weaker end use demand, inventory building in China, and the broader impact of the US-China trade war.

Germany’s H1 chem-pharma output falls 6.5%, outlook remains challenging
Production in Germany’s chemicals-pharmaceuticals industry fell 6.5% year on year in the first half of 2019, with most sectors reporting declines, the country’s chemical producers’ trade group VCI said on 5 July.

New EU Commission vice president for industry an encouraging sign – Cefic
EU chemicals’ historic demand for a greater focus on industrial policy at the top of the EU institutions may be closer as the new Commission to be chosen after the summer will include a vice president for industry, the director general at trade group Cefic said on 3 July.

EU chems welcomes FTA with Mercosur, ethanol players to fight 'tooth and nail' against it 
EU chemicals trade group Cefic has welcomed the free trade agreement (FTA) between the EU and Latin America's Mercosur, which is expected to fully remove duties for 90% of the EU's chemicals exports to the five-country bloc.

Eurozone manufacturing PMI falls below expectations for June 
Manufacturing in the eurozone is weaker than forecast, as the Purchasing Managers’ Index (PMI) fell for the fifth consecutive month, analysts at IHS Markit said on 1 July. The final eurozone manufacturing PMI was assessed at 47.6 for June, falling from the flash assessment of 47.8 level for manufacturing released earlier in the month.

INEOS completes sale of melamine, paraform assets to Prefere Resins
INEOS has completed the sale of its Melamines & Paraform business to German phenolic resins producer Prefere Resins, the chemicals major said on 1 July. The transaction was announced in April. Financial details were not disclosed.