Europe top stories: weekly summary

ICIS Editorial

04-Jul-2022

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

Fright rates could fall in face of tricky headwinds
Shipping rates have been a key cost pressure for the chemicals industry in the wake of the pandemic, but fundamentals – and therefore prices – may be set to change course due to persistent geopolitical pressures.

Europe PET, PTA decouple from Asia amid potential spikes upstram
The Europe polyethylene terephthalate (PET) value chain has delinked from a bearish Asia, forced up by hypothetical record jumps in upstream paraxylene (PX).

Eurozone manufacturing output falls for first time since 2020 lockdowns
Manufacturing sector growth in the eurozone fell for the first time since the initial spate of lockdowns in the region at the start of the COVID-19 pandemic.

Germany’s SKW Piesteritz mulls force majeure in event of gas shortages, price hikes
Ammonia and urea producer SKW Piesteritz will consider implementing a force majeure if natural gas supplies are cut and prices increased as Germany grapples with plunging availability from Russia, the company confirmed to ICIS.

EU, eurozone economic sentiment and employment expectations fall in June
Economic sentiment and employment expectations contracted in June across both the EU and eurozone, according to the latest data from the European Commission on Wednesday.

BASF’s Antwerp, US ammonia output could offset potential shutdown in Germany – bank
A possible shutdown of ammonia production at BASF’s Ludwigshafen flagship site could be compensated by the German chemicals major’s facilities in Antwerp and the US, investment bank Baader Bank said on Tuesday.

Weekly spot IPEX shows prices down by 2.6% on declines across all regions
Spot chemical prices dropped by 2.6% on the back of declines across every region, according to latest figures from the weekly ICIS Petrochemical Index (IPEX).

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