Europe top stories: weekly summary

Author: ICIS Editorial

2020/05/18

LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 15 May.

Italy's postponed virgin plastic tax to be implemented in January 2021
Italy's proposed €0.45/kilo (€450/tonne) tax on all virgin plastics has been postponed until 1 January 2021, the government confirmed last week.

INSIGHT: Chemical distributors benefit from diversity through coronavirus lockdowns
Distributors generally had a reasonable first quarter financially although business in industrial sectors like automobiles and demand for products destined for the oil industry were impacted by at the time impending pandemic.

Europe plasticizers players unable to forecast amid poor demand, volatile market
European plasticizers players remain in the dark about future developments and describe complexities in a fragile market, with conditions open to change each day.

Pandemic could continue redrawing the map for chemicals trade
The chemicals sector has the potential to become less global and more regionally focused in the aftermath of the pandemic, according to KPMG’s head for the sector, as the world becomes more localised.

‘Early signs’ of crude market rebalancing, petchems to gain long term - IEA chief
Crude oil markets are showing “early signs of rebalancing” as output cuts by OPEC+ countries kick in and some economies move to reopen, the executive director at the International Energy Agency (IEA) said on Thursday.

German chemicals urge ‘new start’ to overcome crisis, set five-point plan
Germany’s economy needs to reset for an “immediate, comprehensive new start” in order to cope with the fallout from the coronavirus pandemic, the country’s chemicals trade group VCI said on Wednesday.

OPEC cuts 2020 global crude demand forecasts by more than 2m bbl/day
OPEC has slashed its expectations for global demand growth this year by 2.23m bbl/day, bringing the total fall in demand growth to 9.07m bbl/day, amid data showing that output by member states increased sharply month on month in April.

European MEK prices ease on influx from Asia, demand abates due to shutdowns
European methyl ethyle ketone spot prices lost six percent this week due to longer supply and slower demand.

Poland’s Orlen purchases IPA licence and basic design
Poland’s PKN Orlen said on Tuesday it has purchased a licence and basic design from Badger Licensing for an isopropanol (IPA) installation.

Europe naphtha prices rebound on Asia demand pull, crude but glut looms large
European naphtha spot prices have revived from April lows on the back of improving crude oil futures, falling refinery run rates, certain demand pull from Asia, and feedstock economics favouring consumption rates at crackers.

Germany's chemicals employment falls 5% in April - Ifo
Employment in the German chemicals sector fell 5% in April as a result of the coronavirus pandemic, according to research from the Ifo institute on Monday.