Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 22 May.

Global PE run rates lower until 2021 as demand weakens, capacity increases
Polyethylene (PE) production globally is expected to run at reduced rates or the rest of 2020 as growing capacities will meet slowing demand for most end sectors, according to ICIS analysis.

MOVES: Cepsa headhunts Dow exec to lead chemicals, reorganises structure
Cepsa has appointed Dow executive Paloma Alonso as head of its chemicals division, effective 15 July, the Spanish energy and petrochemicals major said on Thursday.

Eurozone collapse eases as lockdowns lift
The unprecedented collapse in eurozone private sector growth seen in April as a result of the shutdown of non-essential business across most of the bloc eased slightly in May, but still remained deep in contraction territory, according to analyst data.

Dow shuts units in Midland home base as Michigan reels from floods
Dow has started shutting down facilities as part of emergency plans activated at its Midland, Michigan, facilities, after two dams collapsed due to heavy rainfall, the US chemicals major said on Wednesday.

Europe benzene-naphtha spread narrows as spot feedstock cost rises
The spread between benzene and naphtha pricing in Europe is narrowing as naphtha spot values have jumped since April.

INSIGHT: Recycling chain facing deeply challenging times but investment opportunities remain
On Friday 15 May, industry association Plastics Recyclers Europe (PRE) issued a statement urging the EU and member states to include recycling as one of the sectors supported by their recovery plans and to continue implementing measures under its Circular Economy umbrella because of the current pressure on the industry.

EU passenger car sales fall 76% in April
EU passenger car sales fell 76.3% year on year in April, the sharpest fall since records began, as the automotive industry suffered the lockdowns across the 27-country bloc, the European Automobile Manufacturers’ Association (ACEA) said on Tuesday.

INSIGHT: Spain chemicals plea for auto, construction rescue packages to overcome crisis
Spain’s chemicals had been a success story post-financial crisis within the country’s rather squalid industries, but the current pandemic, that has hit the country so hard, has brought entire economic sectors to a standstill.