Europe top stories: weekly summary

Author: ICIS Editorial

2020/06/15

LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 12 June.

Europe PET boosted by appetite for local product, lockdowns easing but uncertainty remains
Millions of polyethylene terephthalate (PET) bottle sales are lost as mass gatherings across Europe are cancelled, flights are grounded, and tourism is displaced, but as society flickers back to life the industry holds onto a glimmer of hope.

INSIGHT: How recycling sector will overcome 'one of the most challenging times'
Consequences brought on by the pandemic have posed a severe threat to the global recycling industry and its future remains in jeopardy without support.

Europe PU feedstocks prices hit new lows as demand pickup lags
Incremental improvements in demand for polyurethane (PU) products have slowed downward pressure on the Europe isocyanates and polyols markets where supply is abundant, and producers are now hoping for a reversal in the coming months.

INSIGHT: Avoiding a second wave critical to recovery, allaying longer term damage
The latest World Bank economic forecast suggests that the current recession will be almost three times as steep as that in 2009, and the deepest since the Second World War.

Poor margins to persist in 2020 amid collapse in demand and rising capacities
Analysis of the ethylene margin cycle suggests challenging conditions for producers in 2020, as new capacity and poor demand forces the cancellation of new projects and global rationalisation of assets.

UK breakaway from EU chems regulations could shut off market access for some firms - CBA
The decision by the UK government to abandon hopes of remaining tied to the EU’s chemicals regulatory framework Reach effectively shuts off access to the market for some UK-based companies and makes access for others far more expensive, trade group CBA said on Wednesday.

Global 2020 economic output to plunge if second coronavirus outbreak hits - OECD
Global economic output will fall 7.6% in 2020 with soaring unemployment if a second coronavirus outbreak takes hold by the end of the year, the OECD said on Wednesday.

German chem group VCI welcomes Berlin’s hydrogen strategy
Germany's chemical industry trade group VCI is supporting the government’s hydrogen strategy as a decisive step towards the country's shift to renewable energies (“Energiewende”), it said on Tuesday.

Limited new export-oriented global chems capacity growth expected to 2022 - Odfjell
Limited new investment in export-oriented chemicals capacity is expected through to 2022 as a result of margin pressure from new supply coming onstream over the last few years add economic uncertainty after the pandemic, the Norwegian chemicals logistics and transport major Odfjell said on Tuesday.

INSIGHT: Potash players adapt to new normal
Although the global fertilizer industry has endured the hardships and uncertainty thrown up by the unprecedented global pandemic better than most, there is no denying the impact of the coronavirus’ disruptive influence on muriate of potash (MOP) players.

Europe methanol spot prices fall as oversupply offsets improved demand
European methanol oversupply continues to dominate the market and an improvement in demand could not avoid some lower spot trades last week.

INSIGHT: Ocean plastics may buoy Europe R-PET market
It certainly appears as though the recycled polymer markets in Europe are developing at a much faster pace than their virgin counterparts. There is an ever-growing interest in the growth of these markets, from the likes of brands and FMCGs, virgin polymer producers, the global petrochemical players and financial institutions.