Europe top stories: weekly summary
ICIS Editorial
15-Jun-2020
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.
Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Contact us
Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.
Want to learn about how we can work together to bring you actionable insight and support your business decisions?
Need Help?