Europe top stories: weekly summary

Author: ICIS Editorial

2020/07/06

LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 3 July.

June IPEX up on stronger crude, recovering volumes
Petrochemical prices rebounded in June on the back of the stronger crude oil market and recovering volume demand, pushing the monthly IPEX higher.

Germany’s automobile production to fall 25% in 2020 - trade group
Germany’s auto production is expected to fall 25% to 3.5m units this year, and domestic new-car registrations are expected down 23% to 2.8m, the country’s auto industry trade group VDA said in a forecast on Friday.

Europe methanol futures liquidity surges in June, open interest rises
Activity in the European methanol futures market surged in June, with the highest year-to-date monthly volumes and the second-highest trading month on record.

INSIGHT: European packaging demand unravelling as lockdowns ease
As with most end markets, dynamics in the European packaging industry have been completely restructured in the wake of the coronavirus pandemic.

Europe PE faces falling demand, higher capacities as fortunes with PP diverge
The European polyethylene (PE) and polypropylene (PP) markets have so far survived relatively unscathed the pandemic-induced recession, but the true testing times are yet to come as weakening demand meets increased capacities.

Oman’s OMIFCO to forge new path on end of Indian agreement
In India, the urea offtake agreement between the government and Oman India Fertiliser Company (OMIFCO) is unlikely to be extended beyond 14 July 2020, several sources confirmed exclusively to ICIS.

Europe ACN market takes slow, steady steps towards a still-distant full recovery
The European acrylonitrile (ACN) market is recovering on the back of improved demand from many end sectors, but it is still a long way to go before it returns to a “normal” situation.

German plastics recyclers in ‘critical situation', public incentives needed - trade group
Germany’s plastics recyclers are in a “critical situation" because of the coronavirus pandemic and things could become even worse in coming months, according to the country's recyclers trade group Bvse.

BP divests its aromatics, acetyls business to INEOS for $5bn
BP has agreed to sell its globals petrochemicals assets in aromatics and acetyls to INEOS for $5bn, the two majors said on Monday.