Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 10 July.

Regional supply glut prompts latest cut in Caribbean ammonia capacity
Only a handful of spot deals were confirmed in the international ammonia market, leaving the latest capacity cut in Trinidad as the main talking point.

Re-imposed lockdowns, rise in Covid-19 cases cast shadow on crude oil market – IEA
Re-imposed lockdowns in Latin and North America and the pandemic’s resurgence are “casting a shadow” over the outlook for global crude oil rebalancing despite output continuing to fall at pace in June, the International Energy Agency (IEA) said on Friday.

Pandemic encourages Europe chems ‘never-ending’ move to specialties – bank
European chemicals “never-ending move” away from commoditised chemicals towards specialties remains the primary driver for the industry, with the coronavirus pandemic increasing the focus on the resilience of business models, analysts at Credit Suisse said on Thursday.

Europe PE buyers face large hikes in uncertain market
Polyethylene (PE) buyers face significant increases in the early stages of July discussions, although retroactive business means that final numbers will not be settled for some weeks.

INSIGHT: Digital future can be grasped across chemistry-related industries
We’ve had a glimpse of a digitally enhanced future through the coronavirus crisis. At the closest to home level, the lucky ones have been able to work remotely, their jobs lending themselves to greater digitisation. Many more items and services have been bought online, with supply chains operating remarkably efficiently through lockdowns.

UK’s £3bn stimulus for green policies to benefit plastics, chems – trade groups
The UK’s cabinet plans to spend £3bn in green policies announced on Wednesday could provide respite for chemicals and plastics in the wake of the pandemic-induced recession, according to trade groups.

EU Commission projects deeper 2020 recession, weaker 2021
The EU is likely to suffer a deeper contraction in 2020 than expected in May, executive body the European Commission said on Tuesday, while the 2021 recovery is likely to be weaker than forecast.

Europe ethanol, IPA, PMMA sheets are bright spots in gloomy coronavirus world
Before coronavirus hit Europe in earnest, officials advised that effective hand washing and common sense could avoid an epidemic in the region.

INSIGHT: Europe chemicals firms reckon with historic six months
European chemicals firms have navigated through one of the most tumultuous six-month periods in modern history, with the economy starting to recover but normal conditions still far in the future.

European automotive recovery a distant prospect
While there is some discussion of a V- or U-shaped recovery for some sectors of the global economy in the latter part of 2020, this remains far off on the horizon for the automotive industry.

INSIGHT: Waste prevention targets, one route to achieve a zero-waste Europe
We are all aware of the vast amount of waste generated each year in Europe and the EU’s ambitious Circular Economy Action Plan, but it is worth having a closer look at the challenges posed in setting EU-wide waste reduction targets.