Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 21 May.

Europe benzene June spot prices tumble on improving supply outlook
Europe benzene spot prices for June dropped sharply this week, as the market anticipates supply to improve following the restart of several key producers earlier this month.

BASF forms China battery materials JV with Shanshan
BASF has partnered with China-based lithium-ion battery materials supplier Hunan Shanshan Energy to form a joint venture targeting the space, the Germany-based chemicals major said on Thursday.

VAKT to launch blockchain trade technology for petrochemicals in ARA hub
The London-based consortium VAKT aims to introduce its blockchain-powered commodities post-trade processing platform in the northwest Europe petrochemicals markets by the end of this year, according to its chief commercial officer (CCO).

Technologies to drive half of net zero emissions target not yet developed – IEA
Nearly half of the technologies necessary to decarbonise energy intensive sectors such as chemicals production and meet 2050 carbon-reduction goals are still in development, the International Energy Agency (IEA) said on Tuesday.

Europe’s construction sector faces supply chain squeeze as demand rises
Europe’s construction sector is challenged by shortages in supply chains pitched against the rising demand, which has built up as lockdowns ease across the continent.