Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 28 May 2021.

Europe ethylene still firm but June sentiment softens amid signs of market peak
While European ethylene supply and demand fundamentals remain healthy on production constraints and robust offtakes, players suggest the market is moving past its peak.

Europe PE buyer resistance grows as supply eases
Polyethylene (PE) buyers in Europe are beginning to notice supply easing, even of the tightest grades, and there is a build-up of resistance from buyers that have been faced with unprecedented hikes throughout 2021.

Europe producers target 3.4m tonnes/year of chemically recycled plastics by 2030
European polymers producers are aiming to invest €7.2bn in chemical recycling facilities by 2030, which would produce 3.2m tonnes/year of recycled plastics by 2030, trade group PlasticsEurope said this week.

UK Reach government decision expected in June
UK chemicals industry officials are expecting the government to reach a decision on the nation’s post-Brexit regulations in June, the Chemical Business Association (CBA) said on Thursday.

Europe SAN tight supply to continue in June, demand to stay strong
The European styrene-acrylonitrile (SAN) market is expected to remain short into June, driven by the lack of Asian imports, and ongoing production issues in the supply chain amid a backlog of orders and strong downstream demand.

INSIGHT: ESG management targets show future direction of chems sector
The landscape of Europe’s chemical industry continues to evolve in response to heightened consumer consciousness of environmental, social and corporate governance (ESG) issues.

Europe naphtha demand steady, crude volatility caps price gains
European open-spec naphtha spot values remain under pressure from crude volatility, and despite steady demand from petrochemical units.

Italy delays plastic packaging tax to January 2022
The Italian government officially confirmed that Italy’s €450/tonne plastic packaging tax will be delayed until January 2022.