Europe top stories: weekly summary
LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 13 May.
Europe VAM shortage
exacerbated by US force majeure
A force majeure declaration on vinyl acetate monomer (VAM) in the US is pressuring the already tense supply situation in Europe.
Europe PC producers mull
cuts in run rates amid ample supply, softening
European polycarbonate (PC) producers are mulling reductions in their operating rates amid lengthening supply, falling demand and claims of eroded margins.
GDP grew 0.8%, contracted in March
UK GDP grew 0.8% quarter on quarter in the first three months of 2022, but the economy contracted in March, the Office for National Statistics (ONS) said on Thursday, after consumer spending slowed due to a surge in the cost of living and general economic unease.
inflation to dent demand; supply chain costs
increase by up to 60% in Q1 – SABIC
SABIC is facing “numerous challenges” related to supply chain woes as well as higher production costs while high inflation could end up denting end demand, the CEO at the Saudi petrochemicals major said on Thursday.
Europe MPG spot prices
tumble to seven-month low on poor
The European mono propylene glycol (MPG) demand outlook is uncertain as there is no indication of improved buying interest even after prices plummeted to a 36-week low.
Europe PE, PP still
reeling from chaotic broader environment – ICIS
Trade flow disruptions and soaring energy costs continue to impact the polyethylene (PE) and polypropylene (PP) markets in Europe, according to ICIS.
spending’ less of a threat to polymers than
wider economic woes – analyst
Consumers are “revenge spending” on things they could not do during pandemic lockdowns, services instead of goods, although this is not as much of a threat to the polymers sector as wider economic trends, an analyst told the ICIS European Polymers Conference on Monday.