Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 7 October.

EPCA ’22: Europe phenol, acetone outlook gloomy but should improve in H2 2023
There is no doubt that the Q4 outlook for phenol and acetone is worrying, a sentiment confirmed by delegates at the EPCA conference in Berlin.

EPCA ’22: Energy prices, volatility key issues for European petrochemicals – INEOS
The combination of high energy prices and extreme volatility is the key issue for petrochemicals producers, INEOS Olefins & Polymers Europe CEO, Rob Ingram, said on the sidelines of the 2022 European Petrochemical Association (EPCA) meeting in Berlin.

EPCA ’22: Chemicals supply chains lengthening, security of supply increasingly important – Vopak CEO
Chemicals supply chains are becoming necessarily longer as consumers and producers see markets balancing between imports and local production, the CEO at tank storage operator Vopak said this week.

INSIGHT: So far, chem earnings highlight drag from Europe, Asia, energy
A surge in profit warnings from chemical companies has cited high energy prices as well as weakness in Europe and Asia as the main reasons why producers cut their guidance for the third quarter and for the full year.

EPCA ’22: Lack of visibility prompts Europe ACN players to prepare for the worst
The most common phrase heard from many European acrylonitrile (ACN) buyers is no-one knows what will happen and as such players are having to prepare worst case scenarios to try and find a way to survive the coming quarters.

World Bank cuts forecasts for 2023 GDP growth, trade
The World Bank has sharply lowered its forecasts for global GDP and trade growth next year, it said in an update on Wednesday.

EPCA ‘22: Europe caustic soda producers target record-breaking price increases for Q4
Fourth-quarter (Q4) contract negotiations for European caustic soda are developing on the sidelines of the EPCA, with producers separately attempting to negotiate record-breaking increases, according to market sources.

EPCA ’22: Europe highest cost chemicals producing region, shutdowns encourage imports – ICIS
Europe is now the highest cost region for producing many chemicals, an ICIS senior analyst said on Monday, as energy costs in the region have skyrocketed.

EPCA ’22: Long markets, falling margins could prompt more Europe production cuts – EPCA president
Weaker market conditions, narrower margins and easing supply chain issues could open Europe up to cheaper imports, forcing more producers to cut operating rates, according to the president of the European Petrochemicals Association (EPCA).