Europe top stories: weekly summary

ICIS Editorial


LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 27 January.

Urea market paralysed as buyers yet to surface
Urea prices are trading close to two-year lows in several markets on the back of abundant supply and little demand.

Smaller European locations likely to be part of Dow shutdown plans – CEO
Plans by Dow to cut costs through headcount reduction and shutting down some assets is likely to hit smaller-scale operations in its European portfolio amid a wider global move, the CEO of the US-based chemicals major said on Thursday.

Dow to cut jobs, close plants in latest cost saving drive, with focus on Europe
Dow plans to cut 2,000 jobs from its workforce and close plants, potentially in Europe, as part of its $1bn 2023 cost saving drive, it said on Thursday.

Germany’s sentiment ‘brightens’ in January as expectations pick up – Ifo
Sentiment in the German economy brightened considerably in January on the back of companies’ more optimistic expectations for the months ahead, research institute Ifo said on Wednesday.

Europe benzene lifts amid pressure from US gasoline market
Europe benzene spot prices were buoyed further this week, extending gains seen since early January resulting from higher demand for octane boosters used in gasoline, a trend driven largely by the US market.

Europe PE, PP contracts fall in Jan on monomer, low demand; hopes for clarity in Feb
European polyethylene (PE) and polypropylene (PP) contract prices fell in January, with the larger-than-expected drop of €95/tonne for both monomers often secured by buyers, as weak demand has outweighed or balanced out lower operating rates across Europe.

Europe OX, PX spot prices up on rising feedstock costs, firmer Asia
European orthoxylene (OX) spot prices increased by $25/tonne in the week to 20 January on the back of a rise in upstream mixed xylene (MX) costs and tight supply, while paraxylene (PX) values also got a lift from a firmer Asian market.


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