Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 3 March.

BASF to discontinue melamine production at Ludwigshafen due to costs
BASF plans to cease production of melamine at its Ludwigshafen plant in Germany following structural measures previously announced, according to a company spokesperson.

Covestro braced for weak 2023 as energy, pricing headwinds persist
Covestro expects 2023 earnings to fall below last year’s following a sharp increase in energy and raw material prices since early 2022 and difficulties in passing on those costs to consumers.

PODCAST: Bearish sentiment persists for urea as India surprises with wide shipment window
The small recovery in urea prices is expected to be short-lived, with sentiment turning bearish once again after India said it is looking to buy 1m tonnes to be loaded by 1 June.

Saudi Arabia’s SABIC expects margins pressure to continue in H1 2023 on slow demand
Saudi Arabia’s SABIC expects its margins to continue being under pressure in the first half of this year, after its net profit fell sharply in 2022 amid poorer demand and lower prices.

Europe propylene March contract settles up by €30/tonne
The European propylene March contract reference price has settled at €1,185/tonne, up by €30/tonne from February.

Europe chemical tanker spot freights soften
Spot freight rates in the European chemical tanker market were assessed lower in the week ending 24 February, amid a reduced flow of fresh enquiries and more openings for prompt tonnage.