Europe top stories: weekly summary
LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 3 March.
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
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.
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.
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.
Speak with ICIS
Now, more than ever, dynamic insights are key to navigating complex, volatile commodity markets. Access to expert insights on the latest industry developments and tracking market changes are vital in making sustainable business decisions.
Want to learn about how we can work together to bring you actionable insight and support your business decisions?