Europe top stories: weekly summary
ICIS Editorial
22-Jan-2024
LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 19 January.
BASF
set to miss 2023 financial guidance as margins,
weak chems bite
BASF is expecting to undershoot its earnings
and sales guidance for 2023 as the squeeze to
margins outpaced cost reduction savings, the
firm said on Friday, although investors are
taking some comfort from a stronger cashflow
than in 2022, according to sources.
Oil
supply disruption risk from Middle East
conflict remains elevated – IEA
The risk of supply disruption and higher costs
as a result of escalating tensions in the
Middle East and attacks on the Red Sea remains
“elevated”, the International Energy Agency
(IEA) said on Thursday, with global demand
growth expected to slump this year.
Europe’s oxo-alcohols
sector faces a weak start to 2024
Spot demand in Europe’s oxo-alcohol market has
been slow to gain traction following the winter
holidays. A quiet start to the year has not
inspired hope market fundamentals will improve
in the near term.
Europe PX market stirred
by import delays from Asia
European demand for paraxylene (PX) has firmed
more than expected in the first few weeks of
2024 as import delays triggered by shipping
disruptions in the Red Sea stoke production
along the continent’s PX chain .
Europe MMA hit by Red Sea
crisis delaying imports
Delayed imports have tightened the Europe
methyl methacrylate (MMA) market, leading to
some spikes in spot prices.
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