Europe top stories: weekly summary
ICIS Editorial
10-Jun-2024
LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 7 June.
Global urea prices firm
as unexpected gas outages hit Egypt
The near-term outlook for urea has firmed after
prices saw a surprise uptick in North Africa
and the Arab Gulf on news of unscheduled plant
shutdowns in Egypt due to a lack of gas supply.
Europe PET market tension
intensifies on freight surcharges, container
shortage
Rising freight costs and a dearth of containers
is thwarting the global flow of polyethylene
terephthalate (PET) into Europe.
Eurozone private sector
momentum hits one-year high in May
Business momentum in the eurozone hit the
highest level in 12 months in May, pushing
further into growth territory as service sector
orders surged and the manufacturing industry
showed signs of recovery.
Heavy
rainfall, flooding in Germany hits supply
routes
Torrential rain and flooding in Germany has led
to evacuations in parts of the south of the
country, hitting already-strained supply lines
through central Europe and halting transport
along some sections of the River Rhine.
IPEX:
Index down for first time this year on weak
demand in all regions
The ICIS Petrochemical Index (IPEX) was down
1.2% in May month on month, as weak downstream
demand paved the way for price declines in all
regions.
Europe PE/PP June outlook
muddied by falling feedstock costs and rising
freight rates
Polypropylene (PP) and polyethylene (PE) prices
in Europe were largely stable for the final
week of May, as players were waiting for
upstream contract prices to settle.
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