Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 9 May.

Covestro Q1 EBITDA halves, but in line with expectations
Covestro’s Q1 2025 earnings before interest, tax, depreciation and amortization (EBITDA) halved compared to last year, but were at the upper end of its forecast, the German producer announced on Tuesday.

European orthoxylene contract price for May falls to six-month low
The Europe orthoxylene (OX) contract price for May has fallen by €50/tonne to its lowest level in six months, driven by softer feedstock mixed xylenes (MX)  and gas costs in April.

European Commission to begin investigation into PET imports from Vietnam, Turkey
The initiation of an investigation by the European Commission into polyethylene terephthalate (PET) imports into the EU from Vietnam and Turkey is imminent, sources said.

LOGISTICS: Red Sea ceasefire could boost Suez Canal, collapse freight rates, heap pressure on Europe chemicals
The ceasefire between the US and Houthis in Yemen may crash freight rates and increase import pressure on chemical producers in Europe if it is permanent and traffic returns to the Suez Canal.