Europe top stories – weekly summary

ICIS Editorial

13-Mar-2017

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 12 March.

Recent drop in Europe styrene spot may be start of cooling down phase
After five consecutive increases of the barge contract from November 2016 to the current month, the European styrene market witnessed spot prices softening this week in tandem with some losses in the Asian market, players said on Friday.

Dutch AkzoNobel rejects PPG bid; eyes specialty chem ops spin-off
AkzoNobel has rejected an unsolicited takeover bid made by US-based PPG Industries, and has decided to review strategic options to separate its specialty chemical business, the Dutch paints and coatings firm said on Thursday.

Akzo-PPG deal would make sense, pressure to perform good for investors – Bernstein
A merger between PPG and AkzoNobel would be “credible and potentially powerful” but higher pressure for the Netherlands-based company to perform after rejecting a takeover bid is also good news for shareholders, analyst Bernstein said on Thursday.

Early March Europe capro contracts up €150/tonne
Players in the European caprolactam (capro) market have agreed some early March contracts €150/tonne higher versus February on the back of good demand and limited availability, sources said on Wednesday.

Soaring western butadiene, benzene/styrene prices help push February global IPEX up 8.5%
Price increases in the styrene chain and in butadiene markets in the US and western Europe helped drive the ICIS Petrochemical Index still higher in February, data showed on Tuesday.

Economy may be poised for strength, less need for chems M&A – lawyer
BARCELONA (ICIS)–The global economy could be at a tipping point where stronger growth returns, creating better conditions for investment and lessening the need to use mergers and acquisitions (M&A) to chase growth, according to a chemicals sector lawyer.

Global oil supply may lag behind demand after 2020 on low capex – IEA
The global supply of crude oil may struggle to keep up with demand after 2020 due to the lack of capital expenditure (capex) in new projects since 2015, the International Energy Agency (IEA) said on Monday.

Europe contract cracker margins rise 22-27% on contract hikes, lower feeds
European contract cracker margins have made healthy gains on the back of the increases in the March contract prices and falls in the euro-denominated naphtha and liquefied petroleum gases (LPG) costs, according to ICIS margin analysis on Monday.

Europe methanol spot high as some see bumpy road ahead
European methanol spot prices have rapidly mounted a multi-year high, the result of 2016’s weak prices combined with 2017’s production hiccups, with some players anticipating a “bumpy road” for supply in the near future.

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