Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 22 June.

Turkey polymers demand revival dependant on political, monetary stability post-election
Turkish polymers players are hoping demand will pick up after the 24 June election following a recovery in the lira’s exchange rate against the dollar, but new capacities in the US and potential new sanctions on Iran may yet disrupt further trade of polyethylene (PE) and polypropylene (PP) in the country.

Europe chems stocks slump on US-China trade war fears, Merkel strife
European chemicals stocks slumped on Tuesday in line with declines on local and Asia bourses in response to fears of the impact of revived trade war measures between the US and China.

Germany’s VCI welcomes EU deal on energy efficiency legislation
The EU’s agreement on reforming the EU energy efficiency directive is an “acceptable compromise”, the German chemicals trade group VCI said.

Spain’s chem trade unions, employers agree 2.5% annual wage rises in 2018-2020
Spain’s main chemicals trade unions and the main trade group have agreed to increase wages in the sector by 2.5% annually in the triennium 2018-2020, trade group FEIQUE said.

Europe acrylate esters June contracts up €85/tonne, spot prices rise moderately
European acrylate esters June contracts have settled up €85/tonne on average following the rise of the monthly feedstock propylene contract price, while spot prices have posted more moderate increases.

Austria’s OMV to pull out of Iran under sanctions pressure
OMV will conclude a seismic study project in Iran and then pull out of the country, the Austrian energy and petrochemicals major said.

Global regions look inward, Europe counts the cost of Reach – Cefic DG
The longstanding economic trend of globalisation is shifting toward regionalisation as European politics becomes increasingly fragmented, according to the director general of chemicals industry trade body Cefic.

North Africa urea prices firm on short covering, fresh demand
North African urea prices have been firming daily since the start of the week as fresh demand from various locations has emerged.

Use waste plastics as chems feedstocks to drive circular economy – ACC
Utilising waste plastics as feedstocks for the production of chemicals should be part of strategies to better deal with waste management, according to the American Chemistry Council’s vice president of plastics.