Europe top stories: weekly summary

20 August 2018 15:16 Source:ICIS News

LONDON (ICIS)--Here are some of the top stories from ICIS Europe for the week ended 17 August.

Chemicals industry capex remains muted - UBS
Global average chemicals industry capital expenditure (capex) remains muted amid forecasts of weaker global growth and the spectre of trade wars between key economies, investment bank UBS said.

Europe PVC export prices fall on Turkey currency volatility
European polyvinyl chloride (PVC) export prices and PVC prices in Turkey have fallen as demand has been reduced by the volatile lira and economic issues, according to sources.

Chem protectionism, exports to China stumbling blocks for EU-Mercosur FTA
Mercosur's excessive reliance on exports to China and industrial protectionism in chemicals are core stumbling blocks to reaching a free trade agreement (FTA) with the EU, a policy paper published by the 28-country bloc said.

Turkey polymers players' pessimism grows as lira collapses to record lows
Turkish polymer players fears uncertain times ahead as the Turkish lira (TL) fell to a record low.

India expected to stop urea imports by 2021 on rising domestic production
India is to stop urea imports by March 2021, down from current levels of 6m tonnes/year, as new domestic manufacturing capacity comes on stream, according to a report by India Ratings and Research.

BASF production rates to normalise as Rhine conditions improve
Shipping and production conditions have started to normalise at BASF’s Ludwigshafen site, a spokesperson for German chemical major said, as water levels start to rise along the River Rhine.

Polymers players shrug off Turkish lira, fears of capital controls rise
The Turkish lira has recovered ground from last week’s historic lows but some petrochemical players trading with the country are shying away from the currency, which has prompted fears capital controls will be implemented in order to stop the freefall.

African polymers buyers set to benefit from Turkish lira crash
African polymer prices have stabilised this week but there is chance of further softening in the coming months as volumes originally allocated to Turkey are set to be offered into Africa.

Europe PS supply unaffected by upstream woes amid subdued activity
The European polystyrene (PS) market remains unfazed by upstream woes amid subdued activity due to summer holidays, with contract negotiations for August barely moving forward.

Turkey’s Petkim stands to gain from depreciated lira - bank
Turkey’s petrochemical major Petkim stands to benefit from the severe devaluation of the Turkish lira (TL) amid the ongoing financial crisis, Moscow-based investment bank Renaissance Capital said.

Europe PE market ponders effect of China-US tariffs, confusion on some grades
European polyethylene (PE) players – producers, traders and buyers – are trying to work out how tariffs slapped on US polyethylene (PE) into China might affect them.

By Staff Reporter