Europe top stories: weekly summary

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

Europe MMA contracts falling for 11th consecutive month on ample supply, low demand
While European methyl methacrylate (MMA) February contract negotiations are still ongoing for many players, agreements have so far posted double- and triple-digit decreases, marking the 11th consecutive drop in the monthly contract.

Some Europe PE sellers gear up for higher prices on feedstocks, outages
Higher feedstock prices, some pre-buying in the UK, several planned cracker outages, and a force majeure at a major plant are leading some polyethylene (PE) sellers in Europe to expect higher prices in March.

Europe toluene prices rise after jump in gasoline
European toluene spot prices were pushed higher and forced into a wider range as gasoline values rocketed around $50/tonne in the week to 15 February.

BASF diversified portfolio, ‘less well run’ downstream businesses to cap shares – Bernstein
BASF’s diversified portfolio, the lack of feedstock advantage compared to US peers and “clearly less well run” downstream divisions make the German chemical major’s shares a “value trap”, equity chemicals analysts at Bernstein Research said.

EU’s CO2 standards for trucks unrealistic due to lack of infrastructure – ACEA
EU standards for carbon dioxide (CO2) emissions from trucks, which were approved this week, are unrealistic due to a lack of proper infrastructure for alternatively-fuelled heavy vehicles, the European Automobile Manufacturers’ Association (ACEA) said.

Petronas base oils unit to make 100% Group III+ in future – PLI executive
Petronas Lubricants International (PLI) is refocusing on Group III+ base oils, and the business plans to expand its production despite longer-term concerns about feedstock availability, its CCO told ICIS.

Lubricants to play key role in fuel economy, CO2 emissions reductions – Nissan
Low viscosity base oils, or lubricants, will be key to improving fuel economy and reducing carbon dioxide (CO2) emissions, an executive from Nissan said.

Europe PS market tightness expected to continue amid concerns over rising upstream costs, Brexit
Tight fundamentals are expected to continue into March in the European polystyrene (PS) market amid ongoing pre-buying activity and fears that a no deal Brexit could impede logistics and disrupt supply chains.

Sasol, Versalis issued with notices of seizure by Italian authorities at Augusta, Priolo plants
Sasol and Versalis have been issued with seizure notices by Italian authorities regarding their petrochemicals facilities in Augusta and Priolo.

Some sellers offering changed terms into UK as Brexit looms
UK polyethylene (PE) and polypropylene (PP) buyers have been getting a surprise this week as some sellers have been informing them of changing terms for as early as April, as the official Brexit date looms.