Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories
from ICIS Europe for the week ended 27 January.

Urea
market paralysed as buyers yet to
surface
Urea prices are trading close to two-year lows
in several markets on the back of abundant
supply and little demand.

Smaller European
locations likely to be part of Dow shutdown
plans – CEO
Plans by Dow to cut costs through headcount
reduction and shutting down some assets is
likely to hit smaller-scale operations in its
European portfolio amid a wider global move,
the CEO of the US-based chemicals major said on
Thursday.

Dow
to cut jobs, close plants in latest cost saving
drive, with focus on Europe
Dow plans to cut 2,000 jobs from its workforce
and close plants, potentially in Europe, as
part of its $1bn 2023 cost saving drive, it
said on Thursday.

Germany’s sentiment
‘brightens’ in January as expectations pick up
– Ifo
Sentiment in the German economy brightened
considerably in January on the back of
companies’ more optimistic expectations for the
months ahead, research institute Ifo said on
Wednesday.

Europe benzene lifts amid
pressure from US gasoline market
Europe benzene spot prices were buoyed further
this week, extending gains seen since early
January resulting from higher demand for octane
boosters used in gasoline, a trend driven
largely by the US market.

Europe PE, PP contracts
fall in Jan on monomer, low demand; hopes for
clarity in Feb
European polyethylene (PE) and polypropylene
(PP) contract prices fell in January, with the
larger-than-expected drop of €95/tonne for both
monomers often secured by buyers, as weak
demand has outweighed or balanced out lower
operating rates across Europe.

Europe OX, PX spot prices
up on rising feedstock costs, firmer
Asia
European orthoxylene (OX) spot prices increased
by $25/tonne in the week to 20 January on the
back of a rise in upstream mixed xylene (MX)
costs and tight supply, while paraxylene (PX)
values also got a lift from a firmer Asian
market.