Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 19 July.

Europe PX to face weaker downstream demand, support from higher freight costs
The European paraxylene (PX) industry is heading towards the second half of the year sandwiched between the news of structural downstream production cuts and the temporary support from high freight rates from Asia, which is making domestic production of PX derivatives more appealing than imports.

Ursula von der Leyen wins second term for top EU job, stresses need for EU competitiveness
Ursula von der Leyen on Thursday secured her re-election to a second five-year term as President of the European Commission, and identified competitiveness as the most pressing issue facing the EU.

Europe BDO demand recovery in 2024 unlikely, logistics disruptions in focus
After the uptick in domestic consumption during H1 2024 compared to prior expectations, the European butanediol (BDO) market is expecting a return to lacklustre demand trends with trade flow challenges still a key factor in dynamics.

Europe MX H2 demand remains mired in deep waters
Demand for mixed xylenes (MX) in the European market was subdued in the first half of the year, with the outlook remaining bearish for the rest of 2024.

Europe shows shoots of recovery as market bottoms out – IMF
Strong service sector performance and robust exports through 2024 amid cooling inflation points to the eurozone economy bottoming out following the emergence of tentative green shoots during the first quarter of the year, the IMF said.

Freight chaos, trade dispute could support EU epoxy in H2, rebound unlikely
Deep-sea freight and logistical challenges, along with the EU antidumping probe on several Asian epoxy imports could trigger shifts in favour of local sourcing in the second half of the year, although optimism remains low regarding any recovery in a still difficult climate.