Europe top stories: weekly summary

LONDON (ICIS)–Here are some of the top stories from ICIS Europe for the week ended 7 June.

Global urea prices firm as unexpected gas outages hit Egypt
The near-term outlook for urea has firmed after prices saw a surprise uptick in North Africa and the Arab Gulf on news of unscheduled plant shutdowns in Egypt due to a lack of gas supply.

Europe PET market tension intensifies on freight surcharges, container shortage
Rising freight costs and a dearth of containers is thwarting the global flow of polyethylene terephthalate (PET) into Europe.

Eurozone private sector momentum hits one-year high in May
Business momentum in the eurozone hit the highest level in 12 months in May, pushing further into growth territory as service sector orders surged and the manufacturing industry showed signs of recovery.

Heavy rainfall, flooding in Germany hits supply routes
Torrential rain and flooding in Germany has led to evacuations in parts of the south of the country, hitting already-strained supply lines through central Europe and halting transport along some sections of the River Rhine.

IPEX: Index down for first time this year on weak demand in all regions
The ICIS Petrochemical Index (IPEX) was down 1.2% in May month on month, as weak downstream demand paved the way for price declines in all regions.

Europe PE/PP June outlook muddied by falling feedstock costs and rising freight rates
Polypropylene (PP) and polyethylene (PE) prices in Europe were largely stable for the final week of May, as players were waiting for upstream contract prices to settle.