Production of chemicals in the European Union grew by 1.9% in the period January through March 2018, compared with the corresponding period in 2017.
Output rose by more than 2.5% year over year (YOY) in some sectors, such as cosmetic chemicals, paints and coatings, and man-made fibers. Specialty chemicals showed more modest growth of 1.7% YOY. Basic inorganics declined by 6% YOY. The EU chemical production index (2015 = 100) slipped from 104.2 in the fourth quarter of 2017 to 102.7 in the latest quarter.
Producer prices rose by 2.5% YOY in first-quarter 2018, with plastics, dyes and pigments posting growth in prices of more than 4% YOY.
EU imports of chemicals rose by 8% YOY in the first quarter of this year, to reach a value of €18.8 billion ($22 billion). All chemicals sectors posted an increase in imports, with the exception of basic inorganics. EU chemical imports from China and South Korea rose significantly during the same period, EU chemical imports from Africa, the Middle East, and the United States declined.
Exports of chemicals from the European Union increased by €1.5 billion in the first three months of this year, or 5.8% YOY, to reach a value of €26.4 billion. All chemical sectors posted an increase in exports. EU chemical exports to the United States increased by €713 million, nearly 60% of which was petrochemicals. EU chemical exports to the Middle East, South Korea, and China fell during the first quarter.
Capacity utilization in the EU chemical industry was down in the first quarter of 2018, falling by 0.6% YOY to reach 82.9%, compared with 84.1% in the last quarter of 2017.
The World Economic Climate has deteriorated, according to the ifo World Economic Survey (WES, second-quarter 2018). The ifo indicator dropped from 26.0 points in first-quarter 2018 to 16.5 points in the second quarter. The economic climate deteriorated in nearly all regions, according to ifo. Global GDP expected to grow by 3.9% this year, ifo says.
By Michael Ravenscroft
Source: Chemical Week
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.
