Market and product
EU chemicals production rises by 4.3% in March – Cefic
LONDON (ICIS)--EU chemicals production in March increased by 4.3% year on year amid a robust first quarter for the sector, European chemicals trade group Cefic said on Friday.
According to the latest Cefic chemicals trends report, production in March increased by 1% from February, while prices rose by 10.5% year on year. Production expanded by 5.3% during the first three months of 2011.
“The March data confirms that the overall situation in the EU chemicals sector is still showing signs of improvement, but at a somewhat weaker pace than in the first two months of the year,” said Cefic chief economist Moncef Hadhri.
“The price upswing for the sector remains affected by the uncertainties surrounding the global business climate, especially in the Middle East and North Africa,” Hadhri added.
Petrochemicals production in March increased by 8.1% year on year, while basic inorganics output rose by 5.6%, Cefic said.
Consumer chemicals production in March rose by 4.5% year on year, polymers grew by the same percentage, and speciality chemicals increased by 2.2%.
Petrochemicals prices in March registered a 17.4% year-on-year increase, basic inorganics prices rose by 11.4%, plastics rose by 14.1% and consumer chemicals increased by 1.7%.
First-quarter data showed EU chemicals production at just 3.5% below the peak level in the first quarter of 2008.
