Insider information from the (ICIS) highlights concerns over the long-term impact of the coronavirus outbreak on key European recycling markets, which have sharply escalated following the adoption of further containment measures across the continent.Sources are particularly worried about limited volumes entering collection systems, logistic disruptions, potential downstream demand losses in non-packaging sectors, buyers abandoning sustainability measures and a reduction in necessary long-term investment.
Even at the end of last week, concerns in the recycling industry had only been limited to the impact on virgin prices – with which recycled material competes – and individual customer relationships in countries such as Italy.
The coronavirus has had a major impact on petrochemicals, hindering global supply chains, changing consumer demand patterns and prompting wide swings in the markets. At the same time, crude has plunged in the wake of the ongoing price war between Saudi Arabia and Russia – which is also being felt in virgin plastics markets across Europe.
We are seeing a global increase of single use plastics and a vital role our industry is playing, silently in the background, moving everyone’s waste and plastics, most of which are single use. 2019 we have saw a steep cry for the banning of all single use plastics and plastics in general, however, during this 2020 pandemic society has thrown their cries out the window and have hoarded their houses with the very source of their woes last year.
We at Procycle would like to give a round of applause to the silent workers, working in the background moving our communities waste and end of life plastics.