20 November 2008 10:12 [Source: ICIS news]
SINGAPORE (ICIS news)--News of drastic cost-cutting measures to be taken by German chemical major BASF and continued weakened global demand sent Asian petrochemical stocks down on Thursday, tracking another session of losses in regional markets.
Petrochemical companies need to deal with their own problems individually as market fundamentals have turned sour and chances of a near-term recovery look slim, with economies across the world falling into recession one by one, analysts said.
For the first time since 2002, ?xml:namespace>
As global consumers have started cutting back on spending for big-ticket items like cars,
Prices of most petrochemical product prices have been tumbling as buyers disappeared in the market while traders and producers were agonising over huge inventories and maybe being forced to sell at a loss, market players said.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|