Asia top stories - weekly summary

24 January 2011 01:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here are some of the top stories from ICIS Asia and the Middle east for the week ended 21 January 2011.

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South China chemical plants cut output on winter-related woes
Chemical plants in south China implemented cuts in production as they contend with government-enforced power cuts, as well as logistics problems, due to continued heavy rains and snowing this week, industry sources said on Friday.

Focus - China PE, PP to extend gains post-holidays on restocking
China’s polyethylene (PE) and polypropylene (PP) prices may continue to increase after the week-long Lunar New Year holiday in early February, on restocking activity, industry sources said on Thursday.

Focus - Asia capro prices surge, set to remain firm on buying
Surging Asian caprolactam prices are likely to remain firm in the months ahead due to tight supply and as downstream nylon makers scramble to secure the material to avert possible shortages, industry sources said on Thursday.

Focus - China on second year of lending cuts, borrowing costs to rise
China will likely continue raising banks’ reserve requirements and hiking interest rates this year, in line with its aim to further restrict lending that may be fuelling inflation, analysts said on Thursday.

Focus - Asia BR to hit $4,000/t on tight supply, high rubber prices
Asia’s butadiene rubber (BR) prices are poised to breach the $4,000/tonne (€3,000/tonne) mark - highest since July 2008 - as tight supply and high natural rubber prices have spurred producers to hike offers for February, industry sources said on Wednesday.

Update - Most Yeosu petrochemical plants resume operations after outage
Petrochemical plants in Yeosu, South Korea, have mostly resumed operations by Tuesday afternoon, save a few facilities that suffered technical problems following Monday’s power outage, based on checks with sources at the affected companies.

Focus - Asia naphtha faces pressure on supply deluge
Asian naphtha prices are expected to succumb to downward pressure, if not for global Brent crude futures ticking at above $98/bbl (€73.5/bbl), as an armada of deep-sea supply found its way to this region, traders said on Tuesday.

Focus - Asia EPS demand may improve in second quarter
Demand for expandable polystyrene (EPS) in Asia is expected to remain weak until the second quarter, but prices are on the rise due to strong feedstock costs, industry sources said on Monday.

Hijacked chemical tanker is carrying methanol - agent
-A chemical tanker hijacked by pirates over the weekend some 2,000km from the Gulf of Aden was carrying 10,000 tonnes of methanol and 5,000 tonnes of phosphoric acid, an Iranian shipping agent said on Monday.

Saudi’s Sipchem Q4 net profit more than doubles to $33.4m
Saudi International Petrochemical Co (Sipchem) said on Sunday its fourth-quarter 2010 net profit more than doubled to Saudi riyals (SR) 125.1m ($33.4m) on the back of improved operational performance at plants, higher product prices and sales.

Middle East-to-northeast Asia freights to surge on tight tonnage
Freights for spot shipments from the Middle East to northeast (NE) Asia in February may touch $60/tonne (€44/tonne), representing a sharp increase of about $10/tonne from spot rates quoted in December, industry sources said on Thursday.

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By: Staff Reporter
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