Asia top stories - weekly summary

29 August 2011 02:00  [Source: ICIS news]

SINGAPORE (ICIS)--Here are some of the top stories from ICIS Asia and the Middle east for the week ended 26 August 2011.

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Focus - Asia naphtha backwardation to widen on firm demand, tight supply
Asia’s naphtha backwardation is likely to strengthen on expectations that Taiwanese Formosa Petrochemical Corp (FPCC) would restart its long overdue 700,000 tonne/year No 1 naphtha cracker at Mailiao sometime in September, traders said on Friday.

Focus - Domestic MMA prices in China set for further falls
Chinese domestic methyl methacrylate (MMA) prices are set to remain soft and may see another round of decline in the coming months amid fizzling demand from downstream end-user industries, market players said on Thursday.

Focus - China propylene price hike capped by economy, crude worries
China’s propylene spot prices may not increase further as the buying sentiment in the country remains weak amid worries over the global economy and volatile feedstock crude prices, market sources said on Thursday.

Focus - Asia polysilicon prices to fall below $50/kg on weak demand
Asian polysilicon prices are expected to drop to below $50/kg (€35/kg) FOB (free on board) northeast (NE) Asia in the coming weeks amid high stockpiles of photovoltaic materials in China and prevailing weak demand, market players said on Thursday.

Interview - Periodic checks at Formosa's Mailiao complex a must - PIAT
Taiwan’s Formosa group needs to conduct monthly inspections of about 70 plants, pipelines and equipment at its petrochemical complex in Mailiao, to minimise fire incidents that have plagued the site, an industry association official said on Wednesday.

Focus - Taiwan’s PET capacity to increase by 35% by end 2011
Taiwan’s polyethylene terephthalate (PET) bottle chip capacity is expected to increase by 35% to 1.35m tonnes by the end of 2011, a Taiwanese PET producer said on Tuesday.

Focus - Asia DEG nears one-year low; may extend falls on poor demand
Diethylene glycol (DEG) prices in Asia fell to their lowest level in nearly one year, and may continue declining in the weeks ahead, given high inventory at ports amid sluggish demand, industry sources said on Tuesday.

Update - Asia petrochemical shares close lower on demand concerns
Shares in most petrochemical companies in Asia closed weaker on Monday over concerns about a possible slackening of global demand, with an economic recession threatening the US – an important export market for the region.

Focus - Mideast, Africa TDI prices stabilise on improved demand
The prices of toluene di-isocyanate (TDI) in the Middle East and Africa may have bottomed out as demand from both regions shows signs of improvement, industry sources said on Wednesday.

Saudi's SABIC rolls over August offers for September PE, PP
Saudi Arabian polymer major SABIC has rolled over its August offers for the September cargoes of all grades of polyethylene (PE) and polypropylene (PP), market sources said on Thursday.

Saudi’s Petro Rabigh resumes production at PO facility
Saudi Arabia's Petro Rabigh restarted its propylene oxide (PO) plant over the weekend following a turnaround that lasted almost four months, market sources said on Tuesday.

By: Nurluqman Suratman

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