Asia top stories - weekly summary

27 February 2012 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 24 February 2012

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LANXESS to build €40m CO2 unit at S Africa sodium dichromate site
LANXESS is to invest €40m ($53m) in building a carbon dioxide (CO2) concentration unit at its sodium dichromate site in Newcastle, South Africa, the Germany-based specialty chemicals company said on Thursday.

Focus - Mideast/Africa TDI prices to stay firm in March on short supply
Middle East and African '''toluene di-isocyanate ('''TDI) spot prices will continue to rise in March because of tight supply and high upstream '''benzene costs, industry players said on Friday.

Focus - China moves to ease credit crunch; more bank reserve cuts seen
China took its first step towards freeing up more funds this year, via a 50-basis point cut in the banks’ reserve requirement, to promote economic growth now that inflation has started to taper off, analysts said on Monday.

Focus - Asia ACN may extend gains on tight supply, strong demand
Spot acrylonitrile (ACN) prices in Asia may increase further in March as supply shrinks amid a slew of plant turnarounds, while demand is on the rise, market sources said on Tuesday.

Focus - India 'softening up' sell side before DAP negotiations
India has made an early strike in the run-up to imminent biannual negotiations for diammonium phosphate (DAP) fertilizer contracts, sources said on Monday.

Focus - Asia polyester may fall further on poor demand, soft PTA/MEG
Spot '''polyester prices in Asia may continue to weaken in the near term, dragged down by declining feedstock prices and a softening of demand from downstream textile industry, market sources said on Wednesday.

Focus - Asia SM may remain firm on strong crude futures, tight supply
Asian '''styrene monomer (SM) prices remain on an uptrend because of strong crude futures and supply constraints, but market players are starting to question how long the uptrend can be sustained, regional traders said on Thursday.

BP, SK, Sinopec plan new $1bn acetic acid, BDO complex in China
BP Chemicals Investment, SK Global Chemical Co, and '''Sinopec Sichuan Vinylon Works (Sinopec SVW) have agreed to build a yuan (CNY) 7bn ($1.11bn) integrated 1,4-'''butanediol (BDO) and '''acetic acid project in Chongquing, China, that is slated for completion in 2015, the companies said in a joint statement late on Wednesday.

Focus - Asia lauric acid rebounds; CPKO gains may push prices higher
Lauric acid prices in Asia gained for the first time this year and look set to increase further in the near term as values of feedstock crude palm kernel oil (CPKO) are on an uptrend, market players said on Friday.

Focus - Asia naphtha inter-month spread to rise on tight supply
Asia’s naphtha inter-month spread between the first half of April and the first half of May is expected to widen in backwardation as demand for prompt shipment cargoes is likely to stay strong amid tight supply, market sources said on Thursday.

Focus - Pakistan HDPE under pressure from influx of Iran cargoes
Spot high density polyethylene ('''HDPE) film prices in Pakistan have slowed down their increase, weighed by a surge in inflows of cheaper cargoes from neighbouring Iran, industry players said on Friday.

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