Asia top stories - weekly summary

09 July 2012 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 06 July 2012.

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Focus-Asia MEG rebounds on strong crude; poor demand to cap gains
Spot monoethylene glycol (MEG) prices in Asia have gone up by 6% in the past week on the back of strong crude futures, but further gains may be capped as buyers remain cautious about procuring cargoes, market sources said on Tuesday.

Focus-Strong Asia BD gains may fizzle out as supply improves
Asia’s butadiene (BD) spot prices may soon lose its strong upward momentum as demand remains fundamentally weak, while supply is expected to increase as shut major crackers in Taiwan restart, with others ramping up production, industry sources said on Tuesday.

Focus-China PMI falls to 7-month low in June; further slowdown seen
China's Purchasing Managers Index (PMI) fell to a seven-month low of 50.2% in June, indicating that manufacturing activities continued to weaken, with a further slowdown expected in the next two months as external demand remains poor, analysts said on Monday.

Focus-East China toluene prices seen rising on margin recovery
East China’s toluene prices are expected to increase in late July on the back of traders’ efforts to recover import margins and marginal recovery in demand, industry sources said on Wednesday.

Focus-India polyester makers rush to import PTA on domestic shortage
India’s polyester makers are scrambling for imports of feedstock purified terephthalic acid (PTA) to plug a shortfall in domestic supply as three major facilities with a combined capacity of almost 2m tonnes/year shut production mid-week, market sources said on Friday.

Qatar’s Tasweeq offers full-range naphtha, plant condensate for Aug
Qatar International Petroleum Marketing Co (Tasweeq) offered by tender late on Thursday 50,000 tonnes of full-range naphtha and 50,000 tonnes of plant condensate for second half of August delivery, traders said on Friday.

Africa LDPE, PP still under pressure from EU offers
An influx of cheap European product has compounded the downward pressure on July African polyolefins prices - initially caused by a surplus in Middle Eastern supply, industry sources said on Wednesday.

By: Staff Reporter
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