19 July 2013 18:12 [Source: ICIS news]
HOUSTON (ICIS)--China is turning stagnant, with chemical producers there more focused on short-term trading, Celanese’s top executive said on Friday.
“So much of the industrial chemical market there is in turmoil because demand has just not grown,” Celanese CEO Mark Rohr said in a Q2 earnings conference call.
A Celanese executive said earlier this year that Asia and Europe account for roughly 75% of Celanese’s revenues, with Asia producing almost half of that percentage.
Rohr said the economic slide in China stems from a shift in focus on short-term results and not long-term.
“Nobody’s building any inventory,” Rohr said. “There’s an element of caution that has been put in place there that’s causing everyone to move slowly.”
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|
Asian Chemical Connections