Asian Chemical Connections
What a difference three months can make. Back in December 2012, polyethylene (PE) traders were reportedly stocking up "like crazy" in anticipation of a bumper year in the Chinese market.
The assumption was that the economic recovery of late 2012 and January 2013, which was the result of perhaps politically motivated stimulus spending, would continue throughout this year.
But, as one Singapore trader describes, the outlook has radically shifted.
INSIGHT: BASF volumes up but demand growth not driving prices higher
"The world economy and global industrial production have grown more slowly than BASF had anticipated."
VIDEO: ICIS Special Report - Asia methanol, acetic acid