By Malini Hariharan Reliance’s bid to acquire LyondellBasell has taken an interesting turn after yesterday’s court ruling. The US bankruptcy court has allowed Lyondell Chemical, the US arm of LyondellBasell, time until 15 April to file a reorganisation plan. During that time, no other competing reorganisation plans can be filed with the court. “… With […]
Asian Chemical Connections
Is it time for price corrections?
By Malini Hariharan After experiencing steep price hikes over the last few weeks should seller start preparing for a fall? Signs of resistance and a slowdown in buying are being seen across a few products suggesting that price corrections may be imminent. ICIS news reports today that the price rally in PE and PP in […]
Polyethylene Pricing Separates From Fundamentals
By John Richardson Linear-low density polyethylene (LLDPE) pricing in China has become increasingly divorced from industry fundamentals as a result of the growing role of the Dalian Commodity Exchange’s futures contract, claimed a Singapore-based polyolefin trader late last week. And the contract is setting the physical market, resulting in Dalian performing a similar role that […]
“Trust in me, go to sleep,” – the objective of China’s Central Bank
Source of picture: www.forums.comicbookresources.com By John Richardson I loved the analogy in yesterday’s Lex column in the Financial Times, comparing the objectives of any central bank to those of Kaa, the python in Jungle Book (nice excuse for a picture to brighten up the blog). The serious point is that […]
Asia Olefins-Polyolefins To Stay Tight Till April
By John Richardson The tight supply olefin-polyolefin supply that has characterised markets since the first quarter of last year continues with no sign of relief for resin buyers until at least early April. But whereas production problems and start-up delays are likely to remain aplenty, the argument for further price hikes has been undermined by […]
India still shining
The figures may not be as impressive as China but India too has been churning out some good growth numbers. The Index of Industrial Production was up 11.7% in November, the fastest pace of growth in more than two yeas. While growth was broad-based the consumer durables sector was a major contribution as production expanded […]
Methanol Enjoys Oversupply Respite
By John Richardson SINGAPORE (ICIS news)–Multiple production issues are likely to keep Asian methanol markets tight until at least May after which new supply might give struggling buyers more leverage, said Mark Berggren, managing director of Singapore-based consultancy, Methanol Market Services Asia (MMSA). “There are many operating issues keeping supply tight in Asia at the […]
China Govt’s Next Moves Critical For World Economy
By John Richardson CHINA’S decision yesterday to increase the amount banks must set aside as reserves and two interbank interest rate rises in the space of a week are designed to tighten monetary conditions as worries grow over overheating and inflation. Lending reached Yuan 600bn ($88bn) in the first week of this year, not far […]
Asean-China FTA: Indonesian drama unfolds
By Malini Hariharan Eight years after agreeing to the Asean-China FTA (ACFTA) and a few days after its implementation the Indonesian government has succumbed to industry pressure to ask the Asean Council to renegotiate tariff reductions on 228 categories of goods across eight industrial sectors. In return, it has offered to accelerate implementation of tariff […]
China Inflation Threat To Chemicals
Sky-high living costs? Source of picture: www.shanghaiist.com By John Richardson CHINA’S imports surged by 55.9 per cent last December, raising concerns among chemicals traders and producers that this points to increasing inflationary pressure and a possible interest-rate hike later this year. The country’s current official borrowing rate stands at 5.31%. “The government has […]
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