As trade tensions rise between the US and China, the prospect of a trade war has wide-ranging implications for the chemical industry. On this landing page you will find links to the latest related ICIS news and analysis plus graphics.
- Part 1 - $34bn. These 25% tariffs were published on 11 June 2018 and imposed on July 6. Click here to see the list. Chemicals are not included.
- Part 2 - $16bn. These 25% tariffs were published on 11 June 2018 and went into operation on 23 August. The finalised list contains 279 from the original June list of 284. Click here to see the updated list published by the Office of the US Trade Representative.
These tariffs affect around $2.2bn of Chinese exports of chemicals and polymers to the US, according to the American Chemistry Council (ACC).
The impact on China’s bulk chemicals and polymers exports to the US is minimal in the second round, at under 10,000 tonnes per product based on 2017 trade flows, according to the ICIS Supply and Demand database.
- Part 3 - $200bn. These 10-25% tariffs were published on 10 July 2018 and went into operation at 10% on 24 September. On 1 January 2019, the tariffs had been scheduled to rise to 25%. But Presidents Trump and Xi agreed on 1 December to delay the hike by 90 days as they enter talks to resolve the dispute. This gave a new target date of 1 March 2019 for tariffs potentially to rise. Then in February 2019 President Trump announced he would delay the increase to 25% whilst he finalises a trade deal with China.
The US has partially or fully removed 297 products from the original Part 3 list. Click here to see the final tariff list which contains 5,745 of the original 6,031 products in the earlier version.
In it, 142 chemicals and finished plastics (just two finished plastics) were removed compared with the preliminary list, according to an analysis by the ACC. The two finished plastics categories removed are plastic gloves – seamless and otherwise.
The final US round-three list includes a total of 1,363 chemicals and plastics products, of which the US imported $12.9bn worth from China in 2017, noted the ACC in its analysis of US International Trade Commission (ITC) data. As the original list included 1,505 chemicals and plastics products valued at $16.4bn, the value of the imports from China of the removed products in 2017 was $3.5bn.
At a tariff rate of 10%, this equates to $1.3bn in tariffs that would be collected by the US government, based on 2017 levels of imports. At 25%, this rises to $3.2bn. However, future imports of these products could fall significantly, reducing the actual amounts collected.
The ACC analysis includes HTS (Harmonized Tariff Schedule) code chapters 27 (only select chemicals from this list), 28 (inorganic chemicals), 29 (organic chemicals) and 31-39 (fertilizers, dyes, extracts, surfactants, finished plastics, etc). It excludes chapters 30 (pharmaceuticals) and 40 (rubber products).
The greatest impact of the US round 3 tariffs will be on finished plastics (chapter 39) imports from China – about $5.6bn worth from 2017 trade figures, according to the ACC. In round two, about $1.4bn in these exports were put under tariff. Organic chemicals come in second at $2.8bn.
For the most part, the products removed from the final list do not include bulk chemicals and plastics resins covered by ICIS, with the exceptions of vinyl chloride monomer (VCM) and paraffin wax. Also removed are five groups of rare earth elements used in fluid catalytic cracking (FCC) units, which produce gasoline and refinery-grade propylene.
Across all three rounds, the US tariffs cover 1,516 chemicals and finished plastics, representing $15.1bn in imports from China in 2017. China’s final list of third-round retaliatory tariffs on $60bn of US imports did not change from the original, but the rates were significantly reduced to 5-10% versus 5-25%.
The round three list includes olefins, aromatics, alcohols, acetyls, acrylics, anhydrides, glycols and glycol ethers. Nitrogen fertilizers and surfactants are included as well as caustic soda and titanium dioxide (TiO2).
- Part 4 - If China takes what the administration considers to be retaliatory actions, then President Trump has threatened another round of tariffs on $267bn worth of additional imports.
- On 13 September 2018 President Trump signed the bipartisan Miscellaneous Tariff Bill (MTB), which was unanimously approved by the House and Senate. The legislation aims to remove tariffs against products which cannot be manufactured within the US. President Trump's China tariffs are unaffected by the MTB tariff reductions, which apply to older tariffs.
Work on the bill began in 2016, before the current round of China tariffs was proposed. It is designed to revise outdated tariffs which the National Association of Manufacturers says are now acting as a tax on US production. Click here to see the full list of products exempted from tariffs by the Miscellaneous Tariff Bill.
- Part 1 - Tariffs on $34bn of US imports kicked in on 6 July, which included agricultural products such as corn and soybeans but not chemicals. Click here to see this list published in Mandarin.
- Part 2 - China’s finance ministry also listed a second set of US exports valued at around $16bn, which include a wide variety of US chemical and energy products. China imposed an updated list of these tariffs on 23 August in response to the US tariffs. These tariffs affect around $2bn in US chemical and plastics exports, according to the ACC.
The list includes, for the first time, most grades of linear low density polyethylene (LLDPE) plus all high density PE (HDPE). Ethyl vinyl acetate (EVA) has been included as well as polypropylene (PP). Low density PE (LDPE) has been removed from an earlier list. Source for table: ICIS Supply & Demand Database.Products added/removed from $16bn (part 2) China tariff list
US bulk chemicals and polymers most impacted by
the second round in terms of trade volumes to
China are ethylene dichloride (EDC),
styrene, HDPE, LLDPE,
monoethylene glycol (MEG) and PP, in that
to the ICIS Supply and Demand Database.
- Part 3 - China’s Ministry of Finance announced on 18 September it would impose 5% and 10% tariffs on $60bn of US imports on 24 September as a countermove against the latest US measure. The tariffs went live, as planned, on 24 September. Click here to see the full list of chemicals.
These tariffs would be largely lower than its initial plan, which was announced on 3 August and included rates of 5%, 10%, 20% and 25%. These tariffs will hit an additional $8.8bn in US chemical and polymer exports to China, according to the ACC.
In round three, US exports to China most impacted in terms of volume would be paraxylene (PX), ethylbenzene and methanol. But the overall impact on commodity chemicals would be less than in the second round.
20 March 2019 03:08 SINGAPORE (ICIS)--China’s
Group II base oils prices have slumped in March
mainly because of lukewarm end-user demand,
which is likely to persist in the weeks
Spot prices have been falling since November 2018, with Group II base oil grades N150 and N500 shedding 7-9% since, while Group III N100 and N150 were down 5-6% over the same period, according to ICIS data.
18 March 2019 05:40 SINGAPORE
(ICIS)--Singapore’s petrochemical shipments in
February declined 6.1% year on year to
Singapore dollar (S$) 1.26bn, contracting for
sixth consecutive month, official data
showed on Monday.
The city-state’s overall non-oil domestic exports (NODX) for February, however, posted a 4.9% growth to S$13.2bn, reversing the 10.1% decline recorded in the previous month, according to Enterprise Singapore.
18 March 2019 03:46 SINGAPORE (ICIS)--Japan’s
exports declined for the third month in
February, posting a 1.2% year-on-year dip to
yen (Y) 6.38tr ($57bn), weighed down by a
contraction in shipments to Asia, official data
showed on Monday.
Its exports to Asia in February declined by 1.8% year on year to Y3.31tr, with shipments to Singapore and South Korea recording double-digit falls, according to data from Japan’s Ministry of Trade and Industry.
15 March 2019 04:21 SINGAPORE (ICIS)--China will reduce its value-added tax (VAT) rates from 1 April to boost the domestic economy, Premier Li Keqiang said on Friday.
The VAT rates for manufacturing will be lowered to 13% from 16%; while those for transportation and construction will be reduced to 9% from 10%.
14 March 2019 09:44 SINGAPORE (ICIS)--Total
outputs of industrial firms in China expanded
5.3% in January-February, the slowest pace
since the 5.1% posted in January-March of 2009,
data from the National Bureau of Statistics
(NBS) showed on Thursday.
This is another indication of further slowdown in the world’s second biggest economy.
14 March 2019 06:02 SINGAPORE (ICIS)--Asia’s
acrylonitrile-butadiene-styrene (ABS) market
strengthened this week with suppliers targeting
higher numbers, citing elevated feedstock
Sellers are also wagering that buying momentum will subsequently increase as manufacturing activities in the key Chinese market usually kick into a higher gear in the second quarter.
14 March 2019 07:35 SINGAPORE (ICIS)--The
outlook of China's butyl glycol (BG) is dim
amid subdued buying, with spot prices already
drifted lower in tandem with domestic Chinese
Slow demand and recent weakness in upstream prices may continue to keep end-users at bay.
08 March 2019 10:16 SINGAPORE
(ICIS)--Ethylene import prices in northeast
Asia may remain weak next week after having
slumped for a second successive week, if the
prompt length in the region persists.
Any fresh losses, however, may be capped by a gradual recovery in downstream markets, unfavourable Europe-Asia arbitrage economics and the start of South Korea’s cracker turnaround period.
13 March 2019 07:04 SINGAPORE (ICIS)--China
is not expected to adjust retail ceiling
prices for domestic gasoline and gasoil on 15
March, as global crude futures fluctuated
slightly in an ICIS pricing cycle, ICIS data
As of 13 March, the average price of the crude basket that China refers to for fuel pricing, dropped by 0.07% in this pricing cycle, which indicated a theoretical markup of minus yuan (CNY) 15/tonne.
12 March 2019 05:47 SINGAPORE (ICIS)--Weak
performance in the Chinese domestic market is
exerting downward pressure on Asia’s benzene
Selling pressure has increased in the key China market as elevated inventories prompted some sellers to liquidate stocks.
07 March 2019 03:31 SINGAPORE (ICIS)--Asia’s
benzene market has been adrift since late
February after some post-holiday gains, as
participants await concrete announcements
from the ongoing
US-China trade talks.
Spot prices were hovering in the low-$600/tonne FOB (free on board) Korea levels, from under $590/tonne FOB Korea in late January.
06 March 2019 03:18 SINGAPORE (ICIS)--China’s
polyvinyl chloride (PVC) prices are expected
to be supported by improved sentiment
following the government’s economic stimulus
measures, in spite of downward pressure from
continued weakness in demand.
Demand was lackluster for March-loading shipments amid uncertainties in the ongoing US-China trade negotiations.
05 March 2019 06:13 SINGAPORE (ICIS)--Asia’s
acrylonitrile-butadiene-styrene (ABS) market
is under downward pressure amid rising
inventory among traders and suppliers, but
offers were still being pushed up due to
elevated feedstock costs.
Slow offtakes post Lunar New Year holidays have taken some sellers by surprise as they anticipated a recovery in buying momentum in March.
05 March 2019 06:29 SINGAPORE (ICIS)--Asia’s
methyl methacrylate (MMA) spot prices are
poised to extend losses in the short term,
after hitting close to a two-year low in
early March, due to a supply overhang.
Spot values have tumbled by around 25% from late August 2018, ICIS data showed.
05 March 2019 02:22 SINGAPORE (ICIS)--China
is targeting to achieve a growth of 6.0-6.5%
this year, down from the 6.6% pace
recorded in 2018, Premier Li Keqiang said on
Its GDP growth last year was the lowest in 28 years.
01 March 2019 05:35 SINGAPORE (ICIS)--China’s domestic prices of industrial grade monopropylene glycol (MPG-PGI) look set to falter as demand continues to stay weak, reversing a brief uptick seen in the previous week.
Trade for PGI produced via the dimethyl carbonate (DMC) processes fell back this week to around yuan (CNY) 8,000/tonne ($1,194/tonne) ex-tank China as at 28 February, market sources said.
01 March 2019 03:44 SINGAPORE (ICIS)--South
Korea’s exports posted a double-digit decline
in February, extending the
contraction in January, amid an economic
slowdown in China, its key export
February exports fell 11.1% year on year, while imports declined by a steeper 12.6%, resulting in a trade surplus of $3.1bn, South Korea’s Ministry of Trade, Industry and Energy (MOTIE) said on Friday.
01 March 2019 03:30 SINGAPORE
(ICIS)--Nikkei's manufacturing purchasing
managers' index (PMI) for Japan fell to 48.9
in February from 50.3 in January, weighed by
deteriorating demand conditions and overseas
orders, the Japanese media firm said on
The February reading marks the first contraction in the Japanese manufacturing economy since August 2016.
01 March 2019 02:44 SINGAPORE
(ICIS)--Caixin’s general manufacturing
purchasing managers’ index (PMI) for China
picked up to a three-month high of 49.9 in
February from 48.3 in January, pointing to an
easing of contraction in business
The number has stayed below the expansion threshold of 50 for the third straight month.
28 February 2019 02:50 SINGAPORE (ICIS)--China’s official manufacturing purchasing managers’ index (PMI) declined by 0.3 points from January to 49.2 in February, the lowest since March 2016, the National Bureau of Statistics (NBS) said on Thursday.
26 February 2019 06:04 SINGAPORE
(ICIS)--Asia’s purified terephthalic acid
(PTA) prices are likely to be supported in
the near term, as the market heads into the
traditional peak demand season.
In the key China market, spot PTA import prices have been relatively stable at around $840-865/tonne CFR (cost & freight) China Main Ports since end-January, according to ICIS data.
25 February 2019 17:22 HOUSTON (ICIS)--The
extension of a 90-day truce in the trade
dispute between the US and China should boost
optimism in the Asian country and remove
some of the gloom surrounding its
Had the deadline transpired, the US would have imposed a 25% tariff on $200bn worth of Chinese imports, up from the 10% tariff it imposed on the same goods in September.
25 February 2019 02:08 SINGAPORE (ICIS)--US
President Donald Trump late on Sunday said
that he will delay the increase in tariffs
against China and plans to meet Chinese
President Xi Jinping to settle a final trade
"I am pleased to report that the U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues," Trump wrote on Twitter.
22 February 2019 07:26 SINGAPORE
(ICIS)--Demand for monoethylene glycol (MEG)
in China may improve in March, auguring
firmer prices, but gains are likely to be
capped by high inventory, which is currently
at near four-year high and rising.
Weaker supply-demand balance and high inventories in the current month had been expected due to the week-long Lunar New Year holiday in China on 4-10 February.
21 February 2019 08:43 SINGAPORE
(ICIS)--Prices of methyl methacrylate (MMA)
in Asia would trend lower after falling to
22-month lows, as the market is undermined by
soft regional demand and ample cargo
Supply is without doubt outstripping demand despite a slew of routine maintenance works and production cuts both in Asia and the Middle East.
21 February 2019 05:48 SINGAPORE
(ICIS)--China's domestic prices of
industrial-grade propylene glycol (PGI) are
expected to strengthen on the back of rising
demand in post-Lunar New Year.
For PGI produced via the dimethyl carbonate (DMC) process, trade was taking place at Chinese yuan (CNY) 8,200-8,400/tonne EXT (ex-tank) China as of 21 February, another local trader said.
21 February 2019 05:05 SINGAPORE
suppliers in Asia raised their offers
post-Lunar New Year holidays amid optimism
over the ongoing US-China trade
Players expect a stronger market in March and April, as manufacturing activities in the key China market usually kick into higher gear after a slow first quarter.
21 February 2019 05:03 SINGAPORE
(ICIS)--China’s polypropylene (PP) prices are
set to edge higher following a recent
rebound, as the market is revved by depleting
domestic inventory and growing demand.
Production rates of downstream plants are high, prompting end-users to seek PP cargoes in the spot market.
20 February 2019 04:27 SINGAPORE
(ICIS)--Asia’s high-cis polybutadiene rubber
(PBR) prices may face upward pressure in
March from the rebound in feedstock butadiene
(BD) market, but sluggish demand and cheaper
deep-sea product may temper any gains.
On 14 February, high-cis PBR prices were assessed at $1,550/tonne CFR NE Asia, down by $50/tonne from the previous week, according to ICIS data.
20 February 2019 03:47 SINGAPORE
(ICIS)--Japan’s chemical exports in January
fell by 4.2% year on year to yen (Y) 668bn
($6bn), with the country's overall shipments
abroad posting their biggest decline in more
than two years, provisional official data
showed on Wednesday.
Its exports of organic chemicals fell by 5.6% year on year in January, while shipments of plastic materials were down by 13.9%, Ministry of Finance data showed.
19 February 2019 05:41 SINGAPORE (ICIS)--PTT
Global Chemical’s fourth-quarter net profit
slumped year on year on heavy stock losses
brought about by the plunge in crude oil
prices, the Thai producer said.
The company booked Thai baht (Bt) 6.52bn in stock loss in the October to December 2018, compared with a gain of Bt2.49bn in the previous corresponding period, it said in a filing to the Stock Exchange of Thailand (SET) on 18 February.
19 February 2019 04:00 SINGAPORE
(ICIS)--Chinese titanium dioxide (TiO2)
export prices look poised to firm as
producers hike offers amid a strengthening
Chinese yuan against the US dollar in their
efforts to maintain margins.
Chinese TiO2 major Lomon Billions’ announced intentions to hike export prices by $100/tonne earlier in February, citing firmer upstream costs.
19 February 2019 03:29 SINGAPORE
(ICIS)--Asia's benzene market could be
further supported by re-stocking activity in
China and optimism over the outcome of
ongoing US-China trade talks, amid buoyant
crude oil futures.
Some players, however, remained cautious as the key downstream styrene monomer (SM) sector will head for a relatively heavy maintenance shutdown from March to May. This would result in more benzene becoming available in the market.
15 February 2019 07:34 SINGAPORE
(ICIS)--Singapore’s economy is expected to
cool further in 2019, with marked
decelerations in its manufacturing sector and
petrochemical exports pointing to a global
The country’s economy grew by 3.2% year on year in 2018, lower than the 3.9% expansion seen in 2017, the country’s Ministry of Trade and Industry (MTI) said on Friday.
14 February 2019 08:52 SINGAPORE
(ICIS)--China’s overall exports in January
increased by 9.1% year on year to $217.6bn,
contraction recorded in December 2018,
according to preliminary government data
released on Thursday.
Imports, on the other hand, declined for the second straight month, dipping by 1.5% year in January to $178.4bn.
13 February 2019 05:15 SINGAPORE
(ICIS)--Asian paraxylene (PX) prices will be
buttressed by healthy market fundamentals
going forward, as the pool of supply is seen
decreasing as a legion of PX units will
undergo maintenance works.
Heading into the second quarter of the year, current balanced-to-long supply of PX will gradually tighten amid the traditional peak demand season in the key China markets.
13 February 2019 03:16 SINGAPORE
(ICIS)--Activity in the Asian
styrene-acrylonitrile (SAN) market remained
muted after the Lunar New Year holidays, with
players mostly on the sidelines monitoring
Trade is expected to kick off in earnest next week. Suppliers have yet to quote offers with most customers still out of the market.
12 February 2019 03:46 SINGAPORE
(ICIS)--The outlook for Asia's
acrylonitrile-butadiene-styrene (ABS) market
remained uncertain although prices were
steady after participants returned to the
market after the Lunar New Year holidays last
The ongoing trade talk between the US and China ahead of the truce deadline on 1 March remained very much in focus for ABS players.
11 February 2019 05:44 SINGAPORE
(ICIS)--Asia’s butadiene (BD) spot prices may
rebound soon because of heightened buying
interest from China post-holiday.
On 8 February, spot prices were flat at $1,100/tonne CFR (cost and freight) northeast (NE) Asia, according to ICIS data, with the key markets, including China and Taiwan, shut for a full week for the Lunar New Year holiday.
08 February 2019 06:22 SINGAPORE (ICIS)--Asia
benzene was firm this week on the back of
optimism over the ongoing trade talks between
the US and China, even though overnight news
suggests that serious issues remain
The buying interest continues to be prevalent for March and April cargoes as some people expect demand to be buoyant post-holiday, though a few players are cautious as well.
08 February 2019 02:21 SINGAPORE (ICIS)--Asian petrochemical shares fell sharply on Friday after US President Donald Trump said he would not meet with Chinese President Xi Jinping before the 1 March deadline, compounding investors’ worries that a trade deal may not be reached in time.
White House economic advisor Larry Kudlow also on Thursday said there is still a “pretty sizable distance to go” in China trade talks.
07 February 2019 05:28 SINGAPORE (ICIS)--Asahi
Kasei’s December-quarter net profit slumped
year on year as acrylonitrile’s (ACN) market
prices plunged during the period, the Japanese
producer said on Thursday.
The company cited that China’s economic slowdown has “began affecting certain products for automotive and smartphone applications, although the impact was limited”.
China is in the throes of a trade war with the US since early July last year.
01 February 2019 08:28 SINGAPORE (ICIS)--South
Korea’s overall exports in January declined by
5.8% year on year to $46.4bn, with
petrochemical shipments falling 5.3% to $4.0bn,
official data showed on Friday.
Exports to major market, China, slumped 19.1% year on year to $10.8bn, according to South Korea’s Ministry of Trade, Industry and Energy.
01 February 2019 05:03 SINGAPORE (ICIS)--Asia’s acetic acid prices may struggle to find support amid stable-to-firm domestic prices in China on the back of restocking activities, the recent spate of plant outages which did little to tighten the market, and an anticipated demand recovery post-Lunar New Year.
01 February 2019 04:28 SINGAPORE
(ICIS)--Nikkei's manufacturing purchasing
managers' index (PMI) for Taiwan fell to 47.5
in January from 47.7 in December as production
levels continued to fall amid weak external
demand, the Japanese media group said on
January reading marks a 40-month low for the PMI.
01 February 2019 04:11 SINGAPORE (ICIS)--Nikkei's manufacturing purchasing managers' index (PMI) for South Korea fell to 48.3 in January from 49.8 in December, marking the steepest downturn in manufacturing business conditions since November 2016.
01 February 2019 03:11 SINGAPORE (ICIS)--Nikkei's manufacturing purchasing managers' index (PMI) for Japan fell to 50.4 in January from 52.6 in December, weighed by a decline in production levels and export orders, the Japanese media firm said on Friday.
01 February 2019 02:38 SINGAPORE
(ICIS)--Caixin's general manufacturing
purchasing managers' index (PMI) for China fell
to 48.3 in January from 49.7 in December as
production levels declined amid muted demand
conditions, the Chinese media group said on
Caixin's January reading is the lowest since February 2016.
30 January 2019 06:06 SINGAPORE
(ICIS)--Petrochemical trades in Asia have
slackened in the weeks leading to the Lunar New
Year holiday as manufacturing in the key China
market slows down, with a number of downstream
facilities coming off stream.
Amid a general demand weakness in China, some domestic factories could take time to resume production post-holiday, market sources said.
29 January 2019 04:02 SINGAPORE (ICIS)--Japan
expects its January exports to be weak because
of the effects of the US-China trade war, but
its overall economy is expected to continue
recovering, a report by the Japanese Cabinet
Office showed on Tuesday.
In its monthly economic report, the Cabinet Office said that the country’s “exports are in a weak tone”.
25 January 2019 05:27 SINGAPORE (ICIS)--China
has stepped up efforts to stimulate its
economy, to prevent any sudden and sharp
slowdown in 2019 amid its trade war with the
US, with more measures expected to be announced
during the course of the year.
Growth in the world’s second-largest economy is projected to slow down further to 6.0%-6.5% this year, after hitting a 28-year low of 6.6% in 2018, as it reels from the wide-ranging repercussions of the ongoing US-China trade spat and amid mounting debts.
23 January 2019 03:28 SINGAPORE (ICIS)--China may have delayed releasing the preliminary results of its anti-dumping duty (ADD) investigation on phenol imports from five origins, including the US, to March – almost a full year since the probe began.
The Chinese authorities were initially largely expected to come up with preliminary findings six months after the probe on phenol imports from the US, EU, South Korea, Japan and Thailand was launched on 26 March 2018.
21 January 2019 04:13 SINGAPORE (ICIS)--China’s
economy registered a full-year 2018 growth of
6.6%, the lowest recorded in 28 years, official
data showed on Monday.
In the fourth-quarter of last year, growth in the world’s second-biggest economy, weakened to 6.4%, the slowest pace of expansion since the first quarter of 2009, according to the National Bureau of Statistics (NBS).
16 January 2019 04:10 SINGAPORE (ICIS)--Asia’s
styrene-acrylonitrile (SAN) trades have picked
up ahead of the Lunar New Year holidays in
early February, with buyers keen on stocking up
on resins as prices may have bottomed
Offers this week stood at $1,450-1,600/tonne CFR (cost & freight) China.
16 January 2019 05:51 SINGAPORE (ICIS)--Asia’s
benzene market was largely stable this week
ahead of the Lunar New Year holidays in early
February, with trades expected to taper off in
the key China market.
Benzene has been trading this week at a narrow range - around the mid-$500/tonne FOB (free on board) Korea levels - after some initial optimism over the US-China trade talks in Beijing on 7-9 January.
15 January 2019 04:37 SINGAPORE (ICIS)--Asia’s
polybutadiene rubber (PBR) prices are facing
upward pressure from rising cost of feedstock
butadiene (BD) cost and amid re-stocking
activities ahead of the Lunar New Year
Spot offers for high-cis PBR were revised up to $1,700-1,800/tonne CFR (cost and freight) northeast (NE) and southeast (SE) Asia, market sources said.
14 January 2019 08:01 SINGAPORE (ICIS)--China’s
overall exports in December decreased by 4.4%
year on year to $221.3bn, according to
preliminary government data released on
Monthly exports of the world’s second-biggest economy last posted a contraction in March 2018.
10 January 2019 05:55 SINGAPORE (ICIS)--China’s
benzene prices are expected to rebound this
year as demand will outpace output growth, but
gains will be likely capped by uncertainties in
the upstream crude market amid weakening
Demand in the first quarter will be boosted as downstream styrene monomer (SM) plants are expected to restart in January, which will boost benzene consumption by at least 5,000 tonnes per month.
09 January 2019 06:51 SINGAPORE (ICIS)--Global
economic growth this year is projected to slow
to 2.9% from 3.0% in 2018, based on the revised
projections of the World Bank released late on
The new forecasts contained in the multinational institution’s January 2019 Global Economic Prospects report were down from its June 2018 growth projections of 3.1% for 2018 and 3.0% for 2019.
09 January 2019 04:07 SINGAPORE (ICIS)--Spot
discussions for paraxylene (PX) in Asia were
higher early on Wednesday, driven by overnight
crude gains and market optimism over the
ongoing China-US trade talks.
For March shipments, discussions were at $1,030-1,050/tonne CFR (cost & freight) Taiwan/China Main Ports, compared with a deal done at $1,004/tonne CFR Taiwan/China Main Ports on 8 January.
09 January 2019 03:48 SINGAPORE (ICIS)--Asia’s
polycarbonate (PC) prices are expected to take
on a soft trend in the first quarter at least,
with ample supply expected to keep a lid on any
potential upsurge, market sources said.
Spot prices of PC are poised to take cues from movements in upstream raw material bisphenol A (BPA) markets, particularly in China.
09 January 2019 03:35 SINGAPORE (ICIS)--Asia’s
polystyrene (PS) market sentiment is upbeat in
the near term despite volatility in feedstock
prices, as demand stays buoyant while supply is
In the week ended 4 January, spot prices of general purpose PS (GPPS) were assessed at $1,230-1,240/tonne CFR (cost & freight) China/Hong Kong, down by $10/tonne from the previous week, ICIS data showed.
09 January 2019 02:53 SINGAPORE (ICIS)--The
China-US vice-ministerial-level trade talks
have been extended to another day on Wednesday,
which analysts believe a sign of
Chinese media coverages said that talks continued to late evening on Tuesday and they agreed to carry on to an unscheduled third day trying to strike a resolution on the dispute.
08 January 2019 08:31 SINGAPORE
(ICIS)--Asia’s purified terephthalic acid
(PTA) supply is likely to remain largely
balanced to tight in 2019 as a result of
limited capacity expansion, while demand
is expected to continue growing.
China will remain the key demand growth driver for Asia, followed by India.
08 January 2019 06:37 SINGAPORE
(ICIS)--Asia’s butadiene (BD) spot prices
may track recent gains in China’s
domestic market, but demand is expected
to weaken ahead of the Lunar New Year in
China’s buying interest for January import cargoes picked up following recent spike in domestic prices on the back of limited supply, market sources said.
08 January 2019 05:15 SINGAPORE
(ICIS)--Asia’s monoethylene glycol (MEG)
prices are expected to be weighed down in
the first half by an economic slowdown in
key China market, along with slower
growth in downstream polyester
Unfavourable macroeconomic conditions will likely lead to weakness in downstream demand growth.
08 January 2019 05:10 SINGAPORE
(ICIS)--Asia’s benzene market firmed this
week in a refreshing change after several
months of decline, on hopes of a
resolution to the US-China trade war in
the near term.
Spot prices are continuing their rebound, after strengthening toward the mid-$550/tonne FOB (free on board) Korea levels late last week, backed by gains in upstream crude market.
21 December 2018 08:03 SINGAPORE
(ICIS)--China propylene oxide (PO) prices
may stay capped in 2019, unless demand
from key application polyols could pick
up sufficiently to absorb burgeoning
PO supplies in Asia are set to grow in 2019, with several new plants coming on stream.
21 December 2018 04:29 SINGAPORE
(ICIS)--Asia's styrene butadiene rubber
(SBR) prices are likely to be stable or
soft in the first quarter of 2019 if
tensions in the US-China trade war failed
Market players were cautious amid uncertainties following the 90-day trade war truce announced on 1 December between the two economic giants, which will prevent the anticipated spike in US tariffs on $200bn worth of Chinese imports to 25% from the current 10%.
21 December 2018 03:00 SINGAPORE
(ICIS)--Asia’s naphtha market is
envisaged to draw support from healthy
regional demand for petrochemical
production, which might outpace supply
despite expectations of ample western
arbitrage cargo flows.
Spot naphtha prices have been on a rollercoaster, fluctuating heavily in the fourth quarter of the year due to volatility in upstream global crude oil futures markets.
21 December 2018 02:42 SINGAPORE (ICIS)--Asia butadiene (BD) prices may rise in January ahead of the Lunar New Year holidays on re-stocking although the price uptrend may fizzle out unless US-China trade war tensions ease or there is positive news during this period.
18 December 2018 08:15 SINGAPORE
(ICIS)--China will not press on the brakes
for reforms and the opening up of the
country, in tandem with the developments of
the society and the changing of times,
President Xi Jinping said on Tuesday.
In a keynote speech at a conference in Beijing that celebrates the 40th anniversary of reform and opening-up, Xi said that the policy is a great awakening of the Chinese Community Party (CPC) and a great revolution in China’s development history.
18 December 2018 03:05 SINGAPORE
(ICIS)--Japan has lowered its economic
growth forecast to 0.9% for the year ending
31 March 2019, down from the previous
estimate of 1.5%, official data showed on
The impact of the trade war between the US and China on the world economy will remain a downside risk for growth, Japan’s Cabinet Office said in a statement.
17 December 2018 10:42 SINGAPORE
(ICIS)--China will suspend the additional
tax imposed on US-made cars and auto parts
for three months from 1 January 2019 as
part of the two economic giants’ trade war
truce, the Chinese Ministry of Finance
A total of 211 items are included in the list, including 144 US cars and auto parts, and 67 other auto parts.
14 December 2018 04:29 SINGAPORE
(ICIS)--Recent declines in Asian import
prices of propylene oxide (PO) look set to
ease, as domestic yuan-denominated prices
in China started to rebound this week with
tighter prompt supplies.
But upside potential may be capped, as long as downstream demand remains structurally weak.
14 December 2018 02:37 SINGAPORE
(ICIS)--Asia's melamine prices may further
diminish in a market, already denuded of
healthy demand, as producers, keen to keep
inventories low on their books at year-end,
enthuse to sell off their stocks.
It is not a spur of the moment for sellers to offer their inventories as the fiscal year in China, the world's second-largest economy after the US, ends in December. The timing, however, coincides with shrinking demand for melamine used largely for plywood, tableware and adhesive.
12 December 2018 04:03 SINGAPORE
(ICIS)--Asia’s polymeric di-p-phenylene
isocyanate (PMDI) prices may hit yet
another fresh 2-year low as offers are
declining because sellers want to elicit
However, demand may not recover due to the lingering US-China trade dispute.
12 December 2018 04:07 SINGAPORE
(ICIS)--Economies in developing Asia and
the Pacific are still forecast to expand at
an annual rate of 6.0% this year and 5.8%
in 2019, with downside risks from the
US-China trade war, the Asian Development
Bank (ADB) said on Wednesday.
“The truce on trade tariffs agreed by the United States (US) and the People’s Republic of China (PRC) is very welcome but the unresolved conflict remains the main downside risk to economic prospects in the region,” said ADB chief economist Yasuyuki Sawada in a statement.
11 December 2018 08:43 SINGAPORE
(ICIS)--China’s linear low density
polyethylene (LLDPE) futures fell by 1.8%
on Tuesday on bearish sentiment amid
uncertainty over the US-China trade
May 2019 LLDPE futures, the most actively traded contract at the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 8,355/tonne ($1,213/tonne), down by CNY150/tonne from the previous day's settlement.
11 December 2018 04:38 SINGAPORE
(ICIS)--Ethylene dichloride (EDC) prices in
Asia are at their highest in four years,
and prices may remain supported into the
first quarter of 2019 on continued
tightness in spot supply.
EDC’s average spot prices have more than doubled to $395/tonne CFR (cost & freight) NE (northeast) Asia in the week ended 7 December from $167.50/tonne CFR NE Asia in the week ended 5 January 2018, according to ICIS data.
07 December 2018 10:48 SINGAPORE
(ICIS)--Northeast Asia’s ethylene prices
fell to levels last seen in September 2015
on year-end destocking activity by
producers, shutdowns at several regional
downstream plants and sluggish polyethylene
Spot deals were done at $840-880/tonne CFR (cost & freight) NE (northeast) Asia for end December and January-arrival cargoes during the week. The transacted prices are down from the weekly assessment of $950/tonne CFR NE Asia on 30 November.
06 December 2018 04:54 SINGAPORE
(ICIS)--Asia’s benzene market gains fizzled
out midweek as market participants shifted
back their focus on the expected
lengthening of regional supply.
Spot prices have retreated to around $660/tonne CFR (costs & freight) China on Thursday, down from deals concluded at $670-675/tonne CFR China in the first half of the week.
06 December 2018 06:13 SINGAPORE
(ICIS)--Asia’s acrylonitrile butadiene
rubber (NBR) prices continued to face
downward pressure from sluggish demand and
losses in feedstock acrylonitrile (ACN) and
butadiene (BD) markets.
“Demand is slow as buyers are cautious and unwilling to build up their inventories in the current weak market sentiment as prices keep falling,” a trader said.
05 December 2018 05:40 SINGAPORE
(ICIS)--Asia’s butadiene (BD) spot prices
were largely steady and may stay weak in
the near term due to sluggish demand,
despite the US-China trade war truce that
cheered financial and commodities
markets at the start of the week.
Spot offers for January cargoes at $1,150-1,200/tonne CFR (cost and freight) northeast (NE) Asia have found limited interest, according to market sources.
05 December 2018 03:26 SINGAPORE
(ICIS)--China is optimistic about hammering
out a deal with the US within 90 days, to
resolve the trade war between the two
“The economic and trade teams of the two sides will actively promote the consultation based on a clear timetable and road map in 90 days,” the Chinese Ministry of Commerce (MOC) said in a statement issued on Wednesday.
03 December 2018 17:23 LONDON (ICIS)--There is a pause but the spectre of the US-China trade dispute still hangs over the global economy and chemicals trade.
03 December 2018 08:57 SINGAPORE
(ICIS)--China’s domestic polyethylene (PE)
prices rebounded on Monday from their
lowest levels in more than one year,
following a pause in the escalation of the
US-China trade war.
On 3 December, domestic linear low density polyethylene (LLDPE) prices in east China were assessed at yuan (CNY) 9,250/tonne ($1,333/tonne), up by CNY100/tonne from 30 November, according to ICIS data.
03 December 2018 09:03 SINGAPORE
(ICIS)--China’s polypropylene (PP) futures
soared by 3.12% on Monday as market
participants welcomed the 90-day truce on
the US-China trade war.
The January 2019 PP contract, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at Chinese yuan (CNY) 8,982/tonne ($1,294/tonne), up by CNY272/tonne from the settlement on 30 November.
03 December 2018 04:49 SINGAPORE
(ICIS)--Shares of petrochemical companies
in Asia surged on Monday, along with
international crude oil prices, as
investors cheered the 90-day truce on the
US-China trade war.
US President Donald Trump and China President Xi Jinping that Washington will not raise tariffs on $200bn of Chinese goods from 10% to 25% from 1 January 2019.
03 December 2018 04:01 SINGAPORE
(ICIS)--China’s polymer prices in the spot
and futures markets gained on Monday
following a ceasefire deal on the US-China
Spot offers for polyethylene (PE) and polypropylene (PP) are up by CNY200-300/tonne ($29-43/tonne) on Monday morning.
29 November 2018 06:13 SINGAPORE
(ICIS)--Asia’s styrene-acrylonitrile (SAN)
prices extended losses this week with
demand in the key Chinese market remaining
Buying interest remained tepid with end-users mostly on the sidelines.
Spot prices slipped this week to the low-$1,300/tonne CFR (cost & freight) China levels, from $1,370-1,420/tonne CFR China last week, ICIS data showed.
29 November 2018 03:57 SINGAPORE
market has remained weak with prices
drifting lower in the Chinese spot market,
and regional buying interest likely to stay
tepid in the near term.
Spot prices of some ABS brands declined this week to $1,400/tonne CFR (cost & freight) NE (northeast) Asia, down from around $2,075/tonne CFR NE Asia in June, ICIS data showed.
28 November 2018 08:21 SINGAPORE
(ICIS)--China’s polypropylene (PP) import
prices hit their lowest in more than one
year amid bearish sentiment, after
declining continuously for over a
On Wednesday, deals for PP yarn and injection grades were done at $1,020/tonne CFR (cost & freight) China, and while block co-polymer was concluded at $1,100/tonne CFR China.
Current prices are at their lowest since mid-October 2017.
27 November 2018 09:15 DUBAI
(ICIS)--Polymers exports of Gulf
Cooperation Council (GCC) countries are set
to increase amid the US-China trade
China will need to look to other producers for imports in order to meet growing demand, with the GCC well positioned to fill the void following the 25% additional import tariffs imposed on most US polymers.
27 November 2018 07:41 DUBAI
(ICIS)--Polyethylene (PE) markets in
southeast and south Asia will be on the
radar of US producers as they prepare to
export greater volumes in 2019, industry
Speaking to ICIS at the sidelines of the Gulf Petrochemicals and Chemicals Association (GPCA) Forum currently underway in Dubai, industry sources said that US producers would have to export to Asian markets outside of China, given that the latter was no longer viable owing to the 25% tariffs imposed on US-origin PE.
27 November 2018 06:46 SINGAPORE
(ICIS)--Asia’s paraxylene (PX) spot prices
may weaken further as supply has increased
amid weak downstream demand, and cause
their spread over feedstock naphtha to
Regional PX prices have been on a downtrend due to a steep decline in the upstream crude and naphtha markets.
26 November 2018 10:36 DUBAI
(ICIS)--Trade protectionist barriers
recently built up will hit global demand
for chemicals as they trigger changes in
the flows of goods, industry executives
said on Monday.
Amid the escalating US-China trade war, the chemical industry’s demand pattern will change in the near term, said Ahmad Al Saleh, business director for ethylene glycol at Kuwaiti producer EQUATE.
23 November 2018 09:43 SINGAPORE
(ICIS)--Ethylene price gains in Asia were
capped by bearish upstream and downstream
indicators this week, with supply expected to
increase amid year-end destocking and sluggish
Spot deals and discussions were mostly at $1,020/tonne to the mid-1,000s/tonne CFR (cost & freight) NE (northeast) Asia for December-arrival cargoes, up from the weekly assessment of $1,022.50/tonne CFR NE Asia on 16 November.
23 November 2018 06:15 SINGAPORE (ICIS)--Asia’s
petrochemical markets are expected to remain
soft through to the end of the year, in view of
sharp declines in crude oil prices, as
deteriorating global economic outlook amid the
US-China trade war is depressing downstream
Spot prices of key petrochemicals such as ethylene, propylene, methanol, benzene, toluene and styrene monomer (SM) have been on a general downtrend over the last month.
23 November 2018 05:00 SINGAPORE (ICIS)--Asia’s
acrylonitrile butadiene rubber (NBR) market is
facing further downward pressure because of
prevailing bearish market sentiment and a weak
global economic outlook.
Import prices in the key markets of China and India declined by $25/tonne week on week, according to ICIS data.
23 November 2018 04:45 SINGAPORE
(ICIS)--China’s polyethylene (PE) import prices
plunged this week, dragged down by tumbling
upstream crude value amid the year-end lull in
Market players are bearish on the market, with supply expected to grow further as overseas suppliers may start de-stocking cargoes as 2018 draws to a close.
22 November 2018 08:34 SINGAPORE
(ICIS)--China’s spot polypropylene (PP) prices
have continued to fall due to tumbling values
in feedstock propylene (C3) and upstream crude
markets, amid ample supply.
In the week ended 16 November, PP flat yarn were assessed at Chinese yuan (CNY) 9,850-10,250/tonne ex-warehouse (EXWH) east China, down 8.6% from 19 October, according to ICIS data.
Import prices of the material have shed 6.9% over the same period to $1,140-1,170/tonne CFR (cost & freight) China.
22 November 2018 05:53 SINGAPORE
(ICIS)--Singapore’s economic growth slowed to
2.2% in July-September 2018 on an annualised
basis, from a
revised growth rate of 4.1% in the
preceding quarter, official data showed on
Manufacturing posted a 3.5% growth, a marked slowdown from the 10.7% expansion in the previous quarter; while the contraction in the construction sector moderated to 2.3% from 4.2%, the Ministry of Trade and Industry (MTI) said in a statement.
21 November 2018 06:44 SINGAPORE
(ICIS)--China’s spot domestic polyethylene (PE)
prices have slumped since October and may
remain bearish amid ample supply and lukewarm
On 20 November, low density polyethylene (LDPE) prices in east China fell to their lowest in more than two years at yuan (CNY) 9,250/tonne ($1,333/tonne) EXWH (ex-warehouse). These levels were last seen on 31 May 2016, according to ICIS data.
High density polyethylene blow moulding (HDPE BM) prices in east China were assessed at CNY9,900/tonne EXWH, hitting their lowest level since 31 July 2017.
19 November 2018 11:19 SINGAPORE (ICIS)--No resolution to the US-China trade war seems imminent as US vice president Mike Pence and China President Xi Jinping sparred at the recently concluded Asia Pacific Economic Cooperation (APEC).
16 November 2018 18:55 HOUSTON (ICIS)--Additional capacity for methyl di-p phenylene isocyanate (MDI) in the US could alter trade flows and supply-and-demand balances in the coming years.
16 November 2018 18:50 HOUSTON (ICIS)--US President Donald Trump and China President Xi Jinping will talk on the margins of the G20 summit in Buenos Aires, Argentina, on 30 November, but it is unlikely the meeting will end the US-China trade war, the American Chemistry Council (ACC) said on Friday.
HOUSTON (ICIS)--US polymer producers may work around the imposition of new tariffs from the US-China trade war, but finding enough shipping containers still remains one of their major logistical problems.
15 November 2018 03:49 SINGAPORE
(ICIS)--China’s spot styrene butadiene rubber
(SBR) import prices are under downward pressure
amid an oversupply of rival product, natural
rubber (NR), and weak demand due to declining
vehicle sales in the country.
On 14 November, non-oil grade 1502 SBR prices fell to $1,475/tonne CIF (cost, freight & insurance) China, down by $25/tonne from the previous week, ICIS data showed.
12 November 2018 23:23 CANCUN, Mexico (ICIS)--The threat of recently imposed and currently proposed tariffs will affect the margins of the US economy, but may also reroute some trade flows to Latin America, ICIS consultant James Ray said at a roundtable at the Latin America Petrochemical Association (APLA) annual meeting.
12 November 2018 22:48 CANCUN, Mexico (ICIS)--Trade tensions between the US and China may begin to be resolved by 2019, Bob Bauman, President of Polymer Consulting International told delegates at this year’s annual meeting of the Latin American Petrochemical Association (APLA).
12 November 2018 19:04 CANCUN, Mexico (ICIS)--Braskem Idesa is exploring US ethane imports for its Ethylene XXI petrochemicals complex in Coatzacoalcos, Mexico, its CEO said on Monday.
11 November 2018 21:48 CANCUN, Mexico (ICIS)--Brazil and other countries in South America are seeing greater volumes of polyethylene (PE) arriving from the US, a Braskem executive said on Sunday.
11 November 2018 20:00 CANCUN, Mexico (ICIS)--Demand growth for US polyvinyl chloride (PVC) will continue into 2019 in tandem with organic US economic growth and construction activity despite the tariff threats that have worried market participants, a plastics consultant said on Sunday.
11 November 2018 19:42 CANCUN, Mexico (ICIS)--While direct impacts from the US-China trade battle have been minimal to Oxiquim, there is concern about the wider impact on basic chemicals demand, a company official said on Sunday.
Trade tensions between the US and China may begin to be resolved by 2019, Bob Bauman, President of Polymer Consulting International told delegates at this year’s annual meeting of the Latin American Petrochemical Association (APLA).
12 November 2018 08:30 SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures fell by 1.5% on Monday on concerns about weak demand, industry sources said.
The January 2019 LLDPE futures, the most actively traded contract at the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 8,860/tonne ($1,273/tonne), down by CNY135/tonne from the settlement on 9 November.
12 November 2018 07:00 SINGAPORE (ICIS)--China has generated deals worth $57.8bn from its first-ever import expo, while consumption in the world’s second-biggest economy still proved to be strong as a single-day shopping spree in the country registered record sales.
The five-day China International Import Expo (CIIE) in Shanghai which closed on 10 November has attracted more than 3,600 companies from 130 countries and regions keen on tapping the Chinese market.
9 November 2018 11:04 am SINGAPORE
(ICIS)--Polyethylene (PE) spot
import prices in China and southeast Asia
largely softened in the week, with lower offers
for December-arrival cargoes, amid weak
Most suppliers were under pressure to sell, cutting their offers to move cargoes amid thin buying appetite.
09 November 2018 03:50 SINGAPORE
(ICIS)--China’s acrylonitrile butadiene rubber
(NBR) imports are likely to slow down further
amid weakness in downstream automotive sector,
and as its
five-year antidumping duties (ADDs) on
South Korean and Japanese material take
On 8 November, spot prices fell to $2,150-2,250/tonne CIF (cost, insurance and freight) China, down by $100/tonne from the previous week, ICIS data showed.
Spot prices have shed about 10% from early October because of weak demand.
06 November 2018 21:57 HOUSTON (ICIS)--Bracing for the impacts coming to crop protection products as result of China and US tariff dispute, Nutrien has bulked up its inventory levels and is planning to rely more on its proprietary product segment as a hedge, the Canadian fertilizer titan said on Tuesday.
06 November 2018 20:28 HOUSTON (ICIS)--Tariffs on US polyethylene (PE) products implemented by China have not yet had a major impact on sales, but volumes could be impacted in 2019 if trade tensions do not ease, Westlake Chemical executives said on Tuesday.
01 November 2018 20:40 NEW YORK (ICIS)--Pessimism on the outlook for China is somewhat overdone, senior executives at US-based DowDuPont said on Thursday.
01 November 2018 19:34 HOUSTON (ICIS)--DowDuPont does not expect to suffer any significant effects during the fourth quarter from the tariffs that China and the US are imposing on each other, the chief financial officer said on Thursday.
01 November 2018 15:50 HOUSTON (ICIS)--US manufacturing activity expanded for the 26th consecutive month in October, although at a slower rate compared with September amid continued concerns regarding US and China tariffs, the Institute of Supply Management (ISM) said on Thursday.
01 November 2018 04:13 SINGAPORE (ICIS)--Asia’s
acrylonitrile-butadiene-styrene (ABS) market
slumped again this week as poor demand
persisted in the key Chinese market.
Lower prices failed to revive buying interest, with buyers expecting even lower prices in the near term.
01 November 2018 03:36 SINGAPORE
(ICIS)--Caixin's general manufacturing
purchasing managers' index (PMI) for China
inched up to 50.1 in October from 50.0 in
September, supported by higher export
orders, the Chinese private media group
said on Thursday.
China’s official October manufacturing PMI fell to its lowest in more than two years at 50.2.
30 October 2018 20:36 HOUSTON (ICIS)--Global markets have thus far rerouted the flow of US and Chinese products amid the ongoing trade war between the two countries, a LyondellBasell executive said on Tuesday.
30 October 2018 06:42 SINGAPORE (ICIS)--Demand for Chinese titanium dioxide (TiO2) has waned in light of the ongoing US-China trade war, adding pressure on export prices. According to market players’ feedback, the US was historically the second biggest export market for Chinese TiO2 materials, with the bulk of these pigments being chloride-based.
26 October 2018 22:18 HOUSTON (ICIS)--Though questions persist around the effects that tariffs are having on liquefied petroleum gas (LPG) markets, Phillips 66 said business is moving along despite the US-China trade war.
25 October 2018 22:26 HOUSTON (ICIS)--Sherwin-Williams’ fourth-quarter consolidated net sales are expected to increase by a mid single-digit percentage year on year despite some headwinds, the US-based coatings manufacturer said on Thursday.
24 October 2018 16:48 HOUSTON (ICIS)--PolyOne saw an abrupt demand slowdown in September in end markets such as building and construction, particularly in North America, the CEO of the US-based polymer materials firm said in an update on Wednesday.
24 October 2018 09:31 SINGAPORE (ICIS)--China’s
domestic phenol prices have surged by 40% from
July and may remain firm for the rest of the
year on the back of tight supply, weak yuan and
amid an ongoing antidumping probe on
Spot prices have been on a general uptrend since the second half of 2018, after hitting a low of CNY8,750-8,800/tonne ex-tank, the data showed.
24 October 2018 06:26 SINGAPORE (ICIS)--Asia’s
spot butadiene prices may have bottomed out
after plunging by nearly 40% over a two-month
period, on improved Chinese buying
Two deals were done at $1,050-1,070/tonne CFR (cost and freight) northeast (NE) Asia this week, following a deal concluded at $1,060/tonne CFR NE Asia in the previous week.
24 October 2018 04:09 SINGAPORE (ICIS)--Spot
prices of liquid caustic soda in northeast Asia
fell below $400/dry metric tonne (dmt), to
their lowest level in two years on increased
supply as contract shipments to India, a key
export market, were delayed.
More supply is available as a recent tightening of import rules for the material in India prompted northeast Asian producers mainly from Japan and South Korea to put contract volumes bound for the south Asian country on hold.
23 October 2018 8:22 SINGAPORE (ICIS)--Asia acrylonitrile-butadiene-styrene (ABS) prices remained under downward pressure this week with demand in the key Chinese market staying lacklustre.
19 October 2018 06:27 SINGAPORE (ICIS)--China’s
economy posted a third-quarter annualized
growth of 6.5%, the slowest quarterly expansion
since the second quarter of 2009, the country’s
National Bureau of Statistics (NBS) said on
Growth in the world’s second-biggest economy has decelerated steadily in the past four quarters.
18 October 2018 09:51 SINGAPORE (ICIS)--Japan’s
overall chemical exports in September rose by
3.3% year on year to yen (Y) 723.2bn ($6.4bn),
supported by higher shipments of organic
chemicals, official data showed on
Exports of organic chemicals rose by 4.2% year on year in September, while shipments of plastic materials abroad dipped by 1.1%, the country’s Ministry of Finance said in a statement.
18 October 2018 05:00 SINGAPORE (ICIS)--South
Korea's export volumes of most petrochemicals
in September posted double-digit declines,
industry data showed.
Its exports of ethylene fell by 27.8% year on year to 70,299 tonnes, while those of propylene declined by 27.0% year on year to 128,298 tonnes, according to data from the Korea International Trade Association (KITA).
17 October 2018 07:00 SINGAPORE (ICIS)--US’
exports of polyolefins to China in 2019 will be
massively hit by the escalation of trade
tariffs between the two countries, according to
consultancy Wood Mackenzie.
“US polyolefins exports to China will be negatively impacted by 50% in 2019,” the firm said in a note.
17 October 2018 06:21 SINGAPORE (ICIS)--Styrene
butadiene rubber (SBR) prices in southeast Asia
continued to face downward pressure from ample
supply and declining feedstock butadiene
Spot offers for November-shipment non-oil grade 1502 were at around $1,600-1,700/tonne CFR (cost and freight) southeast (SE) Asia.
15 October 2018 07:38 SINGAPORE (ICIS)--China’s exceptionally high export growth in September is unlikely to be sustainable in the near term as US' tariffs on its goods will soon start to bite, according to analysts.
11 October 2018 12:52 LONDON (ICIS)--A number of mitigating factors are expected to reduce the negative impact of the US-China trade war on European chemicals companies, despite the industry standing as one of the most vulnerable sectors to the escalating trade tensions between the two countries,
12 October 2018 05:54 SINGAPORE (ICIS)--Asia’s
polybutadiene rubber (PBR) prices may remain
under pressure as buyers retreated following
heavy losses in feedstock butadiene (BD)
Spot activities had almost ground to a halt in Asia this week despite the re-opening of the key Chinese market after a week-long National Day holiday on 1-7 October.
11 October 2018 16:43 LONDON (ICIS)--The US-China trade war will likely have “unintended consequences" on supply chains in the US and elsewhere, credit ratings agency Moody’s said in a report on Thursday.
11 October 2018 04:08 SINGAPORE (ICIS)--Asia’s petrochemical shares slumped on Thursday, tracking steep losses in regional bourses following a heavy sell-off in US equities overnight amid fresh concerns over slower global growth.
At 10:20 Singapore time (08:20 GMT), Japan’s Asahi Kasei Corp was down 3.69%, Mitsui Chemicals declined 3.03% and JXTG Holdings fell by 5.27%, as the Japanese benchmark Nikkei 225 index slumped by 3.93% to 22,581.37.
10 October 2018 23:01 HOUSTON (ICIS)--US prices for polymeric methyl di-p phenylene isocyanate (PMDI) were assessed 5 cents/lb ($110/tonne) lower on sufficient supply.
09 October 2018 22:47 HOUSTON (ICIS)--US and Canadian September production of polyvinyl chloride (PVC) held steady with August, according to preliminary data released by an industry group on Tuesday.
09 October 2018 07:44 SINGAPORE (ICIS)--China will further raise export tax rebates on some goods starting 1 November, and make refund payments faster to reduce enterprises’ burden and boost exports amid the country’s trade war with the US.
09 October 2018 07:39 SINGAPORE (ICIS)--Offers
of acrylonitrile-butadiene-styrene (ABS) resins
in Asia have risen following the week-long
National Day holiday in China.
Quotations were higher by some $30-50/tonne from before the holidays (1-7 October), depending on the parcel size and origin.
09 October 2018 07:08 SINGAPORE (ICIS)--China’s key domestic petrochemical markets opened strong in the week on firm demand following the country’s long holiday. On 8 October, polypropylene (PP) prices were bolstered by gains in the futures markets, while polyethylene (PE) values increased amid lower-than-expected inventory levels.
09 October 2018 02:00 SINGAPORE (ICIS)--The International Monetary Fund (IMF) on Tuesday downgraded its forecast for the global economy, warning that downside risks to growth have risen partly due the disruptions caused by changes in trade policies.
09 October 2018 07:39 SINGAPORE (ICIS)--Offers of acrylonitrile-butadiene-styrene (ABS) resins in Asia have risen following the week-long National Day holiday in China.Quotations were higher by some $30-50/tonne from before the holidays (1-7 October), depending on the parcel size and origin.
08 October 2018 07:03 SINGAPORE (ICIS)--China’s
central bank will inject a total of yuan (CNY)
1,200bn ($174bn) into its financial system from
15 October via a one-percentage point cut in
the banks’ reserve requirements.
This is the fourth time that the central bank cut the reserve requirement ratio (RRR) of banks this year.
05 October 2018 04:45 SINGAPORE
(ICIS)--Polypropylene (PP) demand in Malaysia
weakened in the first week of October due to
the recent reinstatement
of the sales and services tax (SST) in
the country, market players said on
The SST, which took effect in early September, replaced the goods and services tax (GST), which was abolished in August.
04 October 2018 05:00 SINGAPORE (ICIS)--Asia’s
toluene di-isocyanate (TDI) prices may remain
on a downtrend in coming weeks, if regional
demand fails to pick up soon.
Although TDI demand usually firms in the third and fourth quarters on seasonal factor, such expectations have thus far fallen flat this year.
Buyers held back purchases on growing concerns on how their own downstream markets will be squeezed amid the ongoing US-China trade row.
03 October 2018 16:46 HOUSTON (ICIS)--US October orthoxylene (OX) contracts increased 2 cents/lb ($44/tonne) from September, sources confirmed Wednesday, amid higher US spot mixed xylenes (MX) stemming from strong downstream paraxylene (PX) demand in Asia.
03 October 2018 05:26 SINGAPORE
(ICIS)--Manufacturing momentum in northeast
Asia was stable-to-weak in September amid soft
external demand, with overall business
sentiment in the region weighed down by the
ongoing China-US trade war.
China’s official manufacturing purchasing managers’ index (PMI) slipped to an eight-month low of 50.8 in September from 51.3 in the previous month as exporters faced increasing strains from the slew of tariffs imposed by the US since July.
01 October 2018 16:26 HOUSTON (ICIS)--US manufacturing activity expanded for the 25th consecutive month in September, although at a slower rate compared with August amid continued concerns regarding US and China tariffs, the Institute of Supply Management (ISM) said on Monday.
26 September 2018 05:18 SINGAPORE
(ICIS)--Developing Asia’s economy is still
expected to expand by 6.0% this year but would
expand at a slower pace than previously
expected in 2019 on escalating trade tensions,
the Asian Development Bank (ADB) said on
The ADB trimmed its forecast for 2019 by 0.1 percentage point to 5.8% on concerns that “international production linkages” will be weighed by further escalations of trade tensions.
26 September 2018 03:31 SINGAPORE (ICIS)--Spot polyvinyl chloride (PVC) prices in northeast Asia fell to their lowest in more than nine months, weighed down by competitively priced US cargoes and uncertainty amid the ongoing US-China trade war.
25 September 2018 07:12 SINGAPORE (ICIS)--China said on Tuesday it is willing to hold talks with the US to resolve an escalating showdown on trade but not while Washington holds a knife to Beijing's throat.
24 September The uncertainty surrounding NAFTA as well as tariffs that the US and China are imposing on each other are undermining the benefits that the US chemical industry has enjoyed from the nation's tax cuts and deregulation, the chief economist of the American Chemistry Council (ACC) said on Monday.
24 September 2018 07:10 SINGAPORE
(ICIS)--Asia's acrylonitrile (ACN) prices fell
for the first time since end-March, after
rising by 16.6% over nearly six months, but
further declines will likely be limited as
upcoming plant turnarounds will tighten
In the week ended 21 September, regional spot prices dropped by $20-50/tonne week on week to $2,200-2,220/tonne CFR (cost & freight) NE (northeast) Asia, according to ICIS.
24 September 2018 06:42 SINGAPORE (ICIS)--The
US-China trade war escalated as a third round
of tariffs involving $260bn worth of goods was
implemented on Monday, concerns for which have
been rattling Asia’s equities and currency
The US’ 10% tariffs on $200bn Chinese goods and China’s retaliatory 5-10% tariffs on $60bn US goods took effect at 04:01 GMT, barely three months since the trade war between the world’s two biggest economies officially started.
21 September 2018 05:40 SINGAPORE
(ICIS)--Import prices of polyether polyols in
southeast Asia have stagnated, as sellers
sought to sustain thin buying interest with
But as cost pressures continue to mount on firm upstream values, it may not be long before sellers have to raise offers to rescue margins.
20 September 2018 10:09 SINGAPORE (ICIS)--China
will never intentionally devalue the yuan
currency to stimulate exports, and will
continue to introduce measures to further lower
the average tariff on all imports, the
country’s Premier Li Keqiang said.
In a keynote speech at the World Economic Forum (WEF) in Tianjin, China, Li also said that unilateral trade actions will not solve any problems, the WEF said in a statement released on Thursday.
The yuan's sharp depreciation was largely due to the growing trade tensions between the US and China.
20 September 2018 08:07 SINGAPORE
(ICIS)--China’s self-sufficiency for ethylene
is expected to reach 64.1% by 2022, up from
58.7% in 2017, as expansion in domestic
capacity will speed up in the coming years,
ICIS research data showed.
The country’s total ethylene capacity is estimated to increase by 72.9% over a five-year period to 40.38m tonnes/year in 2022, with a compounded annual growth rate (CAGR) of 11.6%.
20 September 2018 04:12 SINGAPORE
(ICIS)--Asia’s styrene-acrylonitrile (SAN)
prices tumbled this week as sellers were keen
to move parcels while demand in the key Chinese
market stayed tepid.
“Some sales were finalized in the low-$1,600s/tonne CFR (cost & freight) China this week,” said a trader selling into China.
19 September 2018 11:37 SINGAPORE
(ICIS)--Chinese paraxylene (PX) buyers are
unwilling to accept US-origin materials due to
ongoing US-China trade war.
This might pose some logistics challenges as several US-origin PX materials loaded from the second-half of August were mostly expected to arrive in China in end-September/early-October.
Several buyers in China are unwilling to accept US-origin materials unless the sellers are willing to bear the tariff costs.
19 September 2018 07:59 SINGAPORE
(ICIS)--Asia's acrylonitrile butadiene styrene
(ABS) market remained under downward pressure
this week with demand in the key Chinese market
The ongoing trade war between the US and China continued to dampen sentiment and slow trade.
“With the trade war ongoing, buyers kept asking for low prices,” said a trader in China.
18 September 2018 23:37 NEW YORK (ICIS)--With the third round of US tariffs on $200bn in Chinese imports, the US is launching another phase in the US-China trade war. However, it is mitigating some of the impact by excluding a number of chemicals in the final list and setting a lower initial tariff rate.
18 September 2018 18:37 HOUSTON (ICIS)--The US removed 142 chemical and plastic products from the latest round of tariffs that it will impose on Chinese imports next week, the American Chemistry Council (ACC) said on Tuesday.
18 September 2018 16:35
LONDON (ICIS)--The US tariffs against China are not likely to have any major impact on the fertilizers market, even though the final list includes nearly all the crop nutrients produced in China.
18 September 2018 15:27 SINGAPORE (ICIS)--China’s Ministry of Finance announced late on Tuesday it would impose 5% and 10% tariffs on $60bn of US goods from 12:01 Beijing time on 24 September as a countermove against the latest US measure. That would be largely lower than its initial plan, which was announced on 3 August and included 5%, 10%, 20% and 25% rates. The product list would remain the same.
18 September 2018 13:34 LONDON (ICIS)--The list of US tariffs against China in the latest $200bn round excludes 297 products from the original list, including some chemicals.
18 September 2018 08:43 SINGAPORE (ICIS)--China will "synchronize its countermoves" to the US' latest round of tariffs, further escalating the trade war between the world's two biggest economies. "We deeply regret this. In order to safeguard our legitimate rights and interests and the global free trade order, China will have to synchronize its countermoves," the Chinese Ministry of Commerce said. Beijing had previously announced a 5%-25% tariffs on $60bn worth of US goods as its countermeasure to a further tariff action by the US.
18 September 2018 00:16 HOUSTON (ICIS)--The US will impose tariffs on $200bn worth of imports from China, many of which include plastics and petrochemicals, President Donald Trump said on Monday. The tariffs will go into effect on 24 September, and they will start at 10%, Trump said. On 1 January, the tariffs will rise to 25%. If China takes what the administration considers to be retaliatory actions, then Trump threatened another round of tariffs on $267bn worth of additional imports, he said.
14 September 2018 23:04 NEW YORK (ICIS)--The US Miscellaneous Tariff Bill Act of 2018 (MTB) does not void any of the 25% tariffs on a combined $50bn of Chinese imports, but simply reduces existing “normal” tariff rates on all the imports listed to zero or reduces them significantly for three years. Of the over 1,600 products listed in the MTB - which became law on 13 September - chemicals comprise over 50%, and this amount is around 60% including finished plastics products, according to the American Chemistry Council (ACC).
14 September 2018 17:21 LONDON (ICIS)--In an interview with ICIS in New York on Thursday, LyondellBasell CEO Bob Patel offered a measured analysis of the impact of the US/China trade dispute on polyethylene (PE) trade flows, costs and prices. It is necessary to see whether the trade dispute is a negotiating tactic and transitory or whether there is more regional trade activity, he said. “Trade patterns are shifting as China sources from other regions and [US producers] are shifting to markets that are vacated,” he added on the sidelines of a Societe de Chimie Industrielle (SCI) meeting.
14 September 2018 11:27 SINGAPORE (ICIS)--Southeast Asia’s polyethylene (PE) import prices were stable-to-soft in the week amid limited buying interest. There was thin trade activity across the region as most buyers had purchased their cargoes as needed in the last two weeks.
13 September 2018 23:53 HOUSTON (ICIS)--US President Donald Trump signed the Miscellaneous Tariff Bill (MTB) Act of 2018 into law on Thursday, a bill designed to reduce or eliminate import tariffs on several products not available in the US. “By signing MTB into law, the President has affirmed his support for US chemicals manufacturers who rely on select foreign inputs to retain our position as the world’s leading, low-cost producer of chemicals," the American Chemistry Council (ACC) said.
13 September 2018 10:32 SINGAPORE (ICIS)--Asian petrochemical shares tracked the sharp rise in regional stock markets on Thursday, following news that the US has reached out to China for fresh trade talks.
13 September 2018 07:22 SINGAPORE
(ICIS)--China’s domestic polyethylene (PE)
prices may weaken in the near term because of
ample supply and demand uncertainties amid the
country’s trade war with the US.
Since mid-August, the combined PE and polypropylene (PP) inventories of state-owned petrochemical giants Sinopec and PetroChina stood at more than 700,000 tonnes per day, which were above the comfortable level, according to ICIS data.
12 September 2018 04:22 SINGAPORE
(ICIS)--Asia’s benzene market has been
weakening as inventories in the key China
market snapped two months of declines.
Spot prices tumbled below $850/tonne FOB (free on board) Korea in September, after hovering at above $870/tonne FOB Korea in the second half of August.
10 September 2018 11:25 SINGAPORE
(ICIS)--China’s overall exports in August
increased by 9.8% year on year to $217.4bn,
according to preliminary government
data. The country’s imports for the month
were up 20.0% year on year at $189.5bn,
resulting in a trade surplus of $27.9bn.
China's trade surplus with the US increased to $31.1bn in August despite the escalating trade war between the world's two biggest economies since early July.
06 September 2018 23:22 HOUSTON (ICIS)--The $11bn worth of tariffs on US chemical exports enacted by China put almost $18bn in domestic activity at risk along with nearly 55,000 US jobs, the American Chemistry Council (ACC) said on Thursday.
06 September 2018 22:38 BOSTON, Massachusetts (ICIS)--Importing ethane from the US to produce polyethylene (PE) in China should be a cost competitive proposition, a consultant said on Thursday.
06 September 2018 21:23 HOUSTON (ICIS)--US chemical distributors would face a cost increase of $1.277bn if the country moves forward with its third round of tariffs on imports from China, according to a trade group that represents the industry.
06 September 2018 17:21 As the third round of US-China tariffs looms, China finished plastics products will be in the crosshairs, along with additional US exports of commodity chemicals.
06 September 2018 16:28 BOSTON, Massachusetts (ICIS)--Risks from US trade disputes and other factors are intensifying, dampening the global economic outlook even as overall growth is expected to continue, an economist said on Thursday.
06 September 2018 06:05 SINGAPORE
(ICIS)--Shares of major Asian petrochemical
firms were trading mostly lower on Thursday,
tracking declines in global equities this week,
as investors were wary about the potential
impact of a fresh round of US tariffs on
The public consultation period for the latest round of proposed US tariffs on $200bn additional Chinese good ends on 6 September, and they could technically take effect immediately thereafter. It is not yet clear if the tariffs will be set at 10% or 25%.
06 September 2018 04:31 SINGAPORE (ICIS)--ExxonMobil is mulling a “multibillion-dollar” chemical complex in China’s Guangdong, which would include a 1.2m tonne/year flexible feed steam cracker as well as polyethylene (PE) and polypropylene (PP) units, the US energy and petrochemicals major said on Thursday.
24 August 2018 04:05 SINGAPORE
(ICIS)--China and the US held “constructive
and frank” exchanges on economic and trade
issues of mutual concern, China’s Ministry
of Commerce said on Friday.
“The two sides will maintain contact regarding the next steps,” it said in a statement. A Chinese delegation led by vice commerce minister Wang Shouwen ended the two-day talk with US officials in Washington on 23 August.
23 August 2018 17:54 NEW YORK (ICIS)--The 2nd round of US and China tariffs, each comprising 25% on $16bn in imports and going into effect on 23 August, will hit US commodity chemical exports to China far harder, as the impact on comparable China exports to the US should be negligible.
23 August 2018 12:53 LONDON (ICIS)--The ailing Turkish polyethylene (PE) market is leading to concerns over fresh imports into Europe as China's 25% tariffs on US product came into effect on Thursday. Turkey is on holiday this week, but is still reeling from the weakness of the lira, and the inability of PE buyers to buy what they need.
23 August 2018 13:44 SINGAPORE (ICIS)--From 23 August China levies a 25% tariff on US imports of mono ethylene glyclol (MEG). In the short-term, US-based producers will face some challenges to divert the cargoes to other locations, while in the middle-to-long term, changes in trade flows will be inevitable to cater to the new facilities coming on board in the US.
23 August 2018 07:46 SINGAPORE (ICIS)--China's petrochemical importers have been actively looking for new sources of supply within Asia to minimize their reliance on US cargoes amid the escalation of the US-China trade war. The second wave of the US’ 25% tariffs on additional Chinese imports worth $16bn took effect on 23 August, raising the value of affected goods in the trade war between the world’s two biggest economies to $50bn.
23 August 2018 06:55 SINGAPORE (ICIS)--The US-China trade war escalated as a new round of tariffs affecting $16bn worth of imports, including petrochemicals, took effect at midday in Asia on Thursday, raising the total value of affected goods to $50bn on each side. The second wave of US tariffs on Chinese imports is being implemented less than two months since the first salvo on 6 July, and just as trade negotiations between the two countries were revived in Washington.
22 August 2018 22:15 HOUSTON (ICIS)--The US will begin implementing tariffs on Thursday against a host of Chinese products. This will draw US ethylene dichloride (EDC) into the fray as China implements retaliatory 25% tariffs against US imports of the feedstock for polyvinyl chloride (PVC).
22 August 2018 16:58 LONDON (ICIS)--It is not necessarily a calm before the storm but traders and others have to deal with the world as it is. The bottom line impact can be gauged later. Petrochemical sources in China do not hold out much hope for the working-level China-US trade talks in Washington which begin on Wednesday.
22 August 2018 10:13 SINGAPORE (ICIS)--Chinese petrochemicals players appear calm ahead of the tariffs to be implemented on several US goods this week while speeding up the search for alternative suppliers. However, some players conceded they will face losses on contractual volumes signed months ago which will be subject to tariffs. On Thursday (23 August), a 25% tariff on $16bn worth of US-origin goods will come into effect, and petrochemicals players have been busy looking for alternative ways to replace imports from that country, acquire new supply and reduce possible losses.
20 August 2018 19:40 HOUSTON (ICIS)--The American Chemistry Council (ACC) on Monday requested that US President Donald Trump’s Administration remove all chemicals and plastic products from the the third list of imported goods from China, approximately $16.4bn worth.
20 August 2018 16:18 HOUSTON (ICIS)--US President Donald Trump’s trade and fiscal policy stances are cause for concern among economists, according to a survey conducted by the National Association for Business Economics (NABE) on Monday.
17 August 2018 21:41 HOUSTON (ICIS)--Market players are contemplating the long-term impact of China's upcoming tariffs on US monoethylene glycol (MEG), especially as new US capacity is slated to come online in 2019.
17 August 2018 05:46 SINGAPORE (ICIS)--Ethylene
dichloride (EDC) prices in northeast Asia are
at their highest in 16 months amid short spot
supply and uncertainty caused by the US-China
Asia could see changing trade flows as China, a key import market in the region, will start imposing a 25% tariff on US-origin EDC on 23 August.
16 August 2018 07:29 SINGAPORE (ICIS)--China’s
appetite for petrochemical imports is waning on
rising costs stemming from the continued
depreciation of the Chinese yuan, while the
consequent surge in domestic demand was fueling
price spikes in the local markets.
Chinese petrochemical buyers are shying away from the import market as the yuan has slid almost steadily for four months, losing more than 10% of its value against the US dollar from 15 April, according to currency data provider XE.
14 August 2018 07:34 SINGAPORE (ICIS)--China’s
domestic benzene prices continued to rally,
bolstering the Asian markets in August, amid
the country’s ongoing
trade war with the US.
Local prices of benzene increased this week to above Chinese yuan (CNY) 7,200/tonne ($1,047/tonne) ex-tank, up by CNY1,000/tonne or 16% from late June/early July, ICIS data showed.
13 August 2018 07:35 SINGAPORE (ICIS)--Asia’s butadiene (BD) market is not expected to take a significant hit even as the key China market will start imposing an additional 25% tariff on US material from 23 August. The US is traditionally not a key BD exporter to Asia, and only tends to ship out BD to the region toward the end of each year as US producers destock, market sources said.
China’s levy of new tariffs to have little
impact on US MEG imports
10 August 2018 07:12 SINGAPORE (ICIS)--China’s decision to levy an additional 25% tariff on $16bn worth of US-origin goods starting from 23 August will have a limited impact on monoethylene glycol (MEG) imports in the near term, market players said.
China ACN imports from the US to decline more
after trade war
10 August 2018 08:37 SINGAPORE (ICIS)--China’s import of acrylonitrile (ACN) from the US will decline further after imposition of 25% tariff on US origin goods from 23 August.
China to impose additional 25% tariff on US
base oils imports
09 August 2018 10:43 SINGAPORE (ICIS)--China has finalised its second list for $16bn worth of US-origin goods subject to an additional 25% tariff starting from 23 August, the Ministry of Commerce announced late on Wednesday.
China's HDPE, LLDPE US imports disruption seen
after 23 Aug tariffs
09 August 2018 09:00 SINGAPORE (ICIS)--Chinese imports of high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) from the US will be severely disrupted after tariffs are imposed by both countries from 23 August.
08 August 2018 19:50 HOUSTON (ICIS)--China said on Wednesday that it will begin imposing 25% tariffs on $16bn of US goods starting 23 August.
07 August 2018 23:00 HOUSTON (ICIS)--The US Trade Representative (USTR) office on Tuesday finalised its second list for $16bn worth of Chinese imports subject to a 25% tariff, saying US Customs officials will begin collecting duties on 23 August.
06 August 2018 09:06 SINGAPORE (ICIS)--China's latest tit-for-tat tariff ranging 5-25% on 5,207 US products include hundreds of chemicals attracting the highest duty rate. Key petrochemicals such as aromatics (including toluene and its derivatives), methanol, acetic acid, terephthalic acid (PTA), methyl di-p-phenylene isocyanate (MDI), toluene di-isocyanate (TDI) will all face a 25% punitive duty.
03 August 2018 20:19 HOUSTON (ICIS)--US liquefied natural gas (LNG) companies and advocates said that the announcement by China’s finance ministry on its intent to impose a 25% tariff on US LNG is detrimental for the industry, although timing of imposing the tariffs are unclear.
03 August 2018 19:55 NEW YORK (ICIS)--The global polyethylene (PE) markets should be able to adjust to US-China tariffs well, similar to how the styrene markets adjusted to China antidumping duties (ADDs), the CEO of producer LyondellBasell said on Friday.
03 August 2018 17:26 HOUSTON (ICIS)--The trade tariffs currently being implemented or proposed should have only minimal, but certainly not material impacts on Trinseo, the CEO of the US-based producer of plastics, synthetic rubber and latex binders said in an update on Friday.
03 August 2018 16:32 HOUSTON (ICIS)--The Chinese commerce ministry has announced retaliatory tariffs on US goods, including liquefied natural gas (LNG), which will be subject to a 25% tariff, the agency said on Friday.
02 August 2018 19:42 HOUSTON (ICIS)--DowDuPont expects that tariffs will not have a meaningful effect on the company this year because of steps it has already taken and because it has plants all over the world, the CEO of the US-based company said on Thursday.
02 August 2018 18:15 HOUSTON (ICIS)--China will remain an attractive market for polyethylene (PE) exports from the US and other regions, despite recent trade tensions, Westlake Chemical executives stated during a Thursday earnings call.
02 August 2018 06:45 SINGAPORE (ICIS)--Asia’s acrylonitrile-butadiene-styrene (ABS) demand remained lacklustre this week although some sellers expect a potential improvement in the near term.
01 August 2018 22:55 HOUSTON (ICIS)--US President Donald Trump’s administration is considering raising the proposed tariff rate on $200bn in Chinese goods to 25% from 10%, US Trade Representative (USTR) Robert Lighthizer said on Wednesday.
01 August 2018 16:40 HOUSTON (ICIS)--US manufacturing activity expanded for the 23rd consecutive month in July, although at a slower rate compared with June, the country's Institute of Supply Management (ISM) said on Wednesday.
01 August 2018 16:18 HOUSTON (ICIS)--Univar sees no material impacts from tariffs in the ongoing US-China trade dispute, David Jukes, CEO of the US-based international chemicals distribution major said in an update on Wednesday.
26 July 2018 20:27 HOUSTON (ICIS)--In the US, wax market participants are cautious about forward supply since the US is a net-importer of paraffin waxes, mostly from China.
26 July 2018 17:23 HOUSTON (ICIS)--US coatings major Axalta estimates direct impacts from the ongoing trade tensions and tariffs at less than 1% of its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), CEO Charles Shaver said in an update during the company’s Q2 earnings call on Thursday.
25 July 2018 HOUSTON (ICIS)--US President Donald Trump’s administration risks losing thousands of jobs and billions of dollars in chemical investments by not excluding $2.2bn worth of chemicals and plastic products from its second list of tariffs against China, a senior American Chemistry Council (ACC) official testified on Wednesday.
25 July 2018 SINGAPORE (ICIS)--China’s
polypropylene (PP) import prices are under
pressure amid the country's escalating trade
war with the US and the continued depreciation
of the yuan against the US dollar.
Downstream demand is seasonally soft, with the weakness aggravated by concerns about the US’ proposed tariffs on additional $200bn worth Chinese imports.
25 July 2018 SINGAPORE (ICIS)--Asia’s
acrylonitrile-butadiene-styrene (ABS) market
was stable this week, following
recent tumbles, as buyers emerged from the
sidelines to pick up some cargoes.
The resins were deemed to be trading at an attractive discount after recent slippages.
23 July 2018 SINGAPORE (ICIS)--Shares of major
petrochemicals firms in Asia were trading mixed
on Monday after US President Donald Trump
threatened to impose tariffs on $500bn worth
Chinese imports, and a warning from G20 on
rising risks from trade tensions.
At 12:40 hours (04:40 GMT), Japan’s Asahi Kasei was down 0.99%, South Korea’s LG Chem was up 0.75% and Sinopec Shanghai Petrochemical was 0.62% lower.
Trump on 20 July said that the US was ready to impose tariffs on the full amount of $500bn of Chinese goods. Beijing has yet to respond.
18 July 2018 SINGAPORE (ICIS)--Asia’s acrylonitrile-butadiene-styrene (ABS) market is trying to regain its footing after a sharp fall last week. Most offers this week are at the low- to high-$1,900/tonne CFR (cost & freight) NE (northeast) Asia, but some sales to the key Chinese market remained at under $1,900/tonne CFR for certain sellers. Prices plunged to $1,925/tonne CFR NE Asia last week, after the US threatened to slap tariffs on additional $200bn worth of Chinese goods, which included a range of appliances, of which ABS is a major component.
16 July 2018 SINGAPORE (ICIS)--The International Monetary Fund (IMF) on Monday said that it has kept its global growth forecast unchanged at 3.9% for both 2018 and 2019, but warned that risks to the outlook are mounting amid escalating trade tensions between the US and China. “The balance of risks has shifted further to the downside, including in the short term,” the IMF said in its World Economic Outlook (WEO) Update report. The IMF warned that avoiding protectionist measures and finding a cooperative solution remains crucial to preserve the overall global economic expansion.
16 July 2018 LONDON (ICIS)--China has filed a complaint against the US at the World Trade Organisation (WTO) on Monday over the decision to place tariffs on an additional $200bn of exports to the country. The statement from China’s Ministry of Commerce (MOFCOM) comes less than a week after the US announced plans to levy a 10% tax rate against a raft of Chinese exports to the US, the latest tranche of punitive trade charges placed on the country.
13 July 2018 BARCELONA (ICIS)--As Donald Trump ratchets up his tariffs against China it looks increasingly like a full-blown trade war is in the offing. His decision to put “America First” signals a move away from the globalisation philosophy that has dominated the global economy since the Second World War. Replacing it is a retreat into a focus on individual nations and regions which has major implications for the chemical industry. With import tariffs going up between major economies and likely to increase in scope and intensity, chemicals CEOs will need to focus on ensuring they have production within their key markets. Relying on a single plant to serve the global market may no longer make business sense if a 25% tariff will be slapped onto its exports.
13 July 2018 BARCELONA (ICIS)--US ethane-based polyethylene (PE) producers are so cost-advantaged that they could absorb a 25% tariff on their exports to China and still be profitable, according to an ICIS consultant. With US president Donald Trump threatening to impose an extra $200bn in tariffs against Chinese imports, China is likely to activate its next round of tariffs which include a 25% duty on low density polyethylene (LDPE) and linear-low density polyethylene (LLDPE).
13 July 2018 SINGAPORE (ICIS)--China has limited options to respond to the US’ planned tariffs on as much as $500bn additional Chinese goods, and may have to resort to non-tariff countermeasures on what the Asian powerhouse deemed as “trade bullying”. China has vowed to adopt a tit-for-tat approach on any trade barrier that the US will put up.
12 July 2018 SINGAPORE (ICIS)--China's polyethylene (PE) imports will weaken in the third quarter due to the sharp depreciation of the yuan (CNY) amid the country’s escalating trade war with the US. According to industry estimates, China’s second-quarter PE imports totaled 3.5m tonnes, up from the official data of 3.4m tonnes in the first three months of the year.
11 July HOUSTON (ICIS)--Several chemicals are included in the $200bn worth of tariffs that the US may impose on Chinese imports in the latest escalation of the trade war between the two countries. The US will hold hearings on 20-23 August before imposing a 10% duty on the items in the list. The list is massive, exceeding 6,000 products
11 July HOUSTON (ICIS)--The American Chemistry Council (ACC) on Wednesday called the US Trump administration’s announcement of a potential 10% tariff on $200bn of additional imports from China “a stunning and unfortunate development for US manufacturers and consumers”. US President Donald Trump’s administration unveiled late on Tuesday a new list of tariffs on Chinese goods worth $200bn, including a significant amount of chemicals.
11 July SINGAPORE (ICIS)--Traders in China are shying away from metallocene linear low density polyethylene (MLLDPE) imports of US origin as trade tensions between the two countries continues to escalate, market sources said on Wednesday. US President Donald Trump’s administration unveiled a new list of tariffs on Chinese goods worth $200bn late on Tuesday, with China threatening to retaliate with countermeasures.
11 July 2018 SINGAPORE (ICIS)--US President Donald Trump’s administration unveiled a new list of tariffs on Chinese goods worth $200bn late on Tuesday, unleashing a new threat in an escalating trade war that has the whole world worried, rattling markets on Wednesday. China vowed to fight back. “China is shocked and will be forced to take countermeasures as usual to defend its own interests,” the country’s Ministry of Commerce said in a statement.
11 July 2018 SINGAPORE (ICIS)--US President Donald Trump’s administration unveiled a new list of tariffs on Chinese goods worth $200bn late on Tuesday, unleashing a new threat in an escalating trade war that has the whole world worried. The US administration has announced a two-month public review of the list of Chinese products identified on which a new 10% duty will be imposed, with hearings to be held on 20-23 August.
10 July 2018 SINGAPORE (ICIS)--China is looking at implementing a combination of policies to ease any adverse impact on all types of enterprises of its trade war with the US. China responded in kind on 6 July to the US' imposition of tariffs on $34bn worth of Chinese goods. The country will use majority of the expected increase in its tax revenue from its countermeasures to alleviate the expected impact of the US tariffs on enterprises.
06 July 2018 SINGAPORE (ICIS)--US tariffs on $34bn on Chinese goods took effect on 6 July, prompting China to respond with the same scale and intensity, effectively triggering a trade war between the world’s two biggest economies. China’s Ministry of Commerce (MOC) said the US has launched the “largest trade war in economic history”, and violated World Trade Organisation (WTO) rules.
06 July 2018 SINGAPORE (ICIS)--China’s Ministry of Commerce said the US has just launched the “largest trade war in economic history”, when Washington's tariffs on $34bn worth of Chinese goods took effect on 6 July. The US move was in violation of the World Trade Organisation (WTO) rules, the Chinese ministry said in a statement, noting that China will retaliate. “China promised not to shoot the first shot, but in order to safeguard the core interests of the state and the interests of the masses, it had to be forced to make the necessary counter attack,” the MOC said
06 July 2018 BARCELONA (ICIS)--The introduction on Friday of trade tariffs by China and the US is the first step in a trade war that could turn into a global polyethylene (PE) price war as the wave of new US production is sent to new markets, likely Europe, according to a chemical consultant.
05 July 2018 SINGAPORE (ICIS)--China will not move ahead with tit-for-tat import tariffs before Washington makes a move to impose them on 6 July. Because of the 12-hour time difference, it was widely expected that China will impose tariffs on $34bn of US goods ahead of Washington but the country’s Ministry of Finance on Wednesday said that it will not fire the first shot.
04 July SINGAPORE (ICIS)--Demand for metallocene linear low density polyethylene (MLLDPE) imports from China was tepid in the week, as the Chinese yuan continued its slump amid fears of a US-China trade war, market sources said on 4 July.
04 July 2018 SINGAPORE (ICIS)--Further tariff measures by the US would escalate risks to global trade and economic growth, Fitch Ratings said on 4 July. So far, the scale of tariffs imposed has been too small to materially affect forecasts for world growth, it said.
03 July 2018 SINGAPORE (ICIS)--China’s manufacturing conditions will likely deteriorate further in the coming months amid weakening exports, while the government’s recent measure to boost domestic consumption may take some time before taking root, according to analysts. Manufacturing activities in Chinese industries eased in June, with the country’s official June purchasing managers’ index (PMI) falling to 51.5 points from 51.9 in May. Export orders posted a lower reading of 49.8, indicating a contraction.
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