Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 12 April 2024.

China Mar petrochemical markets mixed; Apr demand on seasonal uptick
By Yvonne Shi 12-Apr-24 14:19 SINGAPORE (ICIS)–Fluctuations in China’s domestic petrochemical markets were limited in March, yielding a mixed performance during the month, while a seasonal improvement in demand is expected in the near term.

Tight intra-Asia container shipping space dampens recycling trades
By Arianne Perez 12-Apr-24 13:34 SINGAPORE (ICIS)–Major Asian recyclers are feeling the pinch of continued uptrend in spot container freight costs for trade within Asia since March.

Asia naphtha demand slows down; supply stays ample
By Li Peng Seng 11-Apr-24 13:00 SINGAPORE (ICIS)–Asia’s naphtha crack, the spread between Brent crude and the chemical feedstock prices, hit a five-month low recently and it will remain under pressure in the weeks ahead as ample supplies, slower demand and firm crude prices limit any improvement in the spread.

Asia ADA sees plant shutdowns amid supply overhang
By Josh Quah 11-Apr-24 11:25 SINGAPORE (ICIS)–Asia’s adipic acid (ADA) markets have begun to crack under the cost pressure and weak demand from the main polyurethane (PU) downstream sector.

Fitch downgrades China rating outlook to ‘negative’ as debts pile up
By Pearl Bantillo 10-Apr-24 15:16 SINGAPORE (ICIS)–China’s fiscal challenges amid rising government debt and its prolonged property slump weighing on recovery prospects prompted Fitch to revise down its credit rating outlook for the world’s second-biggest economy to “negative” from “stable”.

Korea trade body starts antidumping probe on China SM imports
By Luffy Wu 09-Apr-24 14:18 SINGAPORE (ICIS)–The Korea Trade Commission has decided to initiate an anti-dumping investigation on imports of styrene monomer (SM) from China.

INSIGHT: Positive China Q1 data overshadowed by property sector gloom
By Nurluqman Suratman 09-Apr-24 12:00 SINGAPORE (ICIS)–China’s economic narrative in early 2024 reflects a ‘tale of two cities’, with its ailing property sector once again playing the crucial protagonist against recent data which offered flickers of hope for the country’s continued recovery this year.

Saudi Arabia hikes benchmark May Arab Light OSP for Asian customers
By James Dennis 08-Apr-24 18:15 SINGAPORE (ICIS)–Saudi Arabia, the world’s largest crude exporter, increased its Official Selling Prices (OSP) for its benchmark Arab Light crude for customers in Asia for the second month in succession.

Oil slumps by more than $2/bbl on Israel-Hamas ceasefire hopes
By Nurluqman Suratman 08-Apr-24 12:23 SINGAPORE (ICIS)–Oil prices fell by more than $2/barrel on Monday amid easing tensions in the Middle East after Israel further withdrew troops from southern Gaza and signalled a willingness to resume ceasefire talks with Palestinian militant group Hamas.