Asia top stories – weekly summary
ICIS Editorial
17-Aug-2020
SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 14 August 2020.
Asia petrochemical glut bites as SE region in
recession, China demand wanes
Petrochemical markets in Asia are grappling
with oversupply, with consumption in the
southeast region weighed down by recession in
most major economies, while the months’ long
burst of post-lockdown demand in China is
waning.
Asian PTA re-enters surplus cycle on new
capacities; weak demand outlook
The supply overhang in the Asia purified
terephthalic acid (PTA) market has eased in the
near term but this is unlikely to last due to
the impending start-up of new capacities in
China.
Saudi Aramco targets long-term ambitions for
chemicals industry
Saudi Aramco asserted its ambition to become
more prominent in the petrochemicals industry
as the dominant end market for future crude
consumption, while being key to a green energy
transition.
Asia naphtha markets flip into a contango as
demand falters
Asia naphtha markets are softening on the back
of faltering demand as the market structure
flipped into a contango, with greater excess
supply envisaged in the days ahead.
Asia nylon demand recovery unlikely amid weak
downstream run rates
Hopes of an August demand recovery in Asia’s
nylon market are fading, as downstream
manufacturing run rates remain curtailed amid
slow end-use consumption.
Saudi Aramco to rein in 2020 spending as
pandemic hits H1 earnings
State-owned energy giant Saudi Aramco will
continue to rein in capital spending this year
following a plunge in first-half earnings
caused by slumping oil prices amid the
coronavirus pandemic.
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