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 March 2021.

NE Asia’s C2 hits resistance at around $1,200/tonne level on weaker SM, MEG
An upward momentum in northeast Asia’s ethylene (C2) import prices is showing signs of losing steam following a large drop in the Chinese domestic prices for certain derivatives.

China February petrochemical market extends surge in February on continuous tight supply, US outages
China’s petrochemical markets surged again in February on continuous tight supply and recovering post-holiday demand, further fuelled by US outages as a result of a cold wave.

China butyl-A supply to tighten further on turnarounds, strong exports
China’s butyl acrylate (butyl-A) supply is expected to tighten further due to upcoming heavy turnarounds at domestic plants, while export demand is strong amid planned and unplanned outages and plant issues elsewhere in the world.

Chinese spot appetite for crude glycerine wanes, restocking mostly done
Despite rising upstream crude palm oil (CPO) prices, Chinese buying interest for crude glycerine has retreated as restocking activities have largely been completed post-Lunar New Year holidays.

Brent climbs above $71/bbl following attack on key Saudi oil terminal
Crude oil prices surged well over 2% at one stage on Monday following news of an attack on the key Ras Tanura oil terminal on Sunday.