Asia top stories – weekly summary
SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 5 August 2022.
Japan’s Mitsui Chem
fiscal Q1 profit falls 34% on weak materials
Mitsui Chemicals’ first quarter-to-June 2022 net profit declined by 34.3% year on year, weighed down by lower bisphenol-A (BPA) prices and a deceleration in automotive production, the Japanese producer said on Friday.
Asian PS offers slump on weak
The spot polystyrene (PS) market in south Asia has softened, tracking the sharp losses in styrene monomer (SM) prices in recent weeks.
naphtha slumps to over seven-month low on tepid
Asia’s naphtha prices are pressured down by downbeat demand amid diminishing downstream margins and ample regional supply.
Japan’s Asahi Kasei
fiscal Q1 net profit falls 36% on lower
Asahi Kasei’s fiscal first-quarter net profit declined by about 36% year on year as lower margins offset a double-digit increase in sales, the Japanese producer said on Thursday.
INSIGHT: Recycling as a
solution to marine plastics
Plastics pollution of the marine environment is a global challenge that the world is trying to tackle today.
Woolworths, Pact tie up
to bolster use of R-PET and
Australian supermarket giant Woolworths Group will replace more single-use plastics from its retail products and bolster the use of recycled polyethylene terephthalate (R-PET) and recycled polyethylene (R-PE) across chains.
MMA falls 10% in July on weak demand; producers
mull output cuts
Asia’s methyl methacrylate (MMA) spot prices shed more than 10% in July owing to poor demand and weakness in China’s domestic market, which may persist in August.
OUTLOOK: Asia epoxy
resins to stay sluggish; price competition may
Uncertain end-demand outlook and recession fears continue to haunt Asia’s epoxy resins market, with aggressive exports from China forcing some regional suppliers to lower offer.
July industries – a mixed bag as battle with
Asia’s manufacturing sector in July presented a mixed performance, with major economies in the northeast showing a marked slowdown in activity, as the region continues to contend with high input costs and weak demand.
OUTLOOK: Asia PP wrestles
with recession fears and production capacity
Asia’s polypropylene (PP) market is expected to continue its struggle against slow demand as a result of recession fears and looming production capacity expansion that would put even greater pressure on suppliers.