Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 25 May 2023.

NE Asia ethylene plummets; spread against naphtha narrows
By Yeow Pei Lin 26-May-23 12:21 SINGAPORE (ICIS)–Northeast Asia’s ethylene import prices on 25 May fell to levels last seen in January, pummelled by plentiful supply and slack downstream demand.

PODCAST: Rampant China chemicals overcapacity could rebalance by 2024/5
By Will Beacham 25-May-23 21:00 BARCELONA (ICIS)–Excess capacity plaguing China’s petrochemical markets could return to more balanced conditions by 2024/5 as the current wave of additions ends and demand gradually improves.

Nippon Shokubai launches Indonesia AA plant; signs green chems deal with Chandra Asri
By Pearl Bantillo 5-May-23 13:49 SINGAPORE (ICIS)–Japanese producer Nippon Shokubai has inaugurated its new acrylic acid (AA) plant in Indonesia and has signed an initial deal with local producer Chandra Asri Petrochemical to explore green chemical business opportunities.

APIC ’23: INSIGHT: Asia petrochemicals navigate poor demand amid China start-ups; carve ‘green’ path
By Pearl Bantillo 24-May-23 19:50 SINGAPORE (ICIS)–Uncertainties will hound Asia’s petrochemical markets for the rest of the year and possibly into 2024 amid the global economic slowdown at a time of strong capacity additions in regional powerhouse China.

INSIGHT: APIC ’23: Rapid capacity expansion poses risks for Asia’s synthetic rubber industry
By Ann Sun 23-May-23 13:36 SINGAPORE (ICIS)–China’s reopening brings some hope to global synthetic rubber demand, but China-led capacity expansion is putting the synthetic rubber industry in the region at risk with overcapacity a growing concern.

APIC ’23: INSIGHT: Asia phenol, acetone capacity expansion cycle to peak in 2023
By Jenny Yi 23-May-23 11:57 SINGAPORE (ICIS)–Asia’s phenol and acetone capacities entered a new round of expansion cycle in the second half of 2020 and will reach its peak in 2023, which can be regarded as a record wave of capacity increase in the markets’ history.

INSIGHT: Rapid olefin capacity growth in China intensifies Asia supply-demand imbalance
By Amy Yu 22-May-23 19:35 SINGAPORE(ICIS)– China ethylene capacity is expected to exceed 50m tonnes/year in 2023, with a compound annual growth rate (CAGR) of 18% from 2019 to 2023.

INSIGHT: APIC ’23: Asia petrochemicals industry needs to recalibrate for sustainable growth
By Nurluqman Suratman 22-May-23 14:20 SINGAPORE (ICIS)–Industry leaders at the Asia Petrochemical Industry Conference (APIC) in India last week were fully focused on one topic – sustainability – as the region battles to meet the needs of its fast-growing population with future net-zero targets.

INSIGHT: Rapid olefin capacity growth in China intensifies Asia supply-demand imbalance
By Amy Yu 22-May-23 19:35 SINGAPORE(ICIS)– China ethylene capacity is expected to exceed 50m tonnes/year in 2023, with a compound annual growth rate (CAGR) of 18% from 2019 to 2023.

VIDEO: China PP prices plummet to three-year low; late-Q2 pressure likely
By Zhibo Xiao 23-May-23 11:26 SINGAPORE (ICIS)–In this video, ICIS Industry Analyst Zhibo Xiao discusses the polypropylene (PP) market in China and how its sluggishness is a result of weak demand and increasing supply.