Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 21 January 2022.

NE Asia ethylene supply overhang to ease as crackers cut run rates
The glut in northeast Asia’s ethylene (C2) supply will likely ease next month as production falls as more regional crackers cut run rates and Japanese plants undergo scheduled turnarounds.

Weak demand to weigh on China EPDM imports
China’s import prices for ethylene propylene diene-monomer (EPDM) have continued to lose grounds in the last few weeks with slow buying.

Asia ACN in oversupply near term; producers face cost pressure
Asia’s acrylonitrile (ACN) market faces a supply overhang in the near term with recent new capacities that started up in China, while producers are currently grappling with cost pressure.

Crude up $1/bbl on rising Middle East tensions after attack on UAE
Benchmark crude prices rose more than $1/bbl on Tuesday following an attack on a Abu Dhabi National Oil Company (ADNOC) fuel depot in the UAE, fuelling concerns of an escalation of tensions in the Middle East which could impact supply conditions.

China petrochemical demand to take hit from recent COVID-19 outbreaks
China’s petrochemical demand is expected to weaken as downstream factories start shutting down operations ahead of the week-long Lunar New Year holiday, aggravated by heightened restrictions in regions currently experiencing COVID-19 outbreaks.