Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 3 February.

Singapore manufacturing remains under pressure from inflation, external headwinds
By Nurluqman Suratman 03-Feb-23 11:48 SINGAPORE (ICIS)–Singapore’s manufacturing sector will continue to face pressure from weak external demand and high inflation, with data in the first month of 2023 indicating a contraction.

Asia melamine may see fundamentals largely unchanged in H1 Feb
By Joson Ng 02-Feb-23 09:46 SINGAPORE (ICIS)–The domestic China melamine market could see some support in early February from low production rates and high costs.

South Korea Jan petrochemical exports fall 25%; overall shipments down 17%
By Nurluqman Suratman 01-Feb-23 12:51 SINGAPORE (ICIS)–South Korea’s petrochemical exports in January fell by 25% year on year to $3.8bn, with overall shipments also contracting due to a combination of high-base effect and poor global demand.

India to allot $4.3bn in fiscal 2023-24 budget to boost clean energy sector
By Priya Jestin 01-Feb-23 19:04 MUMBAI (ICIS)–India plans to allocate rupees (Rs) 350bn ($4.3bn) in the fiscal year 2023-24 national budget for energy transition in the pursuit of the country’s net zero carbon emissions objective by 2070.

China 2023 GDP growth forecast revised up to 5.2% as activity recovers – IMF
By Nurluqman Suratman 31-Jan-23 11:58 SINGAPORE (ICIS)–China’s GDP growth is projected to rebound to 5.2% in 2023 from 3.0% last year as a sudden lifting of most its pandemic-related restrictions paved the way for a rapid rebound in economic activity, according to the World Economic Outlook (WEO) Update of the International Monetary Fund (IMF) released on Tuesday.

China petrochemical futures, spot markets mixed post-Lunar New Year
By Yvonne Shi 30-Jan-23 14:18 SINGAPORE (ICIS)–Post-holiday price trends in China’s petrochemical futures and spot markets diverge as sentiment remained cautious despite recent optimism over recovering demand in the world’s second-biggest economy with the lifting of its zero-COVID policy.