Asia top stories – weekly summary
ICIS Editorial
13-Mar-2023
SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 10 March 2023.
NE
Asia C2 rangebound as weak China downstream
collides with supply
constraints
Northeast Asia’s
spot ethylene (C2) import prices were little
changed this week as the slow recovery in
China’s downstream demand and a relatively
healthy inflow of US cargoes counterbalanced
regional supply curtailments.
China
February petrochemical markets weaken; March
outlook cautious
China’s petrochemical markets weakened in
February as cautiousness persisted amid a
slower-than-expected recovery in downstream
demand and a subdued economic outlook.
Asia
MEC up on China and Middle East demand, EU
arbitrage eyed
Methylene chloride (MEC) in the key China
market was higher for four consecutive weeks,
supported by higher demand in local and
overseas markets.
S
Korea Q4 ’22 GDP contracts on quarter;
full-year ’23 growth to slow on weak
exports
South Korea’s economic output shrank by 0.4% in
the October-December 2022 from the previous
quarter, unchanged from advance estimates, as
manufacturing and exports contracted amid a
global economic slowdown.
Asia
MMA to draw strength from tightened supply,
feedstock pressure
The Asian methyl methacrylate (MMA) sector has
been affected by a slew of pessimistic market
factors since late May 2022, but things are
potentially looking up for this market in
March.
Firming GCC PP/PE offers
despite expected Ramadan
slowdown
Despite an expected slowdown in market
activities and demand in the region during
mid-March to mid-April due to shorter Ramadan
working hours and the Eid Ul-Fitr holiday,
March’s regional offers from Gulf Cooperation
Council (GCC) suppliers surfaced at higher
levels than those of February.
China
sets conservative 5.0% GDP growth target;
petrochemical markets
cautious
China has set its 2023 economic growth goal at
around 5%, a conservative number underscoring
an overall cautious outlook that sent crude
prices falling on Monday after recent strong
gains, while Chinese petrochemical futures
markets largely mixed.
Asia
oleochemical players upbeat at key palm oil
conference in Malaysia
By Helen Yan 06-Mar-23 10:23 KUALA LUMPUR
(ICIS)–Asia oleochemical producers expect
demand to pick up amid a supply crunch just as
China’s economy is rebounding as indicated by
its upbeat February manufacturing data.
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