Asia top stories – weekly summary
SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 10 March 2023.
Asia C2 rangebound as weak China downstream
collides with supply
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.
February petrochemical markets weaken; March
China’s petrochemical markets weakened in February as cautiousness persisted amid a slower-than-expected recovery in downstream demand and a subdued economic outlook.
MEC up on China and Middle East demand, EU
Methylene chloride (MEC) in the key China market was higher for four consecutive weeks, supported by higher demand in local and overseas markets.
Korea Q4 ’22 GDP contracts on quarter;
full-year ’23 growth to slow on weak
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.
MMA to draw strength from tightened supply,
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
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.
sets conservative 5.0% GDP growth target;
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.
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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