Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 24 March 2023.

Asia petrochemicals demand tepid on macroeconomy, oversupply concerns
By Nurluqman Suratman 24-Mar-23 14:16 SINGAPORE (ICIS)–Asia’s petrochemical markets continue to face tepid demand as economic recovery in regional bellwether China remains slower than initially expected, with new production capacities adding to oversupply concerns.

INSIGHT: New PE/PP capacities risk derailing nascent Asia polyolefin recovery
By Izham Ahmad 22-Mar-23 17:28 SINGAPORE (ICIS)–A wave of new polyethylene (PE) and polypropylene (PP) supply in Asia is threatening to upend the tentative demand recovery the region has been experiencing since the end of the Lunar New Year holidays as new suppliers fight to establish market share in an increasingly crowded market.

NE Asia C2 producers mull higher output for May on improved margin
By Yeow Pei Lin 24-Mar-23 12:27 SINGAPORE (ICIS)–Northeast Asia’s spot ethylene (C2) supply for May could be boosted by improved production margins following recent declines in feedstock naphtha costs.

Thailand’s Envicco gains approval to sell R-PET for domestic use
By Arianne Perez 23-Mar-23 12:12 SINGAPORE (ICIS)–The joint venture between PTT and ALPLA under the entity Envicco received approval from Thailand’s FDA (Food and Drug Administration) to sell recycled polyethylene terephthalate (R-PET) for local use.

Asia oleochemicals demand slumps on bearish sentiment, caution
By Helen Yan 22-Mar-23 12:50 SINGAPORE (ICIS)–Asian oleochemicals players are staying on the sidelines amid the uncertainties over the US bank crisis, a slowing global economy and fluctuations in the upstream crude palm oil (CPO) and palm kernel oil (PKO) prices.

PODCAST: Asian PP markets grapple with increased supply, lower-than-expected demand in 2023
By Damini Dabholkar 20-Mar-23 19:06 SINGAPORE (ICIS)–Asian polypropylene (PP) markets are being challenged by increasing capacity in 2023, especially in the China market, while demand continues to recover more slowly than expected.

Asia naphtha swings to multi-month lows on volatile crude
By Melanie Wee 21-Mar-23 13:42 SINGAPORE (ICIS)–Asia’s naphtha markets can expect heightened volatility, largely tracking crude oil futures movement, as demand prospects are being weighed down by market jitters over the health of the global banking system.

Asia petrochemical shares, oil prices weaken after UBS rescue of Credit Suisse
By Nurluqman Suratman 20-Mar-23 12:43 SINGAPORE (ICIS)–Shares of petrochemical companies in Asia were mostly weaker and crude futures fell on Monday on fears of a banking crisis contagion, as troubled Credit Suisse was rescued by its Swiss rival UBS in a government-backed deal.