Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 25 August 2023.

Taiwan’s ethylene import demand to strengthen from Q4
By Yeow Pei Lin 25-Aug-23 12:19 SINGAPORE (ICIS)–Ethylene shipments to Taiwan will rise from October ahead of a key domestic producer’s extensive cracker turnarounds, providing support to the well-supplied northeast Asian market.

Asia SBR offers rise on cost pressure; demand uncertainties linger
By Ai Teng Lim 24-Aug-23 12:28 SINGAPORE (ICIS)–Styrene butadiene rubber (SBR) makers in Asia sought to relieve mounting upstream cost pressures by raising offers for spot cargoes, even as doubts remain about how well the buying momentum may keep up amid shaky performance in downstream automobile sector.

Thailand elects new prime minister; economic recovery – a priority
By Nurluqman Suratman 23-Aug-23 14:03 SINGAPORE (ICIS)–After weeks of post-election deadlock which dampened investor sentiment, Thailand has finally appointed a new prime minister – former property tycoon Srettha Thavisin.

Malaysia’s PCG Q2 net profit falls 66% as poor demand weighs on volumes, prices
By Nurluqman Suratman 22-Aug-23 14:40 SINGAPORE (ICIS)–Malaysian producer PETRONAS Chemicals Group (PCG) on Tuesday reported a 66% year-on-year drop in its second quarter net profit on the back of poor demand, with margins expected to remain under pressure for the rest of this year.

INSIGHT: CTO/MTO one of the routes for new capacity in China
By Amy Yu 21-Aug-23 17:15 SINGAPORE (ICIS)–Coal and methanol to olefins have become increasingly viable as routes for petrochemicals production in China, with technology improvements driving scope for larger-scale output, although production could face growth challenges as a result of environmental concerns.

Thailand 2023 growth forecast cut to 2.5-3.0% after H1 slowdown
By Nurluqman Suratman 21-Aug-23 15:37 SINGAPORE (ICIS)–Thailand on Monday cut its full-year growth forecast to 2.5-3.0% after the economy slowed in the first half of the year due to the weakness in global demand which has weighed on exports and manufacturing.