Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 20 October 2023.

China phenol margins fall as start-ups to boost domestic capacity
By Yoyo Liu 20-Oct-23 11:59 SINGAPORE (ICIS)–China’s domestic phenol market is facing headwinds from subdued demand and increasing supply in October, exerting strong downward pressure on margins with local supply set to surge amid plant start-ups.

China’s Q3 economic slowdown clouds Asian petrochemicals market outlook
By Nurluqman Suratman 19-Oct-23 11:30 SINGAPORE (ICIS)–China’s economic growth slowed to 4.9% year on year in the third quarter, clouding the outlook for Asia’s petrochemicals markets that are already contending with poor margins amid tepid downstream demand and worries over escalating tensions in the Middle East.

Oil jumps more than $2/bbl as Middle East tensions heighten
By Nurluqman Suratman 18-Oct-23 12:08 SINGAPORE (ICIS)–Oil prices jumped by more than $2/bbl on Wednesday after tensions escalated in the Middle East amid the Israel-Hamas conflict following a blast at a hospital in Gaza that killed at least 500 people.

Singapore petrochemical exports fall for 13th month; GDP growth stays tepid
By Nurluqman Suratman 17-Oct-23 12:43 SINGAPORE (ICIS)–Singapore’s petrochemical exports in September fell by 14.8% year on year to Singapore dollar (S$) 1.07bn, marking the 13th straight month of contraction amid continued weakness in external demand.

China’s BPA import price falls; more downward pressure seen
By Li Peng Seng 16-Oct-23 10:30 SINGAPORE (ICIS)–Ample domestic supply and an uncertain economic outlook will dent Chinese buyers’ appetite for imports in the coming weeks, making it challenging for sellers to boost the already poor margins.