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 November 2023.

Demand worries capping oil gains; Brent crude stays below $80/bbl
By Nurluqman Suratman09-Nov-23 14:31 SINGAPORE (ICIS)–Oil prices were trading below $80/bbl in Asia on Thursday, with gains being capped by concerns over waning global demand, following data indicating deflation in China and a build-up in crude stocks in the US.

China October petrochemical index falls 6%; demand outlook bleak
By Yvonne Shi 08-Nov-23 14:09 SINGAPORE (ICIS)–China’s domestic petrochemical markets weakened in October mainly on sufficient supply and weak demand, which is likely to persist for the remainder of the year.

IMF upgrades China growth forecasts on recent economic measures
By Nurluqman Suratman 08-Nov-23 11:43 SINGAPORE (ICIS)–The International Monetary Fund (IMF) has upgraded its 2023 growth forecast for China to 5.4% from 5% previously, in view of recently introduced government measures aimed at strengthening the world’s second-biggest economy.

VIDEO: China BDO producers adjust run rates on upcoming plant start-ups
By Jady Ma 09-Nov-23 17:18 SINGAPORE (ICIS)–Watch ICIS analyst Jady Ma discuss the impact of growing butanediol (BDO) capacity in China with five new BDO plants expected to come on stream for the remainder of 2023.

Asia polyester market in seasonal demand lull amid ample supply
By Judith Wang 07-Nov-23 11:31 SINGAPORE (ICIS)–Weak market fundamentals in Asia’s polyester market are expected to be sustained till the year’s end, with demand in its seasonal lull against a backdrop of ample supply in the region.

Asia’s NBR outlook to hinge on China’s growth
By Ai Teng Lim 06-Nov-23 12:26 SINGAPORE (ICIS)–Spot prices for Asian acrylonitrile-butadiene-rubber (NBR) imports have taken a hit as trade momentum withered with China’s recent slowdown but hopes remain among sellers that China may bounce back soon to rejuvenate off-take.