Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 19 January 2024.

China capacity expansion to widen Asia MIBK price spreads
By Hwee Hwee Tan 19-Jan-24 11:19 SINGAPORE (ICIS)–Asia’s methyl isobutyl ketone (MIBK) import price indications were mixed as buying interest softened in China, where a massive capacity expansion looks set to transform the largest regional economy into a net exporter for the product.

China achieves 2023 GDP growth target; challenges cloud 2024 prospects
China’s economic growth has accelerated to 5.2% in 2023 from a pandemic-hit pace of 3.0% in the previous year, but a prolonged slump in its property sector and weak external demand threaten 2024 recovery prospects. The 2023 GDP print of the world’s second-biggest economy, largely within the government’s expectations of “around 5%”.

Singapore Dec petrochemical exports fall 14%; NODX down 1.5%
By Nurluqman Suratman 17-Jan-24 10:45 SINGAPORE (ICIS)–Singapore’s petrochemical exports in December fell by 14% year on year to Singapore dollar (S$) 1.09bn, weighing on overall non-oil domestic (NODX) abroad, official data showed on Wednesday. The country’s overall non-oil domestic (NODX) for the month fell by 1.5% year on year to S$14bn, reversing the 1.0% increase in the preceding month, Enterprise Singapore data showed.

Asia toluene buying interest improves; spread against benzene widens
By Melanie Wee 16-Jan-24 12:00 SINGAPORE (ICIS)–Asia toluene spot markets are holding steady on buoyant demand amid a widening spread to benzene. Improved buying interest for February cargoes for solvents sector application offered market support, aiding in propping up Asia toluene prices.

Asia MMA sellers’ sentiment stays strong on supply crunch for Jan, Feb
By Jasmine Khoo 15-Jan-24 11:03 SINGAPORE (ICIS)–Spot methyl methacrylate (MMA) supply in Asia is poised to be curtailed by low operating rates across regional facilities and feedstock cost pressure which could extend into February.

PODCAST: Asia PP to continue being weighed by oversupply in 2024
By Zhibo Xiao 17-Jan-24 14:25 SINGAPORE (ICIS)–ICIS analysts Joanne Wang, Zhibo Xiao and Jackie Wong discuss the Asian polypropylene (PP) market and outlook for 2024.