Asia top stories – weekly summary
ICIS Editorial
11-Mar-2024
SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 8 March 2024.
Asia, Mideast petrochemical trades to slow down
during Ramadan
By Nurluqman Suratman 08-Mar-24 13:10 SINGAPORE
(ICIS)–Trades for several petrochemicals in
Asia and the Middle East will slow down as
markets observe Ramadan starting 10 March, with
demand going into a lull amid shorter working
hours during the Muslim fasting month.
Asia naphtha sentiment improves; supplies to
tighten
By Li Peng Seng 08-Mar-24 12:12 SINGAPORE
(ICIS)–Asia’s naphtha intermonth spread rose
to a one-month high on 7 March amid
expectations of fewer arbitrage cargoes
arriving in April from the west due to Europe’s
demand for gasoline and petrochemicals.
Lotte Chemical mulls ‘strategic measures’ for
Malaysian-listed LC Titan
By Nurluqman Suratman 07-Mar-24 13:35 SINGAPORE
(ICIS)–South Korean producer Lotte Chemical
said on Thursday that it is exploring options
for its Malaysian subsidiary, in response to
local media reports that the unit is up for
sale.
Weak China demand to weigh on oil markets
despite OPEC+ supply cut extension
By Fanny Zhang 06-Mar-24 12:45 SINGAPORE
(ICIS)–China’s economic weakness will continue
weigh on crude oil prices despite the decision
by oil cartel OPEC and its allies (OPEC+) to
prolong their production cuts to support the
market.
Asian spot TiO2 market set to enjoy support in
March
By Joson Ng 01-Mar-24 13:11 SINGAPORE
(ICIS)–The titanium dioxide (TiO2) Asian spot
market is likely to see improving or stable
demand in March, especially in China, as the
traditional peak demand season kicks in. As
producers in China are also citing a healthy
number of orders on hand, they are not likely
to allow cargoes to go unless the bids are
close to their valuation.
Asia polyester market at standstill amid firm
costs, weak fundamentals
By Judith Wang 05-Mar-24 14:07 SINGAPORE
(ICIS)–The polyester export market in Asia has
fallen into a standstill amid a tug of war
between firm cost pressure and weak market
fundamentals.
INSIGHT: China 2024 growth target will require
stronger stimulus measures
By Nurluqman Suratman 07-Mar-24 00:29 SINGAPORE
(ICIS)–China is likely to need to introduce
stronger stimulus measures to meet its official
growth target of around 5% for this year given
the country’s deep structural imbalances.
Chemical, palms freight costs up as tanker
supply tightens into March
By Hwee Hwee Tan 07-Mar-24 18:02 SINGAPORE
(ICIS)–A tanker supply crunch persisting into
March has pushed up shipping costs for chemical
and palms cargoes traded on Asia’s spot market.
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