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 April 2024.

Asia petrochemical shares tumble on Mideast concerns; oil pares gains
By Nurluqman Suratman 19-Apr-24 15:43 SINGAPORE (ICIS)–Shares of petrochemical companies in Asia slumped on Friday, while oil prices surged amid escalating tensions in the Middle East following reported explosions in Iran, Syria and Iraq.

Oil gains on fresh Venezuela sanctions, Iran concerns
By Nurluqman Suratman 18-Apr-24 12:48 SINGAPORE (ICIS)–Oil prices rose on Thursday, reversing sharp losses in the previous session, after the US re-instated oil sanctions on Venezuela, and amid discussions by the EU about implementing new restrictions on Iran.

INSIGHT: Bullish and bearish sentiment intertwines in April Asia chemical prices outlook – ICIS analysts
By Joey Zhou 17-Apr-24 18:29 SINGAPORE (ICIS)–There is a mixed outlook for petrochemical prices in Asia in April. Upward support comes from stronger crude oil price forecasts. The supply of some chemicals is relatively tight on plant turnarounds and operating rate cuts.

PODCAST: Asia recycled polymers slow in 2023; legislation, waste management to shape future
By Damini Dabholkar 17-Apr-24 18:18 SINGAPORE (ICIS)–Asia recycled polymers markets were sluggish for the most part in 2023. In early 2024 too, challenges that dim the short-term outlook persist.

Singapore March petrochemical exports fall 3.6%; NODX slumps 20.7%
By Nurluqman Suratman 17-Apr-24 13:22 SINGAPORE (ICIS)–Singapore’s petrochemical shipments in March fell by 3.6% year on year to Singapore dollar (S$) 1.16 billion ($853 million), extending the 2% contraction in the previous month and weighing on overall non-oil domestic exports (NODX), official data showed on Wednesday.

China’s recovery gains pace after Q1 GDP growth; property, trade headwinds remain major hurdles
By Nurluqman Suratman 16-Apr-24 13:54 SINGAPORE (ICIS)–China’s economy grew stronger-than-expected in the first quarter of this year, expanding by 5.3%, but ongoing challenges in the real estate sector, slowing exports and persistent deflationary pressures remain as major risks to its recovery.

Oil eases despite Iran attacks on Israel; Asian bourses rattled
By Nurluqman Suratman 15-Apr-24 12:46 SINGAPORE (ICIS)–Oil prices eased on Monday as Iran’s attacks on Israel over the weekend were largely priced in by the market, according to analysts, but Asian equities tumbled amid concerns over recent escalation of geopolitical tensions in the Middle East.