Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 6 December 2024.

India cuts banks’ cash reserves ratio by 50bps; lowers full-year GDP forecast
By Priya Jestin 06-Dec-24 17:51 MUMBAI (ICIS)–India’s central bank on Friday maintained its benchmark interest rate at 6.5% but cut its cash reserve ratio (CRR) by 50 basis points to 4%, in a bid to improve growth and rein in high inflation.

Mideast PMDI, TDI fall on weak demand amid high freight costs
By Isaac Tan 06-Dec-24 15:24 SINGAPORE (ICIS)–Prices for both polymeric methylene diphenyl diisocyanate (PMDI) and toluene diisocyanate (TDI) in the Middle East have decreased this week, reflecting a general slowdown in demand as the year comes to a close.

GPCA ’24: Europe chemical industry faces price pressure from US tariffs on China
By Jonathan Yee 05-Dec-24 19:15 MUSCAT (ICIS)–An incoming Trump administration in the US and the promise of tariffs on all foreign goods will likely upend the global world order, placing pressure on the European chemical industry amid ensuing price volatility, senior industry figures warned this week.

S Korea prepares $28 billion market stabilization fund after martial law
By Pearl Bantillo 05-Dec-24 15:28 SINGAPORE (ICIS)–South Korea is preparing to activate a market stabilization fund worth won (W) 40 trillion ($28 billion) following the country’s brief dalliance with martial law, with its slowing economy facing the prospect of increased US tariffs in 2025.

UPDATE: Indonesia begins antidumping probe on PP homopolymers
By Jackie Wong 05-Dec-24 15:12 SINGAPORE (ICIS)–Indonesia has initiated an antidumping investigation on imported polypropylene (PP) homopolymer products, according to a government document obtained by ICIS on Thursday.

INSIGHT: GPCA ’24: GCC petrochemical players sharpen focus on longer-term sustainable growth
By Nurluqman Suratman 04-Dec-24 19:33 MUSCAT (ICIS)–Gulf Cooperation Council (GCC) petrochemical executives met with global colleagues in Muscat, Oman, this week as the focus on sustainable growth continues to sharpen amid concerns over oversupply, trade protectionism and geopolitical conflicts.

INSIGHT: Political instability rocks South Korea after martial law; no petrochemical impact so far
By Pearl Bantillo 04-Dec-24 19:06 SINGAPORE (ICIS)–Days before the shock declaration of martial law in South Korea by President Yoon Suk-yeol, political wranglings stalled the 2025 budget deliberations of Asia’s fourth-biggest economy.

GPCA ’24: Thailand’s PTTGC to start SAF production in early 2025 – CEO
By Nurluqman Suratman 04-Dec-24 18:00 MUSCAT (ICIS)–Thailand’s PTT Global Chemical (PTTGC) is expected to begin producing sustainable aviation fuel (SAF) at its refinery in Map Ta Phut early next year, the company’s CEO Narongsak Jivakanun said.

S Korea President Yoon may face impeachment after short-lived martial law
By Pearl Bantillo 04-Dec-24 14:07 SINGAPORE (ICIS)–Calls for South Korean President Yoon Suk Yeol to resign are growing after his hours’ long martial law that rattled the country’s equities and foreign exchange markets.

GPCA ’24: INSIGHT: Middle East PP has leading global competitive position
By Emiliano Basualto 02-Dec-24 13:00 MUSCAT (ICIS)–The Middle Eastern polyolefin industry has always been recognised for its competitive advantages, particularly driven by access to inexpensive raw materials and low energy costs.

GPCA ’24: GCC needs to formulate right partnerships – GPCA chief
By Nurluqman Suratman 02-Dec-24 09:59 MUSCAT (ICIS)–Gulf Cooperation Council (GCC) petrochemical players must formulate strategic international partnerships and invest in optimization and innovation to remain competitive, according to the secretary general of the Gulf Petrochemicals and Chemicals Association (GPCA).