Asia top stories – weekly summary
ICIS Editorial
03-Mar-2025
SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 28 February.
Egypt eyes 3.1m
tonne/year capacity at proposed $7bn
petrochemical complex
By Nurluqman Suratman 24-Feb-25 12:58
SINGAPORE (ICIS)–Egypt’s proposed $7 billion
petrochemical complex in New Alamein City is
slated to produce 3.1 million tonnes/year of
“eight specialized” products, according to
project leader Shard Capital Partners.
INSIGHT: Suez Canal
shipping cautiously picks up amid
Israel-Hamas ceasefire
By Nurluqman Suratman 24-Feb-25 15:12
SINGAPORE (ICIS)–Forty-seven ships have
re-routed to the Suez Canal in Egypt since
early February, indicating a cautious pick-up
of activity in the crucial trade lane – the
shortest connection between Asia to Europe –
amid a ceasefire between Israel and Palestine
militant group Hamas in Gaza.
Middle East, Pakistan
PP/PE trade activity expected to be slow
throughout Ramadan
By Nadim Salamoun 24-Feb-25 16:24 DUBAI
(ICIS)–Trade activity for polypropylene (PP)
and polyethylene (PE) in the East
Mediterranean (East Med), Pakistan, and GCC
(Gulf Cooperation Council) markets has
already slowed down by mid-February ahead of
the Ramadan seasonal lull, and is expected to
remain slow until the end of Eid al-Fitr
during the first week of April.
INSIGHT: China PE
demand growth to lag capacity growth for
2025
By Amy Yu 25-Feb-25 13:00 SINGAPORE
(ICIS)–Inner Mongolia Baofeng’s new 550,000
tonne/year coal-based PE facility is set to
start trial runs in late February, marking
the third new unit for the company following
two similar facilities starting the
commercial operation in November 2024 and
January 2025.
India’s Mar methanol
supply to tighten after Qatar Fuel Additives
announces FM
By Damini Dabholkar 26-Feb-25 13:28 SINGAPORE
(ICIS)–Qatar Fuel Additives Co (QFAC) on 25
February announced a force majeure on its
methanol supply after shutting down its 1.1
million tonnes/year plant in Mesaieed due to
a technical issue.
INSIGHT: India
petrochemical production pivots to imported
ethane feed
By Priya Jestin 26-Feb-25 16:00 MUMBAI
(ICIS)–A growing number of petrochemical
companies in India are looking at using more
ethane instead of the more expensive naphtha
as feedstock for production, which may help
reduce the south Asian country’s trade
deficit with the US in the coming years.
INSIGHT: China benzene
market sees narrow fluctuations on strong
cost, snug supply, slow demand
recovery
By Yoyo Liu 26-Feb-25 19:28 SINGAPORE
(ICIS)–Crude-based benzene prices fluctuated
moderately at high levels after the Lunar New
Year (28 January-4 February) holidays, on
elevated crude, ethylbenzene (EB) futures and
falling port inventories. Slow demand
recovery continues to weigh on the market,
with upcoming spring turnarounds and
inventory depletion in focus.
SE
Asia, Mideast petrochemical markets slow
ahead of Ramadan
By Jonathan Yee 27-Feb-25 12:41 SINGAPORE
(ICIS)–Trades in southeast Asian and Middle
East petrochemical markets have slowed down
ahead of Ramadan, when working hours would be
shorter in some markets in March.
Asia MMA sentiment
dampened by China local price
volatility
By Jasmine Khoo 27-Feb-25 13:01 SINGAPORE
(ICIS)–Asia’s methyl methacrylate (MMA)
sentiment has been impacted by price
volatility observed in the Chinese domestic
market in recent weeks, with most market
players adopting a cautious stance towards
trade.
INSIGHT: Asia, Europe
could bear brunt of US tariffs on Chinese
MDI
By Shannen Ng 27-Feb-25 16:37 SINGAPORE
(ICIS)–Recent escalations in the US-China
tariff war are set to create waves in the
Asian and European import markets for
methylene diphenyl diisocyanate (MDI).
Asia petrochemical
shares fall after Trump vows additional 10%
tariff on China
By Jonathan Yee 28-Feb-25 11:16 SINGAPORE
(ICIS)–Asian petrochemical shares fell on
Friday after US President Donald Trump said
he would impose additional 10% tariffs on
Chinese goods from 4 March.
Thai SCG Chemicals
signs EPC deal for Vietnam ethane storage
tanks
By Nurluqman Suratman 28-Feb-25 15:01
SINGAPORE (ICIS)–Thai producer Siam Cement
Group Chemicals (SCGC) on 27 February said
that it has signed the engineering,
procurement, and construction (EPC) contract
for the construction of ethane storage tanks
at the Long Son Petrochemicals Complex (LSP)
in Vietnam.
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