ICIS Supply and Demand Database

TORONTO (ICIS)–The government of Canada’s oil-rich Alberta is freezing the province's industrial carbon price at Canadian dollar (C$) 95/tonne ($68/tonne). The decision to freeze the price indefinitely was in response to the US tariffs, which were increasing costs, disrupting supply chains and creating uncertainty for industry, making it challenging to operate efficiently and stay globally competitive, the government said. The freeze would provide certainty and economic relief to companies in oil and gas, electricity, petrochemical, manufacturing, cement, pulp and paper, mining, and forestry, Premier (Governor) Danielle Smith and environment minister Rebecca Schulz said in a webcast press conference on Monday. Smith said that Canada could not get too far ahead of the US in terms of climate policies, otherwise “billions of dollars of investments” would go to the US, instead of Canada. Schulz added that a price above C$100/tonne would make Alberta “wildly uncompetitive.” The price had been scheduled to rise to C$110/tonne in 2026 and continue increasing to C$170/tonne by 2030 – in line with Canada’s federal industrial carbon pricing system, which sets minimum standards. Smith and Schulz said that the government would talk to companies that have been making investments in Alberta, based on industrial carbon pricing. Schulz added that she had already reached out to Dow, NOVA Chemicals and others to “signal” the government’s new direction, given that “it is a very different time that we are in right now.” “It is unfair to artificially increase a carbon tax to benefit a small amount of projects and then leave the entire rest of industry in a position where they are uncompetitive,” she said. “We can’t make the entirety of industry uncompetitive to save one specific project,” she added. Dow announced last month that it is delaying its flagship Canada Path2Zero net zero carbon cracker and downstream polyethylene (PE) project at Fort Saskatchewan, Alberta, until market conditions improve and would not likely revisit it until the end of this year. Trade group Chemistry Industry Association of Canada (CIAC) supports industrial carbon pricing as a tool to encourage companies to reduce emissions in a cost-effective way. However, the trade group has suggested that in light of the ongoing trade and tariff tensions, Canada may want to review its industrial carbon pricing rules. In related news, Alberta's neighboring Saskatchewan province paused its industrial pricing system, effective 1 April. ($1 = C$1.40) Additional reporting by Joseph Chang Please also visit US tariffs, policy – impact on chemicals and energy Thumbnail photo source: Dow

13-May-2025

SINGAPORE (ICIS)–Japanese automaker Nissan Motor Corp announced on Tuesday a slate of new cost-saving measures, including job cuts of 11,000, after swinging to a net loss of yen (Y) 670.9 billion ($4.5 billion) in the fiscal year ending 31 March 2025. in Japanese yen (Y) billion 1 April 2024-31 March 2025 (FY 2024) 1 April 2023-31 March 2024 (FY 2023) % Change Net Revenue 12,633.20 12,685.70 -0.4 Operating Profit 69.8 568.7 -87.7 Net Income -670.9 426.6 Global sales stood at 3.346 million units, impacted by intensified sales competition. The latest results come after the collapse of multi-billion-dollar merger talks with rival Honda in February 2025 and follows a November 2024 announcement of 9,000 job cuts. The latest reductions will bring the total job losses at Japan's third-largest carmaker to around 20,000 in the last fiscal year. Nissan also plans to streamline its production by reducing its global plant count from 17 to 10 by 2027. Petrochemicals make up roughly a third of an average vehicle's raw material costs. The automotive industry is a crucial driver of demand for chemicals such as polypropylene (PP), nylon, polystyrene (PS), and styrene butadiene rubber (SBR). Nissan said that it expects business to "continue be challenging with intense competition, forex and inflationary pressure". "Yet, our efforts related [to] U.S. Tariff policy under our mitigation strategy, we are prioritizing US-built products, optimizing local capacity, reallocating tariff-exposed production, and working closely with suppliers to localize and adapt swiftly to market demands," the company said. "Given the uncertainty related to tariff environment, the guidance for operating profit, net income and auto free cash flow for the fiscal year are currently to be determined," it added. ($1 = Y147.9)

13-May-2025

HOUSTON (ICIS)–The US Department of Agriculture (USDA) is projecting an increase in corn area and yield which would result in record supplies with lower soybean production forecast, according to the May World Agricultural Supply and Demand Estimate (WASDE) report. The current corn crop is projected at 15.8 billion bushels, up 6% year on year on increases to both area and yield. Planted area of 95.3 million acres if realized would be the highest in over a decade. The yield projection of 181.0 bushels per acre is based on a weather-adjusted trend assuming normal planting progress and summer growing season weather. The smaller beginning stocks will partially be offsetting the increase in production, but total corn supplies are forecast at 17.3 billion bushels. Corn used for ethanol is unchanged relative to a year ago at 5.5 billion bushels, based on expectations of essentially flat motor gasoline consumption and exports. Feed and residual use is projected higher to 5.9 billion bushels on larger supplies and lower expected prices. US corn exports for 2025-2026 are forecast up from a year ago to 2.7 billion bushels, with lower prices driving a forecast increase in world trade. Exports for competitor countries such as Argentina and Ukraine are higher than a year ago. The US is projected to be the world’s largest exporter, with fractional decline in global market share. Ending stocks are being calculated higher at 385 million bushels, with total corn supply rising more than use, and if realized would be the highest in absolute terms since 2019-2020. The season-average farm price is projected at $4.20 per bushel, down 15 cents from the April update. For soybeans, the outlook shows slightly lower supplies, higher crush, reduced exports and lower ending stocks. The soybean crop is projected lower at 4.34 billion bushels based on trend yield and lower area. Soybean supplies are down less than 1% as there was higher beginning stocks but that is facing lower imports and production. The USDA noted that higher beginning stocks and rising soybean production in South America have lifted exportable supply, and despite higher global demand, the US share of global exports is now expected to be at 26%, down from the 28% level a year ago. The May WASDE calculates that soybean exports will be 1.815 billion bushels, down 35 million bushels, and soybean ending stocks are projected at 295 million bushels, a decrease of 55 million bushels. The season-average soybean price is forecast at $10.25 per bushel, compared with $9.95 per bushel in 2024-2025. The next WASDE report will be released on 12 June.

12-May-2025

HOUSTON (ICIS)–US-listed shares of chemical companies surged on Monday after the US and China agreed to a 90-day pause on the tariffs they imposed on each other since 2 April. The lower rates take effect on 14 May. For the US, it will lower its 2025 tariffs on Chinese imports to 30% from 145%. The 30% tariff is made up of the 20% fentanyl tariffs that the US adopted earlier in 2025 as well as the 10% baseline tariff that the US has imposed on most of the world. For China, it will cut its 2025 tariffs on US imports to 10% from 125%. The 10% tariff matches the baseline rate that the US has imposed on Chinese imports. China also suspended the non-tariff measures that it has taken since 2 April. The agreement does not mention the tariffs that China had imposed in February on a limited number of US imports, including liquefied natural gas (LNG). Nor does the agreement mention the restrictions on antimony and other minerals that China announced in December 2024 as well as those on bismuth and other minerals announced in February 2025. Monday's pause does not change the tariffs that the two countries adopted during the first term of US President Donald Trump. Still, the agreement removes a substantial amount of tariffs that had brought trade between the two countries to a standstill. The following table shows the major indices followed by ICIS. Index 12-May Change % Dow Jones Industrial Average 42,132.68 883.30 2.14% S&P 500 5,805.53 145.62 2.57% Dow Jones US Chemicals Index 820.86 15.57 1.93% S&P 500 Chemicals Industry Index 876.52 13.94 1.62% PAUSE WILL RESTORE TRADE BETWEEN US AND CHINAPrior to Monday's announcement, trade between the US and China had nearly halted. The US exported large amounts of polyethylene (PE) and monoethylene glycol (MEG) to China. China, in turn, exported large amounts of methylene diphenyl diisocyanate (MDI), polyether polyols and polyester fibre to the US. The following charts show the chemical trade between the two countries. China imported large amounts of chemical feedstock from the US to supply its ethane crackers and propane dehydrogenation (PDH) units. China had supposedly waived its tariffs on US imports of ethane but maintained those on liquefied petroleum gas (LPG). The US imported large amounts of auto parts and other goods that incorporated large amounts of plastics and chemicals. The high US tariffs on Chinese goods caused China to divert shipments to southeast Asia and other parts of the world. Those increased shipments from China displaced locally manufactured goods, leading to a chain reaction that lowered demand for the plastics and chemicals that those local manufacturers used to make those products that were now being supplied by China. US CONTINUES TO ROLL BACK TARIFFSMonday's announcement is the most recent example of the US pausing its tariffs. These started with the pause that the US adopted on the 25% tariffs it imposed on imports from Canada and Mexico. Later, it paused the reciprocal tariffs that it imposed on most of the world on 2 April. The US maintained the 10% baseline tariffs that it announced that same day. The US later announced exemptions on semiconductors and electronics. Recently it reached an agreement with the UK that lowered the sectoral tariffs that the US imposed on automobile and other specific goods. PERFORMANCE OF US CHEM STOCKSThe following table shows the performance of the US-listed shares followed by ICIS. Name $ Current Price $ Change % Change AdvanSix 24.21 1.10 4.8% Avient 38.82 2.02 5.5% Axalta Coating Systems 32.73 1.63 5.2% Braskem 3.77 0.15 4.1% Chemours 11.88 0.82 7.4% Celanese 55.30 4.09 8.0% DuPont 71.17 4.40 6.6% Dow 31.34 1.86 6.3% Eastman 82.06 4.56 5.9% HB Fuller 56.59 2.06 3.8% Huntsman 12.96 0.91 7.6% Kronos Worldwide 7.63 0.35 4.8% LyondellBasell 60.80 3.87 6.8% Methanex 34.61 2.17 6.7% NewMarket 639.35 4.87 0.8% Ingevity 41.95 1.48 3.7% Olin 22.99 1.66 7.8% PPG 113.84 5.08 4.7% RPM International 114.26 3.73 3.4% Stepan 55.99 2.09 3.9% Sherwin-Williams 357.86 6.00 1.7% Tronox 5.78 0.53 10.1% Trinseo 2.62 0.10 4.0% Westlake 86.18 6.18 7.7% Thumbnail shows stock charts. Image by Shutterstock

12-May-2025

HOUSTON (ICIS)–Freight rates from China to the US are likely to rise in the near term now that a 90-day pause on extreme tariffs has been negotiated, but in the longer term, it is likely rates will continue the downward trend seen prior to the “Liberation Day” announcement, according to shipping industry analysts. Peter Sand, chief analyst at ocean and freight rate analytics firm Xeneta, said politicians on all sides will argue over who has won, who has lost and who has the better deal, but the most important point is that we will now see goods flowing more easily between the world’s biggest trading nations. “The spiraling trade war was catastrophic for businesses, so there will be huge relief that diplomacy appears to be returning,” Sand said. Judah Levine, head of research at online freight shipping marketplace and platform provider Freightos, said rates will rise, but not explode. “The volume rebound will probably signal the start of an early peak season that will keep rates elevated – but we might not see last year’s $8,000+/FEU highs due to a more competitive, well-supplied carrier landscape already keeping rates lower year on year," Levine said. Levine said he expects tighter capacity as carriers work to reposition vessels and reduce the number of blank sailings that were used to support rates during the height of the tariff war. Sand agreed, noting that carriers responded to falling volumes from China to the US by slashing container shipping capacity and redeploying it onto other trades, such as the Asia to Europe route. “It takes time to shift capacity back again, so a revival in volumes from China to US may mean shippers have to pay a little over the odds in the short term,” Sand said. Lars Jensen, president of consultant Vespucci Maritime, said to expect an immediate surge of cargo from China to the US, based on two reasons: first, there is already a large amount of cargo ready to go, as US importers have been adopting a "wait-and-see" strategy over the past month and abstained from shipping cargo which is already ready. Second, the 90-day pause expires in the middle of the usual peak season for holiday-related goods going to the US. “We should therefore expect a possible pull-forward of cargo creating a shorter, sharper, peak season from basically right now,” Jensen said. US ports were already beginning to see fewer vessels arriving or scheduling arrivals because of the trade war, but Jensen said the 90-day pause could lead to a swift change. “With the expected surge in cargo, we should also expect that the US ports which are right now facing a massive drop in cargo volume will switch to face a surge of cargo with a substantial risk of bottleneck issues and delays as a consequence,” Jensen said. Average spot rates are down by 56% and 48% from China to the US West Coast and US East Coast, respectively, since 1 January, despite an uptick of 18% and 12% on 1 April, according to Xeneta data. Rates have fallen slightly since then but remain elevated compared with the end of March. Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), which are shipped in pellets. They also transport liquid chemicals in isotanks. Visit the US tariffs, policy – impact on chemicals and energy topic page Visit the Logistics: Impact on chemicals and energy topic page

12-May-2025

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 9 May. INSIGHT: Mexico’s automotive tariffs raise specter of recession, rest of LatAm more resilient Mexico remains the potential largest victim of the change in US trade policy, but practically no country in the world would be spared from an impact, analysts said this week. US Celanese to cut rates if demand falters further in increasingly 'uncertain' H2 – execs Celanese will aim to weather what is becoming an increasingly “uncertain” second half of 2025 by reducing inventories and keeping firm cost controls, but also by reducing operating rates if demand is not there, the CEO at the US-based acetyls and engineered materials producer said on Tuesday. Braskem-Idesa launches its ethane import terminal in Mexico Braskem-Idesa (BI) officially launched the Terminal Quimica Puerto Mexico (TQPM) on Wednesday, according to a notice from the company. US-UK announce trade deal to open up markets for chemicals, ethanol, agriculture, autos, steel and aluminium, aircraft The US and UK announced the first trade deal since the US 2 April ‘Liberation Day’ tariffs which would open up UK market access for US chemicals, machinery, beef, ethanol and other agricultural products, government officials said. Canada’s Pembina assures on US tariffs and Path2Zero delay Pembina Pipeline does not expect material near-term impacts from the US tariffs or from the delay of Dow’s Path2Zero petrochemicals project in Alberta province, the top executives of the Canadian midstream energy company told analysts in an update on Friday.

12-May-2025

LONDON (ICIS)–Fertiglobe has agreed to acquire Wengfu Australia’s distribution assets as part of a strategic expansion strategy, the urea and ammonia producer said on Monday. The acquisition will expand the Abu Dhabi-headquartered firm’s downstream reach and enhance access to Australian customers. It currently supplies around 600,000 tonnes/year of urea to the country. The purchase price of Wengfu will be based on net asset value plus a premium of around $8 million, with the final amount to be determined at closing. “Acquiring Wengfu’s assets marks a strategic step in our value-driven growth strategy and accelerates our commercial footprint in Australia, one of the world’s fastest-growing agricultural regions,” said Fertiglobe CEO Ahmed El-Hoshy. Fertiglobe said the transaction was expected to be 2.8% and 4.1% earnings per share (EPS) accretive before synergies in 2026 and 2027 respectively. Closing of the deal is subject to customary regulatory and legal approvals, it added in a statement.

12-May-2025

Serbian utility EPS inks long-term PPA from 168MW wind farms This could accelerate energy plans, boost PPA plans and have a bearish impact on spot power prices in the region The country plans to have 1.3GW renewable capacity by 2027 WARSAW (ICIS)–The signing of a new power purchase agreement (PPA) is set to support Serbia's energy transition plans by 2027, local traders told ICIS. This comes as state utility Elektroprivreda Srbije (EPS) announced a 15-year PPA from two wind farms (Alibunar 1 and Alibunar 2) with a total 168MW capacity, EPS said on 8 May. “EPS will take over all the produced electricity, and the purchase and balancing price is determined on market principles, which provides an incentive to investors and allows EPS to make additional profits. This energy will also provide significant, additional security for the operation of our electricity system and the supply,” said Dusan Zivkovic, CEO of EPS. “EPS receives cheap green energy, while investors benefit from a guaranteed 15-year PPA and an auction premium. As an association, we advocate for the third round of auctions to take place as soon as possible, alongside the adoption of appropriate regulations and a new three-year auction plan,” said Danijela Isailovic, manager at local renewable group OIE Serbia, in a statement on 8 May. In 2028, this capacity will be increased by 1GW from self-balancing power plants EPS is developing with a strategic partner, and renewable production is expected to reach 50% of EPS's total electricity output, added Zivkovic. MARKET IMPACT “This PPA is a milestone for Serbia as it will be a bearish driver for the local market spot market as renewable capacity takes over a large percentage of the current coal output,” a local trader told ICIS. EPS's PPA will encourage the local industry to forge more PPA deals, added another market participant. “Over the coming years, we expect at least an additional 1GW of auction-winning plants to be built and new PPAs to be signed,” a local developer told ICIS. TRANSITION PLANS The large investors' interest in Serbia's recent second renewable tender is set to support Serbia's energy transition plans by 2027, energy minister Dubravka Dedovic Handanovic said in February. The total capacity awarded was 645MW and the offered prices were "competitive", resulting in €50.9/MWh for solar and €53.5/MWh for wind, "significantly below market levels", said Handanovic. Both auctions are supported through a contract-for-difference (CfD) scheme for 15 years. All renewable plants should be online by 2027 as the country targets at least 1.3GW of new renewable capacity by the same period. Currently, Serbia has 4.4GW of coal-fired power, with coal and gas units representing 75% of the country’s energy mix, grid operator EMS data indicated.

12-May-2025

SINGAPORE (ICIS)–China is turning to hydrogen as a potential lever in efforts to decarbonize its aluminium industry, as regulators tighten emissions rules, and global buyers demand greener materials. While still in early stages of deployment, hydrogen is gaining attention for its possible role in high-temperature heating, increasing renewables in grid, and emissions reduction. The move aligns with China’s broader ambition to peak carbon emissions in the aluminium sector by 2025 and support global net-zero targets by 2050, as set by the International Aluminium Institute (IAI). Carbon market expansion enhances hydrogen’s value in aluminium Early adoption may offer global market edge Significant potential, but barriers remain In March 2025, China’s Ministry of Ecology and Environment expanded the national carbon trading market to include aluminium, steel, and cement – raising market coverage from 40% to more than 60% of national emissions. This inclusion means aluminium producers will face growing pressure to curb emissions or bear rising compliance costs. The High-Quality Development Plan for the Aluminium Industry (2025–2027), recently released by the Chinese government, makes clean energy substitution a policy priority. The strategy encourages increased use of renewable electricity and pilot applications of hydrogen in key production processes. EMISSIONS PROFILE HIGHLIGHTS DECARBONIZATION URGENCY China’s aluminium sector is responsible for 85% of emissions in the country’s nonferrous metals industry. In 2023, aluminium-related emissions hit 530 million tonnes, including 420 million tonnes from electrolytic smelting, according to the China Nonferrous Metals Industry Association. In 2024, the country produced roughly 43.7 million tonnes of electrolytic aluminium, around 60% of global output. In 2023, China produced about 41.59 million tonnes of electrolytic aluminium, and the segment consumed over 500 billion kilowatt-hours of electricity, with each tonne of aluminium requiring at least 12,000 kWh and emitting an average of 12.7 tonnes of carbon dioxide (CO2), according to the National Bureau of Statistics, National Energy Agency and Ministry of Ecology and Environment. Most emissions are tied to primary production. Industry estimates suggest over 95% of the aluminium sector’s emissions stem from upstream processes such as mining, refining, and smelting, with energy use (electricity and heat) accounting for three-quarters of the total. Coal remains the dominant power source in China’s aluminium sector. The IAI and International Energy Agency (IEA) outline three primary decarbonization pathways: transitioning to low-carbon electricity, reducing process emissions, and boosting recycling rates. GREEN ELECTRICITY TARGETS DRIVE INFRASTRUCTURE INVESTMENT The IEA estimates the carbon intensity of aluminium’s power supply must fall by 60% by 2030. Globally, about 55% of aluminium smelters rely on captive power. In China, more than 60% of aluminum smelters owned captive coal-fired power generators by September 2023, according to Ministry of Ecology and Environment. Electricity represents 30%-40% of aluminium production costs in China, according to industry sources. With renewable energy uptake still limited and preferential electricity pricing being phased out, aluminium producers are under pressure to diversify power sources and enhance flexibility via storage. The Chinese government requires the sector to raise clean electricity use to above 30% by 2027, up from less than 25% in 2023. This is spurring investment in hydropower, wind, solar, and hydrogen storage. Shanghai Metals Market data show green electricity accounted for over 25% of smelting power in 2024. In provinces such as Yunnan, Qinghai, and Sichuan, the share exceeded 80%, while coal-dominant Xinjiang and Shandong remained low at below 5% in 2023. One pilot example is Dongfang Hope Group’s Xinjiang facility, which uses a wind-solar-hydrogen integrated system to meet 95% of its electricity demand, positioning it as a “zero-carbon aluminium” site. HYDROGEN GAINS TRACTION IN HIGH-TEMPRETURE HEATING Reducing non-electric emissions – especially from alumina refining – presents another challenge. Emerging technologies such as mechanical vapor recompression (MVR), electric calcination, and hydrogen-based burners are being tested, although large-scale deployment remains years away. Hydrogen’s high heat value and clean combustion make it a candidate to replace natural gas or coal in calcination and smelting. The IEA’s Hydrogen Review 2024 highlights multiple global trials: In Australia, Rio Tinto and Sumitomo are piloting hydrogen calcination at the Yarwun refinery with a 2.5 MW electrolyser and a retrofitted calciner with a hydrogen burner. Norway’s Hydro tested aluminum smelting fired by hydrogen and produced 225 tonnes of green aluminium at its Navarra plant in Spain, approved by electric vehicles manufacturer Irizar. Tokyo Gas and LIXIL in Japan tested hydrogen heat treatment for aluminium, finding no impact on product quality. Hydrogen-based aluminium production still carries a steep price tag – up to $5,000 per tonne versus $2,000 using conventional methods. Analysts say the economics could shift if green hydrogen costs fell below $2 per kg. In China, Aluminum Corporation of China Limited (Chalco)’s Qinghai subsidiary launched a 15% hydrogen blend in natural gas for anode calcination, cutting CO2 emissions by 370,000 tonnes annually. CARBON TRADING ADDS FINANCIAL INCENTIVE With the aluminium sector now in China’s emissions trading scheme, carbon becomes a direct item in aluminium companies’ cost structures. The government supports reducing Scope 2 emissions – those from purchased electricity – via renewable energy contracts and green certificate (REC) purchases. These instruments allow companies to offset emissions and potentially trade surplus emissions carbon allowances. China issued 80 million RECs in 2023, but aluminium producers bought less than 5%; with expanded policy incentives, this could rise to 15–20% by 2027, according to industry sources. Green hydrogen, as a quantifiable emissions reducer, may also be monetized through carbon credits. China’s aluminium decarbonization strategy depends on simultaneous progress across power substitution, process innovation, and recycling. Hydrogen is not the only solution, but it is fast becoming part of the mix. Though significant development potential for adopting hydrogen, there are still barriers ahead. High hydrogen production and logistics costs, limited infrastructure with few cost-effective delivery routes to factories, and underdeveloped technologies like hydrogen calcination will continue to limit scale-up. Still, with the carbon market expanding and global demand for green aluminium rising, for China’s aluminium companies, investing early in hydrogen may help secure a greener foothold in an increasingly climate-conscious global supply chain. Analysis by Patricia Tao Visit the Hydrogen Topic Page for more update on hydrogen

12-May-2025

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 9 May. S Arabia's SABIC swings to Q1 net loss amid higher operating costs By Jonathan Yee 05-May-25 11:36 SINGAPORE (ICIS)–SABIC swung to a net loss of Saudi riyal (SR) 1.21 billion ($323 million) in the first quarter on the back of higher feedstock prices and operating costs, the Saudi Arabian chemicals giant said on 4 May. Ethane fuss cools for NE Asia C2, positions reassessed over Labor Day break By Josh Quah 05-May-25 20:24 SINGAPORE (ICIS)–The early May holidays probably could not have come at a more appropriate time for Asia ethylene players, with players noting that the pause in spot discussions was a good time to take stock of positions going into June shipment talks. Malaysia's Lotte Chemical Titan narrows Q1 net loss on improved margins By Nurluqman Suratman 06-May-25 14:46 SINGAPORE (ICIS)–LOTTE Chemical Titan (LCT) narrowed its first quarter (Q1) net loss to ringgit (M$) 125.7 million ($29.7 million) amid improved margins, the Malaysian producer said on 5 May. Singapore's Aster acquires CPSC at undisclosed fee By Nurluqman Suratman 07-May-25 12:33 SINGAPORE (ICIS)–Aster Chemicals and Energy has reached a sales and purchase agreement to acquire Chevron Phillips Singapore Chemicals (CPSC) through its affiliate, Chandra Asri Capital, at an undisclosed fee, the Singapore-based producer said on Wednesday. Vietnam’s economy to slow despite exports jump, lower inflation – Moody's By Jonathan Yee 07-May-25 16:16 SINGAPORE (ICIS)–Escalating trade tensions with the US are casting a shadow over Vietnam’s growth trajectory in 2025, despite continued growth in exports as well as lower inflation. China SM plagued by weak fundamentals and falling feedstock By Aviva Zhang 07-May-25 16:44 SINGAPORE (ICIS)–China’s styrene monomer (SM) prices fell sharply in April, as a result of decreasing crude oil prices and weak end-user demand expectations caused by the China-US tariff conflicts. The domestic market is likely to face headwinds from supply, feedstock and downstream sectors in May. Asia refined glycerine trades to Europe to be spurred by weak Chinese demand By Helen Yan 08-May-25 14:43 SINGAPORE (ICIS)–European demand for refined glycerine may lend support to regional glycerine producers in southeast Asia, who have been faced with persistently sluggish Chinese demand. Asia VAM plant margins to get a lift from westbound trades By Hwee Hwee Tan 09-May-25 13:08 SINGAPORE (ICIS)–Asia’s vinyl acetate monomer (VAM) producers are eyeing improved netbacks from expansion in westbound shipments as regional trade margins narrow into the second quarter. Asia capro remains pressured by weak benzene, cautious demand outlook By Isaac Tan 09-May-25 13:11 SINGAPORE (ICIS)–Spot prices for caprolactam (capro) in Asia continued to soften in the week ending 7 May, weighed down by persistent losses in the upstream benzene market and a lack of recovery in downstream demand. China Apr export growth slows to 8.1% amid tariff uncertainty By Nurluqman Suratman 09-May-25 16:03 SINGAPORE (ICIS)–China's export growth slowed to 8.1% year on year in April from 12.4% in March in US dollar terms, underscoring the increasing impact of US tariffs amid ongoing uncertainty surrounding a potential trade agreement.

12-May-2025