Asia top stories: weekly summary

16 June 2014 02:00 Source:ICIS News

SINGAPORE (ICIS)--Here are some of the top stories from ICIS Asia and the Middle East for the week ended 13 June 2014.

Bitumen prices fall in China’s Shandong province on oversupply
Bitumen prices in China’s Shandong province have been falling this week because of oversupply while prices were trending up in most parts of the country on rising demand, industry sources said.

Group I base oil SN500 price gap between Asia, Middle East narrows
The price gap between Group I base oil SN500 spot prices in Asia and the Middle East has narrowed to a one year low following decline in prices in Asia and an uptrend in the Middle East and India prices, market sources said.

Vietnam PE demand stays weak amid school holiday, rainy season
Vietnam’s consumption of polyethylene (PE) resins has been lacklustre in recent weeks amid the school holiday and the rainy season, traders said.

Focus: Thailand’s PP outlook improves on pay-outs to rice farmers
Thailand’s polypropylene (PP) demand and subsequently prices are likely to firm up following higher rice export forecast, and over payment of money owed to  farmers by the military-led government for crop pledging scheme, market players said.

Focus: China recycled PET prices flat on persistently weak demand
China recycled polyethylene terephthalate (R-PET) prices remained flat despite an uptrend in virgin PET prices because of persistently weak demand in downstream recycled polyester staple fibres (PSF) sector with the situation unlikely to change in the coming few months, market sources said.

Focus: Asia SM uptrend cut short by strong build-up in China inventory
Spot styrene monomer (SM) prices in Asia have halted their uptrend mid-week after a substantial inventory build-up of the material in the key China market, industry sources said.

Focus: China polyester plants to ramp up output as inventory runs out
Polyester factories in China are expected to ramp up production this month to replenish inventory as selling margins improve amid rising prices, industry sources said.

Focus: Asia BD may rise further on tight supply; soft NR to cap gains
Spot butadiene (BD) prices in Asia may still have room to increase in the near term, supported by firm demand and limited availability of spot cargoes, market sources said.

Focus: UAE emirates compete for petrochemical downstream investments
The seven emirates in the United Arab Emirates (UAE) are competing with each other to secure downstream investments, as the country looks to bump up its petrochemical output, industry sources said.

By Staff Reporter