Asia top stories: weekly summary

04 August 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 1 August 2014.

Update: Taiwan gas explosions kills 22, impacts propylene supply
Gas leaks triggered a series of massive explosions in Kaohsiung, Taiwan, late on Thursday, killing at least 22 people and injuring about 270, the National Fire Agency (NFA) said.

Focus: Weak PX spreads drag down Thai PTTGC Q2 results: analysts
Thailand’s PTT Global Chemical (PTTGC) is expected to post weaker second-quarter earnings, given declines in aromatics spreads and weaker overall refining margins compared with the first three months of the year, analysts said.

Focus: China’s supply-led BG price rebound may be short-lived – sources
The first significant rebound in spot butyl glycol (BG) prices into China since February may not be sustained beyond September, market sources said.

Focus: Seasonal demand pick-up to support Asia TiO2 prices in Q3
A seasonal pick-up in demand for titanium dioxide (TiO2) in Asia will provide firm support to the product’s market prices for the rest of the third quarter, industry sources said.

Focus: China butac may extend gains on strong acetic acid prices
Domestic butyl acetate (butac) prices in China are likely to track the rising cost of feedstock acetic acid in the near term, with supply also expected to tighten because of scheduled maintenance at domestic facilities in August, industry sources said.

India exempts MFL from mandated feedstock switch to natural gas
The Indian government has allowed the exemption of Madras Fertilizers Ltd (MFL) from the mandated switch to natural gas as feedstock for urea production, a  government official said.

Group I, Group II base oils compete in India as price gap narrows
Group I base oils are facing stiffer competition from Group II material in India because of a narrowing price gap between the two products, buyers said.

Focus: Asia, Mideast LAB under pressure from cheap China cargoes
Spot prices of linear alkyl benzene (LAB) in Asia and the Middle East may continue to weaken on soft demand, and with cheaper cargoes available from China, industry sources said.

By Staff Reporter