Asia top stories: weekly summary

SINGAPORE (ICIS)–Here are some of the top stories from ICIS Asia and the Middle East for the week ended 21 October 2016.

China acetone at 17-month high; supply gain may curb upside
The upside to China’s spot import acetone prices may be limited as the restart of domestic plants restores supply, market participants said.

Asia MMA at 17-month high; tight supply to linger on
Asia-Pacific spot prices of methyl methacrylate (MMA) have extended gains for two straight weeks on the back of tight supply fuelling import demand, industry sources said.

China PTA market enters attrition war as end-users buy local USD cargoes
China’s purified terephthalic acid (PTA) market is seeing a war of attrition as local producers fiercely compete with imported material to preserve their market share.

China’s propylene supply to increase from H2 Oct on new start-ups
China’s propylene supply is expected to increase from the second half of October ahead of the restart of a major plant in Shandong and a slate of new capacities coming online which will impact the balance of the propylene and polypropylene (PP) in the domestic market, industry sources said.

India PVC importers to grapple with higher November offers
India’s polyvinyl chloride (PVC) importers will have to grapple with higher offers from regional suppliers, at a time when demand typically picks up, industry sources said.

Asian PE market outlook uncertain as buyers cautious
Asian polyethylene (PE) market outlook is uncertain, with regional participants anticipating new offers for November shipment cargoes to be announced towards the end of the month and waiting for a clearer price direction.

SE Asia PP market awaits direction from China, upside limited
Southeast (SE) Asia’s polypropylene (PP) is waiting for price direction from the key China market after values bottomed out last week, though upside is seen limited due to bearish sentiment.

Asia BD upward spiral may lose steam as spot appetite wanes
Asia’s butadiene (BD) price uptrend may taper off as demand for spot material appears to be waning, which prompted Indonesian producer Chandra Asri to withdraw its sales tender this week, market sources said.

China methanol supply to tighten in ’17 as MTO units start up
China’s methanol market is in for a slightly tighter demand-supply fundamentals next year, with the expected start-ups of new methanol-to-olefins (MTO) capacities, industry players said.

Asia acrylates turning bullish on Germany’s BASF explosion
Asian acrylic acid and acrylate ester prices rose this week as a fatal plant explosion in Germany made its effects felt in the market here with near-term outlook bullish, sources said.

Asia etac at 11-month high, may extend gains on China price run-up
The prices of ethyl acetate (etac) in Asia may extend a strong rally as the China domestic market run-up continues, market participants said.

Germany’s SGL sells graphite electrode unit to Showa Denko
SGL Group has agreed to sell its graphite electrode (GE) business to Japanese chemical firm Showa Denko in a deal worth €350m, the German carbon-based products and materials maker said.

Asia base oil to stabilise on stronger crude after recent decline
Asia base oil prices could stabilize in November amid the uptrend seen in oil futures, with regional buyers expected to be more active in the market in the near term, according to industry players.

Asia propylene heads south on ample supply
Spot propylene (C3) prices in Asia headed south this week as post-holiday restocking activities of Chinese buyers have fizzled out amid ample regional supply, market sources said.

India PP may gain on tighter domestic supply in November
Polypropylene (PP) prices in India may increase as local supply will further tighten next month, when major producer Reliance Industries shuts down its facilities for scheduled turnaround, industry sources said.

Middle East, Asia TDI prices spike amid panic buying
Prices of toluene di-isocyanate (TDI) in Asia and the Middle East spiked for the second week in a row, jumping by at least $1,000/tonne as worried customers scrambled for limited cargoes, while sellers rode the frenzy by jacking up prices.

NE Asia ethylene prices steady amid healthy demand
Northeast Asia’s ethylene import prices are broadly stable as the impact of rising regional supply is counterbalanced by healthy demand from the key China market.