Asia top stories: weekly summary

ICIS Editorial

31-Oct-2016

SINGAPORE (ICIS)–Here are some of the top stories from ICIS Asia and the Middle East for the week ended 28 October 2016.

Asia BPA falls to 7-month low on weak demand, outlook bearish
Asia’s spot prices of bisphenol A (BPA) have slumped to a near seven month low as a result of weak domestic markets and frail China import demand with a bearish near-term outlook, industry sources said.

Asia’s toluene prices to fluctuate amid mixed fundamentals
Asia’s toluene prices are expected to fluctuate in the near term on the back of mixed demand-supply fundamentals amid weaker Chinese import interest, market participants said.

India LLDPE, HDPE outlook sluggish despite buoyant China
Spot polyethylene (PE) importers in India maintained a bearish price outlook for mainstream linear low density (LLDPE) and high density (HDPE) film grades, despite a recovery in demand and offtake in the key China market, market sources said.

India phenol prices tumble; losses may deepen as glut builds
Spot phenol prices into India may extend a supply-driven slump amid growing anxiety that a glut is building across Asia, market sources said.

China’s benzene end-users start initial 2017 contract price talks
China’s benzene end users have started to exchange initial ideas of 2017 term prices with their suppliers, with a variety of pricing strategies emerging in early discussions.

Asia’s EVA prices firm on good demand, limited supply
Asian ethylene vinyl acetate (EVA) prices gained substantial ground to reach the highest levels since March as producers sought price hikes for November shipment cargoes amid robust demand for foaming grade EVA from the downstream footwear materials sector.

Asia ADA prices rise on cost pressure, upside seen limited
Asia’s adipic acid (ADA) spot prices rose this week on raw material cost pressure and low inventory, but the uptrend is expected to be limited as the year-end demand has slowed down, market sources said.

Asia gas market to stay tepid until 2020 on weak fundamentals
Asia’s gas market will likely remain soft until the end of the decade as supply continues to grow while demand is expected to stay tepid amid weakness in the global economy, industry observers said.

Asia SBR makers hike November offers by $100/tonne
Major Asian styrene butadiene rubber (SBR) producers have hiked their offers for November shipments by $100/tonne, market sources said.

Chinese polyester maintains uptrend, long-term outlook unclear
Chinese polyester staple fibre (PSF) and filament yarn (PFY) export prices maintained an uptrend as a pick-up in seasonal demand in the Chinese domestic market lent strength to spot prices, market sources said.

China soda ash prices at six-month highs on increased costs, buoyant demand
China’s soda ash suppliers continue to raise offers for November shipments of both dense and light grade material on the back of buoyant domestic demand, increased feedstock costs and delivery costs in the domestic market.

MEGlobal on track to start up US plant in mid-2019 – CEO
MEGlobal is on track to start up its shale gas-based 750,000 tonne/year monoethylene glycol (MEG) plant in the US in the middle of 2019, its president and CEO Ramesh Ramachandran told ICIS.

China BDO may retreat from 2016 peak on rising domestic supply
Spot prices of 1,4-butanediol (BDO) in China are expected to come off from their peak this year as domestic supply is expected to rise in the near term, market sources said.

Asia etac uptrend stalls; feedstock shortage may curb downside
The upward momentum in Asian ethyl acetate (etac) prices has eased after prices rose to a one-year high. However, the market downside is also expected to be curbed by feedstock supply constraints, market sources said.

Asia Group II base oil spot prices to snap out of downtrend
Spot prices of Group II base oil in Asia, particularly those of high viscosity 500/600N cargoes, are expected to halt their downtrend as regional supply has tightened, market sources said.

Asia MEG on third week of gains amid bullish market sentiment
Spot monoethylene glycol (MEG) prices in Asia are poised for a third straight week of gains, rising on bullish sentiment in both upstream and downstream markets, industry sources said.

SE Asia PP outlook uncertain amid opposing market factors
The outlook for the polypropylene (PP) market in Southeast Asia remains uncertain amid opposing market factors, players said.

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