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 18 November 2016.

Rupee ban amplifies India phenol market downside risk
India’s surprise decision to ban high denomination banknotes from circulation may amplify the downward pressure a supply glut is already putting on spot phenol prices into India, market participants said on Monday.

India’s domestic toluene demand to remain slow after rupee ban
India’s domestic demand for toluene is expected to stay weak in the near term as buyers remain on the sidelines following the government’s decision to ban the usage of high denomination Indian rupee notes, market participants said on Monday.

Strong China PP market draws more Mideast, SE Asia cargoes
China’s strong polypropylene (PP) market has been drawing more cargoes from Middle Eastern and southeast Asian suppliers, but prices may succumb to weakness following recent heavy losses in polymer futures, industry sources said on Wednesday.

Indian petrochemicals demand clouded by ‘black money’ crackdown
India’s petrochemical market is poised to stay weak in the near-term as local economy grapples with a shortage of hard cash as a result of Prime Minister Narendra Modi’s crackdown on unaccounted income, locally known as “black money”.

Asia caustic soda extends gains on stable demand, tight supply
Spot caustic soda prices in Asia are on a strong upward momentum on the back of stable demand and tight supply, but the pace of gains may slow down in December, market sources said on Wednesday.

China BG prices may ease on domestic market pullback
Spot butyl glycol (BG) prices into China may decline from the highest level in a year as domestic prices eased off recent peaks, market participants said on Wednesday. 

NE Asia OX hits over one year high, momentum seen strong
Orthoxylene (OX) prices in northeast (NE) Asia surged to hit the year’s highest level on healthy demand with further gains expected, according to industry sources on Thursday.

India SBR buyers retreat after ban of old Rs500-1,000 notes
Spot styrene butadiene rubber (SBR) prices in India are likely to be flat-to-soft in near term as buying interest has waned following the government’s surprise move last week to scrap high-denomination rupee notes, market sources said on Thursday.

Asia etac may push higher on supply constraints
Ethyl acetate (etac) prices in Asia are at a 13-month high and may push higher amid ongoing supply constraints, market participants said on Thursday.

Asia ADA at 17-month high; may extend gains on tight supply
Asia’s adipic acid (ADA) spot prices rose to a 17-month high and may continue rising near term amid limited supply from China, which is a key seller in the region, industry sources said on Friday.

China HDPE pipe grade spot market outlook bearish
China high density polyethylene (HDPE) pipe grade spot market outlook is bearish with domestic prices starting to soften as low demand season in winter approaches, market sources said on Friday.