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 6 April 2018.

S Korea’s SK Lubricants’ planned IPO to raise $1.2bn-1.5bn
SK Lubricants Co’s planned initial public offering (IPO) will be the biggest one in South Korea so far this year, with the deal expected to raise between $1.2bn-1.5bn once its completed in the middle of this year, according to analysts.

China consumption tax concerns weigh on solvent grade xylene
Concerns over a possible implementation of an additional consumption tax on mixed aromatics in China is weighing over solvent-grade xylenes demand.

China ACN prices may rise further on downstream demand
China acrylonitrile (ACN) prices may continue to rise on the back of recovery of demand from the downstream acrylic fiber (AF) sector.

Asia SR may fall further on feedstock BD price, trade war fears
Asia styrene rubber (SR) prices may face more downward pressure because of declining key feedstock butadiene (BD) cost and cheaper natural rubber (NR) price.

Chinas’ polyolefin may get short-term boost after tariffs on US cargoes
China’s polyolefin prices may get a short-term boost on the back of China’s tit-for-tat move to raise tariffs on American cargoes, industry sources said.

China plans more anti-dumping duties on chemical imports in 2018
China is set to impose more anti-dumping duties (ADDs) on chemical imports this year amid escalating trade tensions with the US but there has been no major shift in the market sentiment for the affected products.

China Q2 base oils to extend softness on lower-than-expected demand
China’s domestic base oils market is likely to be weaker than usual in the second quarter of 2018 due to sluggish demand and the resulting supply-side pressure.

Asia benzene under pressure on supply, slight tightening in May
Asia benzene remains under pressure due to ample supply, a situation that may slightly change in the second half of May when some units have turnarounds planned.

Asia MEK may face upward pressure on supply disruption
Methyl ethyl ketone (MEK) prices in Asia may face upward pressure as a result of upcoming supply disruptions and anticipated pickup in demand in the second quarter in the region.

Chinese ADD on phenol may shift trade flows, dampen imports
The imposition of anti-dumping duties (ADD) on phenol imports into China may redirect trade flows and dampen overall import volumes, market participants said.

Asia toluene may extend rebounds on improved market sentiment
Asia’s toluene prices could continue its rebound on the back of improving market sentiment and an increasing number of buying enquiries from several import regions such as India and southeast Asia for second-half April/May loading parcels.

Indian methanol importers to feel brunt of LoU, LoC ban starting April
Methanol importers in India are expected to feel the full brunt of the central bank’s recent decision to discontinue Letter of Undertaking (LoU) and Letter of Comfort (LoC) once new spot discussions begin and as cargoes start to be loaded for delivery, according to market sources.

NE Asia C3 market continues bearish run, sentiments mixed
Spot propylene prices in the import markets of northeast Asia are unlikely to change tack in April and may continue a downtrend.