Asia top stories – weekly summary
ICIS Editorial
26-Nov-2018
SINGAPORE (ICIS)–Here are some of the top stories from ICIS Asia and the Middle East for the week ended 23 November 2018.
Asian PMDI weighed down by weak demand, clouded
by trade war
Chinese import prices for polymeric
di-p-phenylene isocyanate (PMDI) have slipped
to a fresh low in the year but buyers interest
looks set to stay limp in the foreseeable
future overshadowed by the US-China trade spat.
Southeast Asia PP falls on steep propylene
losses, ample supply
Southeast Asia’s polypropylene (PP) market is
being dragged down by steep losses in feedstock
propylene market since late October, amid ample
supply and weak regional downstream demand.
Chinese methanol prices fall to lowest point in
2018, outlook mixed
Chinese methanol spot prices reached a 2018 low
of $325/tonne on 16 November – a level last
seen in September 2017 – amid mixed outlook
with some believing that rock bottom has been
hit while others expect further declines.
China domestic PE prices slump on oversupply,
poor demand
China’s spot domestic polyethylene (PE) prices
have slumped since October and may remain
bearish amid ample supply and lukewarm demand.
Asia MEK market bearish amid slump in China
domestic prices
Asia’s methyl ethyl ketone (MEK) market is
bearish in the near term on falling Chinese
domestic prices amid tumbling crude values.
Asia palm oil price vitality may restore
oleochemicals buyer confidence
Palm oil prices in Asia are showing signs of
vitality after a month of unexpected decline
partly on the back of a seasonal upswing.
China TDI recovers on tight prompt supply;
price may not hold firm
Toluene di-isocyanate (TDI) domestic prices in
China are edging up after three long months of
straight-line declines as prompt supplies among
traders started to dry up, prompting local TDI
makers to seize the opportunity and raise
offers.
SE Asia MA slumps to year-low on soft
feedstock; demand to stay weak
Southeast Asia maleic anhydride (MA) prices
were softer in tandem with lower feedstock
butane contract prices in November with demand
expected to stay weak till the year end.
Raging US-China trade war scuttles APEC joint
communique
No resolution to the US-China trade war seems
imminent as US vice president Mike Pence and
China President Xi Jinping sparred at the
recently concluded Asia Pacific Economic
Cooperation (APEC).
Asia EPS hits fresh low on ample supply &
low feedstock; outlook poor
Asian expandable polystyrene (EPS) prices hit a
fresh low on the back of ample supply, slow
demand and falling feedstock costs, factors
that will keep the sentiment bearish in the
near term.
NE Asia propylene hits lowest in 2018 after
five-week slump
Spot propylene prices in northeast Asia plunged
to their lowest so far this year after five
consecutive weeks of decline, tracking domestic
movement in the key China market, with
sentiment weighed down by falling crude.
Asia MPG-USP eases on falling feedstock PO
costs
Asia’s spot prices for pharmaceutical-grade
monopropylene glycol (MPG-USP) cargoes fell as
sellers moderated offers in line with lower
feedstock proplyene oxide (PO) costs.
Asia BPA near 12-month low, outlook bearish on
dismal import demand
China’s bisphenol A (BPA) prices have tumbled
close to a 12-month low amid dwindling demand,
and weakness of the Chinese Yuan currency to
the US dollar that might persist, according to
market sources.
Asia petrochemical markets slump on faltering
demand
Asia’s petrochemical markets are expected to
remain soft through to the end of the year, in
view of sharp declines in crude oil prices, as
deteriorating global economic outlook amid the
US-China trade war is depressing downstream
demand.
Tough time ahead for Asian PET sellers with
competitive Chinese prices
Asian polyethylene terephthalate (PET)
producers would be facing tough competition
from their Chinese counterparts who can offer
PET at a competitive price after the country
increased export tax rebate for the material.
Asia PO market bearish amid slump in China
domestic prices
Falling Chinese domestic prices are weighing on
sentiment in Asia’s propylene oxide (PO)
market, widening buy-sell gap and hampering
spot trade on US dollar-denominated import
cargoes.
Asia NBR under downward pressure amid bearish
sentiment
Asia’s acrylonitrile butadiene rubber (NBR)
market is facing further downward pressure
because of prevailing bearish market sentiment
and a weak global economic outlook.
China PE import prices plunge on crude slump,
poor demand
China’s polyethylene (PE) import prices plunged
this week, dragged down by tumbling upstream
crude value amid the year-end lull in
consumption.
Asia naphtha sinks to 14-month low on supply
glut, bearishness to linger
Asia’s naphtha prices have slumped to a
14-month low, pummelled by continued concerns
of a supply glut amid a bearish market, a
scenario that could linger, according to market
sources.
China PP market bearish amid C3 slump, ample
supply
China’s spot polypropylene (PP) prices have
continued to fall due to tumbling values in
feedstock propylene (C3) and upstream crude
markets, amid ample supply.
China PE pipe grade market to remain bearish on
poor demand
The outlook for China’s high density
polyethylene (HDPE) pipe grade market remains
bearish following the sharp fall in prices this
month, with buyers cautious as to when they
should replenish their stocks.
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