
News library
Subscribe to our full range of breaking news and analysis
Commodity group
Region
Date
Viewing 57781-57790 results of 58665
Polyethylene28-Jul-2025
SINGAPORE (ICIS)–Click here to see the
latest blog post on Asian Chemical Connections
by John Richardson: The US-EU trade deal,
setting a 15% baseline tariff, is generating
mixed reactions across Europe. Is this truly a
“good” deal, or simply essential damage
control?
My latest blog post dives into the nuances,
weighing the gains against the significant
costs for the European economy. This, of
course, comes at a time of major restructuring
pressure on European petrochemicals. As the
dust settles, further posts will assess what
the deal could mean this particular European
industry.
Key Pros for Europe:
Averted Trade War Catastrophe: Successfully
avoided the threatened 30% US tariffs and
massive EU retaliation, preventing severe
economic turmoil and widespread supply chain
disruption.
Restored Stability & Predictability:
The 15% baseline offers a clearer cost
structure for businesses, aiding long-term
planning amidst ongoing uncertainty.
Maintained Crucial Market Access: Despite
higher costs, European goods (like automobiles)
retain access to the vital US market, averting
potential exclusion.
Strategic Sector Protection:
“Zero-for-zero” tariffs secured for key
high-value sectors like aircraft, certain
chemicals, generic drugs, and semiconductor
equipment.
Preserved Transatlantic Ties: Maintained a
crucial diplomatic relationship vital for
broader global cooperation.
Key Cons for Europe:
Higher Overall Tariff Burden: 15% is
significantly above historical averages,
imposing a new, ongoing cost burden on European
exporters.
Increased Costs: US importers face higher
costs, either leading to increased consumer
prices or reduced European profit margins.
Impact on Key Export Sectors: Automakers,
for example, face reduced competitiveness and
potential acceleration of costly reshoring
efforts.
Unresolved Tariffs & Concessions: 50%
US tariffs on steel/aluminium remain, while
Europe has pledged substantial US LNG &
military equipment purchases, plus major
investments.
Fragmented Trade Landscape: The deal
creates a patchwork of tariffs, not a return to
free trade, and highlights Europe’s defensive,
limited negotiating position.
This agreement underscores the ongoing
fragility of global trade relations. It’s a
pragmatic retreat to safeguard the broader
economic relationship.
Editor’s note: This blog post is an opinion
piece. The views expressed are those of the
author, and do not necessarily represent those
of ICIS.
Ethylene28-Jul-2025
SINGAPORE (ICIS)–South Korean S-Oil’s thermal
crude-to-chemical project in Ulsan is now 77.7%
complete and is on track for mechanical
completion in H1 2026, even as the company’s Q2
net loss widened.
As of 16 July, major towers of the project
called “Shaheen” – Arabic for “falcon” – had
been installed, with installation of cracking
heater in progress, the South Korean refiner
said on 25 July.
Installations of the thermal crude-to-chemical
(TC2C) reactor and key units, as well as linear
low density polyethylene and high-density
polyethylene (LLDPE/HDPE) reactors &
extruders were all completed, it added.
S-Oil is 63%-owned by Saudi Aramco, the world’s
biggest exporter of crude oil.
The company’s Q2 net loss widened to South
Korean won (W) 66.8 billion ($48 million) as
its petrochemical business swung into an
operating loss of W34.6 billion from a profit
of W109.9 billion in the same period last year.
in billion won (W)
Q2 2025
Q2 2024
Yr-on-Yr % change
H1 2025
H1 2024
Yr-on-Yr % change
Revenue
8,048.5
9,570.8
-15.9
17,039.0
18,879.3
-9.7
Operating income
-344.0
160.6
–
-365.5
614.8
–
Net income
-66.8
-21.3
–
-111.3
144.9
–
Refining operating profit
-441.1
-95.0
–
-497.9
155.4
–
Petrochemical operating profit
-34.6
109.9
–
-109.2
157.9
–
Lube operating profit
131.8
145.8
-9.6
241.5
301.4
-19.9
Compared with Q1, Q2 paraxylene (PX) market
rebounded on fresh demand from a new purified
terephthalic acid (PTA) facility in China and
benzene market weakened due to reduce US
imports following the imposition of tariffs.
Polypropylene (PP) and propylene oxide (PO)
markets recovered amid tighter supply from
regional maintenance and easing tension between
the US and China.
For Q3, the company expects PX to be firm due
to plant turnarounds and start-ups of new
downstream PTA facilities, with the benzene
market likely to be resilient, as demand from
new downstream facilities offsets decreased US
imports.
PP and PO markets may remain supported as
tariff uncertainties fade, despite ongoing
capacity additions in China, the company
predicts.
($1 = W1,380)
Gas28-Jul-2025
SINGAPORE (ICIS)–Here are the top stories
from ICIS News Asia and the Middle East for
the week ended 25 July.
INSIGHT: Japan ruling
coalition loss undermines PM Ishiba
negotiating power with US
By Jonathan Yee 21-Jul-25 14:30 SINGAPORE
(ICIS)–Japan’s ruling coalition failed to
secure a majority in the upper house election
on 20 July, with dwindling political support
at home coming at a crucial time when Prime
Minister Shigeru Ishiba is in the process of
negotiating a trade deal with the US.
Malaysia clamps down on
plastic waste imports for recycling
By Arianne Perez 21-Jul-25 15:39 SINGAPORE
(ICIS)–Malaysia has announced more stringent
requirements in the import of plastic waste
from some countries while fully banning
imports from others.
US
sets lower 15% tariffs for Japan after trade
deal
By Jonathan Yee 23-Jul-25 10:38 SINGAPORE
(ICIS)–US President Donald Trump announced
in a social media post on 22 July a “massive”
deal with Japan, setting US tariffs at 15% on
Japanese goods.
India extends deadline
for final findings in PVC anti-dumping probe
to 25 September
By Aswin Kondapally 23-Jul-25 15:48 MUMBAI
(ICIS)–India’s Directorate General of Trade
Remedies (DGTR) has been granted an extension
until 25 September 2025 to issue the final
findings in its ongoing anti-dumping
investigation into imports of polyvinyl
chloride (PVC) suspension resins from China,
Indonesia, Japan, South Korea, Taiwan,
Thailand, and the United States.
INSIGHT: China to
retire old petrochemical units to reshape
industry
By Fanny Zhang 24-Jul-25 13:14 SINGAPORE
(ICIS)–China is planning to carry out a
comprehensive assessment of petrochemical
plants that have been in operation for more
than 20 years – a move that would ease
overcapacity and accelerate industry
consolidation.
Asia SBR/PBR import
offers lifted by buoyancy in domestic
China
By Ai Teng Lim 24-Jul-25 14:57 SINGAPORE
(ICIS)–Regional sellers of synthetic
rubbers, from styrene butadiene rubber (SBR)
to polybutadiene rubber (PBR), are seeking to
leverage on a recent spike in domestic
yuan-denominated prices for these two
synthetic rubber grades and chase higher
selling targets for their export cargoes.
Asia fatty alcohol
mid-cuts demand to stay firm on restocking,
PKO spike
By Helen Yan 25-Jul-25 12:24 SINGAPORE
(ICIS)–Asia’s fatty alcohols mid-cuts C12-14
demand is expected to stay firm in the near
term due to restocking, with elevated
feedstock palm kernel oil (PKO) costs
providing strong support.
Thailand June exports
rise 15.5%; US shipments surge ahead of
tariff deadline
By Jonathan Yee 25-Jul-25 15:14 SINGAPORE
(ICIS)–Thailand’s overall exports in June
grew by 15.5% year on year to $28.6 billion
on front-loading of shipments ahead of the
US’ 36% tariffs, which will take effect on 1
August.

Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Hydrogen25-Jul-2025
LONDON (ICIS)–On 24 July 2025, the European
Commission sent letters of formal notice to 26
member states for failing to transpose key
provisions of the revised Renewable Energy
Directive (RED III) by the 21 May 2025
deadline. Only Denmark is considered to have
fully transposed these provisions so did not
receive a letter.
The formal notices cover all RED III measures
that were due in May 2025, including the
renewable fuels of non-biological origin
(RFNBO) targets for industry under Articles 22a
and 22b, and for road and maritime transport
under Article 25. They also address guarantees
of origin, system integration requirements, and
sustainability safeguards.
Under EU infringement rules, the 26 EU
countries will now have two months to submit
full transposition measures. If the commission
deems the replies unsatisfactory, reasoned
opinions will be issued. Further non-compliance
could lead to the cases being referred to the
European Court of Justice, where financial
penalties may be imposed.
Article 22a requires member states to set
binding national targets for RFNBOs in
industry, specifying the share of renewable
hydrogen, synthetic fuels and other
carbon-neutral carriers each sector must
achieve by 2030
Article 22b establishes common
sustainability and greenhouse gas emission
criteria, requiring certification schemes that
enforce feedstock traceability, lifecycle
emissions calculations and independent
verification
Article 25 obliges Member States to ensure
a minimum share of renewable and low-carbon
fuels in road transport and maritime shipping,
with sub-quotas for advanced biofuels,
renewable hydrogen and synthetic e-fuels
This development follows the commission’s
decision to issue reasoned opinions to Ireland,
Latvia, and Portugal for failing to transpose
Article 15a of RED III, one year after the 1
July 2024 deadline.
Article 15a requires each member state to set
clear time limits for processing renewable
energy permits, to establish designated areas
where permitting rules apply, and to create
single points of contact for developers. It
also calls for user-friendly digital tools and
transparent online procedures to streamline
permitting procedures.
Crude Oil25-Jul-2025
SINGAPORE (ICIS)–Eni’s chemical business
reported a narrower proforma adjusted loss of
€184 million in the second quarter of 2025,
mainly attributed to reduced oil-based
feedstock expenses, although the chemical
sector remains weak, the Italy-headquartered
producer said on Friday.
This compared with a loss of €222 million
during the same period last year.
Chemicals
€ million
Q2 2025
Q2 2024
H1 2025
H1 2024
Proforma adjusted EBIT
– 184
– 222
-427
-390
Eni’s chemicals business is managed by
Versalis.
Sales of chemical products decreased 5% year on
year in the second quarter amid lower demand
and plant shutdown.
In the first six months of the year, chemical
product sales fell 6% year on year.
Plant utilization rates averaged 47% in the
second quarter, an increase of two percentage
points from the same period last year.
Margins remained weak across the board as
commodity prices were unable to offset
feedstock and energy input expenses amid
“European headwinds, sluggish economic activity
and competitive pressures from players with
better cost structures”, the company said.
Polyethylene25-Jul-2025
SINGAPORE (ICIS)–Click here to see the
latest blog post on Asian Chemical Connections
by John Richardson: Trade tensions between
China and major global economies are shaping
the future of the world’s second-largest
economy. What’s next for China’s GDP,
unemployment, inflation, and of course
petrochemicals?
I’ve outlined three “back-of-the-envelope”
scenarios to help kickstart your strategic
planning, focusing on trends and magnitudes
rather than specific numbers.
Best Case: Comprehensive
De-escalation & Broad Agreements
Outlook: A diplomatic breakthrough leading to
robust GDP growth, easing youth unemployment,
and an inflationary recovery. Exports rebound
strongly.
Petrochemicals: Increased trade stability,
potential for margin rebound, though China’s
demand growth recalibrates to a lower, more
sustainable pace post-property bubble.
Medium Case: Protracted Stalemate
& Selective De-escalation
Outlook: A “muddle through” period with
moderate GDP slowdown, persistently elevated
youth unemployment, and ongoing deflationary
pressures. Export growth remains sluggish.
Petrochemicals: Continued trade route shifts,
no major margin recovery from trade alone, and
an accelerated push for China’s
self-sufficiency.
Worst Case: Full-Blown Trade War
& Deep Decoupling
Outlook: Sharp GDP contraction, a severe
unemployment crisis (especially for youth), and
entrenched deflation. Exports collapse, leading
to aggressive state stimulus.
Petrochemicals: Severe disruption,
near-cessation of key trade flows (eg, US
LPG/ethane), further margin deterioration, and
an urgent drive for national
security-prioritized self-sufficiency in China.
Even in the best case, remember China faces
structural headwinds from the property market
and an ageing population, which will temper
growth.
Editor’s note: This blog post is an opinion
piece. The views expressed are those of the
author, and do not necessarily represent those
of ICIS.
Crude Oil25-Jul-2025
SINGAPORE (ICIS)–Thailand’s overall exports in
June grew by 15.5% year on year to $28.6
billion on front-loading of shipments ahead of
the US’ 36% tariffs, which will take effect on
1 August.
June exports to US surge by 42% year on
year
Military conflict with Cambodia; domestic
political instability dog government
2025 GDP growth projected to slow to 2.3%
from 2.5% in 2024
Although June was the 12th straight month of
export growth for the southeast Asian nation,
the pace of expansion eased from 18.4% in May.
Total shipments to the US – Thailand’s largest
exports destination – surged in June by 41.9%
year on year, according to data released by the
Ministry of Commerce on 24 July.
Thailand’s overall imports rose by 13.1%
year on year to $27.5 billion in May, resulting
in a trade surplus of $1.06 billion.
During the first six months of the year,
exports rose by 15.0% to $66.8 billion, while
imports increased at a slower pace of 11.6% to
$66.9 billion.
However, this run may not last as front-loading
momentum may ease once the US tariffs come into
force. Thailand has yet to reach a trade deal
with the US on bringing down the tariffs from
36%.
Exports are expected to remain positive, but
the growth rate would ease from double-digit
levels in the next five months to December,
said Poonpong Naiyanapakorn, director-general
of Thailand’s Trade Policy and Strategy Office
(TPSO).
US TARIFF DEADLINE
APPROACHES
Thailand and the US have yet to come to a trade
agreement, raising pressure on the government
at a time when the country’s Prime Minister
Paetongtarn Shinawatra was suspended due to a
leaked call in which she criticised the Thai
military.
Phumtham Wechayachai is currently the Acting
Prime Minister of Thailand, while Deputy Prime
Minister and finance minister Pichai
Chunhavajira is heading trade talks with the
US.
The southeast Asian country is experiencing
further instability amid a border clash with
Cambodia, during which armed clashes and rocket
fire were reported on the morning of 24 July.
Thai fighter jets were deployed in response to
the rocket fire and at least 12 have been
killed, according to media reports on 24 July.
Both sides have accused each other of starting
the 24 July conflict, centering around
historically disputed border regions of Surin
in Thailand and the Cambodian province of Oddar
Meanchey.
On Friday, the Thai army requested people to
stay away from border areas as fighting
intensifies.
“Aside from uncertainty around US trade
policies, the outbreak of conflict in the
Middle East and domestic political instability
could pose additional threats to the Thai
economy,” the Asian Development Bank (ADB) said
in a report on 23 July.
The Thai economy is projected to expand at a
slower rate of 2.3% in 2025 and of 1.7% in
2026, the Bank of Thailand (BOT) said in its
last monetary policy meeting on 25 June. In
2024, actual GDP growth was 2.5%.
Meanwhile, the ADB projects a much slower
growth of 1.8% for Thailand in 2025, which
would further decelerate to 1.6% in 2026.
Focus article by Jonathan
Yee
Visit the ICIS Topic Page: US
tariffs, policy – impact on chemicals and
energy.
Gas25-Jul-2025
SINGAPORE (ICIS)–Timor-Leste is close to
achieving
full membership in ASEAN this November. The
oil- and gas-rich country will see
opportunities in its petro infrastructure
within the broader market and cooperation
mechanisms provided by ASEAN.
Once a membership deal is sealed, Timor-Leste’s
energy ministry will spend 2026 pushing for a
revised Greater Sunrise development plan –
either with original operator Australia’s
Woodside Energy or a new Chinese EPC and
financier, to secure an FID before the nation’s
sovereign fund turns to net withdrawal in the
early-2030s.
Dili’s diplomats would also deepen talks on
regional gas integration under ASCOPE-TAGP, positioning the
proposed Timor Leste-based Beaçu facility as a
future trans-shipment or bunkering hub for
intra-ASEAN LNG.
BAYU-UNDAN TO SUNRISE MOMENTUM
Timor-Leste is one of the world’s youngest
nations – having gained independence only in
2002. The country, approximately the size of
the US state of Connecticut or South Korea’s
Jeju Island, is rich in offshore oil and gas
reserves.
The nation’s $19 billion sovereign wealth
Petroleum Fund has been largely based on
oil revenues – with the legacy
Bayu-Undan field funding more than 85% of
the fund’s balance. Bayu-Undan’s gas sales
ceased in late-2023 and will be fully
decommissioned in 2026.
Bayu-Undan carries high hope for Timor Leste
and Australian producer Santos as a “CCS hub”
that receives CO2 from Australia, and Japan and
South Korea, whose companies hold a combined
38.3%
share.
Therefore, Timor-Leste is set to further tap
into its petro-molecule reserves by granting
generous incentives to oil and gas foreign
direct investments once accession to ASEAN is
completed.
Timor GAP E.P., Timor-Leste’s national oil
company, holds over half (56.56%) equity in the
Woodside-operated (33.44%)
Greater Sunrise LNG complex, Japan’s Osaka
Gas has the remaining 10% stake.
Dili insists Sunrise gas must land on its south
coast at a planned Beaçu LNG complex, part of
the $12 billion
Tasi Mane corridor, while Woodside prefers piping
it to the existing Darwin
LNG plant or as a floating unit to cut
capex.
President José Ramos-Horta told local media in
May he was courting Chinese partners “if the
current operator cannot move forward,”
signalling the government’s willingness to look
beyond traditional Australian and Japanese
partners.
Source: La’o
Hamutuk
ASEAN MEMBERSHIP
Full ASEAN status will grant Timor-Leste access
to the ASEAN Council on Petroleum and the
Trans-ASEAN Gas Pipeline (TAGP) master plan,
which stipulates technical standards and opens
concessional funding from the ASEAN
Infrastructure Fund.
Meanwhile, pipe and heavy equipment sourced
within ASEAN and LNG modules sold in the region
could enjoy Most-Favoured-Nation duties once
Timor-Leste signs the ASEAN Trade in Goods
Agreement.
ASEAN’s mature regional cooperation mechanisms,
particularly within
ASEAN+3 framework, can provide Timor-Leste
with financing instruments from Japanese,
Chinese and Korean banks.
Dili hopes those levers will attract partners
for Greater Sunrise, as well as for smaller
prospects such as the
Chuditch gas survey, where a 3D seismic
study is scheduled this year.
These projects are all still long way to
materialising, but ASEAN membership would give
the micro-state a bigger table to convert
offshore molecules into on-shore assets before
the Bayu-Undan money runs out.
COMPETIVE LANDSCAPE SPLIT WITH PNG
LNG
Timor’s ambitions is naturally comparable with
Papua
New Guinea LNG, a 7.9 mtpa project that
turned the resource-rich but
infrastructure-poor neighbour
into a top regional exporter in 2014.
PNG’s experience shows that early
identification of anchor buyers in Japan or
China – and multilateral lending from ADB and
Export-Import banks – can accelerate first gas.
But it also highlights social-license
challenges, something Timor-Leste is keen to
avoid after decades of hard-won stability.
Ethylene24-Jul-2025
HOUSTON (ICIS)–Dow cut its dividend by 50% on
Thursday because the downturn in the chemical
industry is entering its third year and it will
last longer than expected.
Shares of Dow fell by more than 16% in midday
trading.
Earlier on Thursday, Dow reported a
Q2 net loss of $801 million.
DOW Q3 SALES TO FALL YEAR ON
YEARLooking ahead at Q3, Dow
expects sales to rise slightly from Q2 levels,
but they will remain below year-ago levels, as
shown in the following table. Figures are in
dollars.
Q3 25
Q2 25
Q3 24
Net sales
10.2 billion
10.1 billion
10.9 billion
Operating EBITDA
800 million
703 million
1,382 million
Source: Dow
Dow expects a quarter-on-quarter bump in sales
in part because of proposed price increases for
polyethylene (PE). Exports have started to
resume, and Dow is confident that the proposed
hikes will go through because it maintains that
integrated margins are low and unsustainable.
Dow should get another boost in Q3 earnings
from the startup of its new Poly 7 PE line
in Freeport, Texas.
The train is fully sold out, and Dow is selling
the output to higher-margin markets such as
food and specialty packaging as well as health
and hygiene, said Karen Carter, chief operating
officer. The train should provide another boost
to earnings by absorbing Dow’s last remnant of
merchant ethylene in the Gulf Coast market.
The new line and the possible price increase
would follow what Dow described as the
evaporation of PE exports in the wake of the 2
April tariff announcements. The disappearance
of exports led to a 3 cents/lb drop in PE
prices.
The fallout from the tariff announcements
showed up in Dow’s earnings for its Packaging
& Specialty Plastics segment, which
reported a 90% year-on-year decline in
operating earnings before interest and tax
(EBIT).
Overall, Dow’s end markets are mixed at best,
as shown in the following heat map from the
company.
Source: Dow
Dow has maintained its forecast for mid-cycle
earnings, but the company delayed when it would
achieve those levels. That could take place
near 2030, which was the latter part of an
earlier forecast made by Dow.
That said, the company warned that the timing
of any recovery is difficult because of the
uncertainty surrounding tariffs and trade
negotiations and what CEO Jim Fitterling
described as “a new world order” and trade
rebalancing.
Concluding trade negotiations would be a first
step towards a recovery, and it appears the US
is getting close to wrapping up talks, he said
during the company’s earnings conference call.
TRADE, OVERSUPPLY AND
GEOPOLITICSOne of the reasons
why earnings will remain depressed for longer
is because tensions and tariffs are
re-arranging trade routes.
Derivatives, more so than chemicals, are being
redirected from the US to other markets,
Fitterling said.
ICIS has reported on the effects of these
redirected derivative shipments on chemical
markets in southeast Asia, and they have
depressed demand for upstream plastics and
chemicals.
Dow’s international trade operations are
managing tariff negotiations through their
connections with governments around the world,
Fitterling said.
Also, there is work going on through the World
Trade Organization (WTO) involving how goods
are moved around and how to defend fair trade,
Fitterling said. Trade organizations and
individual companies are pursuing this option.
Countries are starting to take action as well.
Brazil is considering anti-dumping duties
on PE imports from the US and Canada.
The EU has started investigations on imports of
butanediol (BDO),
polyethylene terephthalate (PET) and
adipic acid (ADA).
Downstream, countries have imposed duties on
electric vehicles (EVs).
WORLD WORKS THROUGH EXCESS
CAPACITYDow expects the world
will work through excess PE capacity because
demand should continue growing faster than GDP,
Fitterling said. “I don’t think you are
looking at an environment where it’s the end of
investing in plastics.”
The polyurethanes chain has a lot of
overcapacity, and demand is low for several of
its key markets, such as construction and
durable goods.
Isocyanates are in relatively decent shape,
Fitterling said. Propylene oxide (PO) will take
longer to rebalance.
Silicones continue to grow well, but siloxanes
will take longer.
OTHER CHEM FIRMS SEE NO HELP FROM
ECONOMYEarlier in the week,
paints and coatings producer Sherwin-Williams
lowered its guidance and warned that any
growth would come from taking market share away
from its competitors. The company expected no
help from the economy.
Adhesives producer
HB Fuller raised its guidance, but its
rationale confirmed the pessimistic outlook of
Sherwin-Williams and Dow.
HB Fuller raised its guidance because of the
success of its self-help measures and not
because of a stronger economy.
Focus article by Al
Greenwood
Thumbnail image: PE, a product made by Dow
(Image source: ICIS)
Contact us
Partnering with ICIS unlocks a vision of a future you can trust and achieve. We leverage our unrivalled network of industry experts to deliver a comprehensive market view based on independent and reliable data, insight and analytics.
Contact us to learn how we can support you as you transact today and plan for tomorrow.
READ MORE
