Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 14 February.

SE Asia PE plant shutdowns deemed necessary for rebalancing
By Izham Ahmad 10-Feb-25 10:57 SINGAPORE (ICIS)–A recent wave of plant shutdowns among polyethylene (PE) producers across southeast Asia has been seen by some as a reflection of how dire the situation in the market is.

Malaysia’s Lotte Chemical Titan incurs record Q4 loss; ’25 outlook downbeat
By Nurluqman Suratman 10-Feb-25 14:44 SINGAPORE (ICIS)–Lotte Chemical Titan (LCT) incurred its largest-ever quarterly loss, with analysts expecting the Malaysian producer to remain in the red in 2025 amid weak economic conditions and an oversupply of petrochemical products.

INSIGHT: Strong hydrogen push in China to reshape global industry amid US pullback
By Patricia Tao 10-Feb-25 18:23 SINGAPORE (ICIS)–The US has suspended financial support for its own hydrogen sector, while China is ramping up efforts to expand its hydrogen industry. The sharp policy divergence between the two countries could accelerate the global hydrogen market’s shift and reshape the industry landscape over the next three to five years.

Asia polyester tracks rising costs despite weak post-holiday demand
By Judith Wang 11-Feb-25 12:57 SINGAPORE (ICIS)–Asia’s polyester export discussions edged up in line with the higher cost pressure after the Lunar New Year holiday, while buying activities were limited as end-user demand remained weak.

SE Asia VAM market rallies on crimped supply, demand surge
By Hwee Hwee Tan 12-Feb-25 12:43 SINGAPORE (ICIS)–The southeast Asia vinyl acetate monomer (VAM) import market is being buoyed by resurgent restocking demand and supply disruptions into February.

INSIGHT: US policy shift raises concerns on future of CCS, blue ammonia value chain
By Bee Lin Chow 12-Feb-25 13:04 SINGAPORE (ICIS)–The unfolding political battle in the US over national economic interest and energy security has raised concerns about potential implications for its emerging carbon capture and storage (CCS) and blue ammonia sectors, and the potential spillover impact on Asia.

PODCAST: US hydrogen subsidy halt vs China’s expansion – what’s next for the global market?
By Anita Yang 12-Feb-25 15:45 SINGAPORE (ICIS)–The Trump administration swiftly withdrew financial support for its hydrogen sector, while China is accelerating hydrogen expansion with strong policy backing.

INSIGHT: India may offer tariff concessions to US as PM Modi meets Trump
By Priya Jestin 13-Feb-25 14:18 MUMBAI (ICIS)–India may offer the US tariff cuts on various products, including electronics and automobiles – major downstream sectors of petrochemicals – to avoid US President Donald Trump’s “reciprocal duties”, which may deal a big blow to the south Asian nation’s exports.

Vietnam to raise 2025 GDP growth target to 8% to fuel socioeconomic growth
By Jonathan Yee 13-Feb-25 16:08 SINGAPORE (ICIS)–Vietnam announced on 12 February it would raise its GDP growth target for 2025 to 8.0% from 6.5-7.0%, with industrial manufacturing and foreign investment expected to drive growth.

Singapore 2024 petrochemical exports grow 4.6%; trade risks stay high
By Nurluqman Suratman 14-Feb-25 14:00 SINGAPORE (ICIS)–Singapore’s petrochemical exports in 2024 rose by 4.6%, supporting the overall growth in non-oil shipments abroad which is being threatened by ongoing trade frictions among major economies.