Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 31 May 2024.

APIC ‘24: Transition to low-carbon, high value-added products crucial for Asia – KPIA chair
By Nurluqman Suratman 31-May-24 09:36 SEOUL (ICIS)–A technological transition to low carbon-based and high value-added products is “absolutely necessary” for the Asian petrochemical industry, to address challenges posed by the shift towards carbon neutrality, the chairman of the Korea Petrochemical Industry Association (KPIA) said on Friday.

APIC ’24: INSIGHT: Asia SM capacity remains in expansion but growth eases
By Jenny Yi 31-May-24 13:30 SEOUL (ICIS)–Asia’s capacity for styrene monomer (SM) started its expansion cycle in 2019 and reached the peak in 2021. Capacity increase is expected to decelerate significantly in 2024 but will remain higher than demand growth.

APIC ’24: India chemicals demand to surge; ample Asia supply weighs on prices
By Nurluqman Suratman 30-May-24 07:00 SEOUL (ICIS)–India’s petrochemical demand is set to surge in 2024, driven by robust economic growth and industrial production, but suppressed prices caused by ample supplies and new capacities in Asia will negate any benefit to domestic producers, the Chemicals & Petrochemicals Manufacturers’ Association (CPMA) of India said.

INSIGHT: Surging freight rates hamper Asia petrochemical trades
By Pearl Bantillo 29-May-24 17:54 SINGAPORE (ICIS)–A severe shortage of containers and vessel space as commercial ships take a much longer route to avoid the Red Sea has sent freight rates skyrocketing in recent weeks, artificially propping up petrochemical prices even as demand remained generally weak.

APIC ’24: Policy fragmentation stalls Asia’s plastics circularity drive
By Nurluqman Suratman 29-May-24 11:00 SEOUL (ICIS)–Asia’s journey towards a circular plastic economy is gaining momentum, but the region’s diverse waste management practices and fragmented regulations present challenges to realizing this vision.

Asia refined glycerine demand stays tepid on weak downstream ECH market
By Helen Yan 28-May-24 14:20 SINGAPORE (ICIS)–Asia’s refined glycerine demand is likely to remain tepid, with buyers and sellers locked in a tug-of-war amid an uncertain outlook.

India to develop Iran’s Chabahar port; expand international trade
By Priya Jestin 27-May-24 17:34 MUMBAI (ICIS)–India and Iran are currently charting plans to acquire equipment and machinery to enhance the capacity and increase vehicular movement at Chabahar port, after the two countries signed a 10-year deal to develop part of the Iranian port.

China Apr industrial profits up 4% on year; reverses Mar fall
By Fanny Zhang 27-May-24 13:16 SINGAPORE (ICIS)–China’s industrial profits in April increased by 4.0% year on year, reversing the 3.5% contraction in March, official data showed on Monday.