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 June 2024.

INSIGHT: Asia petrochemical markets grapple with surging shipping costs
By Nurluqman Suratman 14-Jun-24 13:54 SINGAPORE (ICIS)–Spot prices of most petrochemicals in Asia have spiked on the back of surging freight and container costs, as logistics challenges which continue to dampen global commodities trades coincide with a seasonal uptick in demand.

INSIGHT: China slams EU over EV tariffs; trade war brewing
By Nurluqman Suratman 13-Jun-24 15:01 SINGAPORE (ICIS)–China has slammed EU’s proposal to impose provisional tariffs on imports of Chinese electric vehicles (EVs), denouncing it as a “blatant act of protectionism”, raising concerns that a trade war between Asia’s biggest economy and a new western front is brewing.

India Q3 fatty acids demand grows amid freight spikes, logistics woes
By Helen Yan 12-Jun-24 13:54 SINGAPORE (ICIS)–India’s import demand for fatty acids has picked up, with buyers seeking to lock in third-quarter shipments amid soaring freight costs and logistics issues that have disrupted global trade flows.

Asia naphtha could still be lifted by supply challenges
By Li Peng Seng 10-Jun-24 09:55 SINGAPORE (ICIS)–Asia’s naphtha intermonth spread has lost 42% of its value compared to a month ago as weak petrochemical margins weighed, but lingering concerns over arbitrage supplies coming to Asia could help limit the downside.

INSIGHT: Asian petrochemical industry at crossroads amid supply glut – APIC
By Nurluqman Suratman 10-Jun-24 16:54 SINGAPORE (ICIS)–The Asian petrochemical industry is grappling with a multifaceted transition, marked by a persistent oversupply of petrochemicals, the urgent need to decarbonize, and the growing momentum of the circular economy.

China price pressures to remain weak on persistent weak demand
By Nurluqman Suratman 13-Jun-24 11:08 SINGAPORE (ICIS)–China’s consumer inflation rate is expected to remain weak in the near future on persistently weak domestic demand, raising worries about the risk of deflation as the nation’s economic recovery struggles to gain traction.