Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 23 May.

Taiwan crackers to run at 60-70% of capacity in 2025 – PIAT
By Jonathan Yee 19-May-25 13:26 SINGAPORE (ICIS)–Taiwan’s ethylene crackers are expected to run at 60-70% of capacity on average this year amid heightened regional competition and weak downstream demand, according to the Petrochemical Industry Association of Taiwan (PIAT).

Singapore Apr petrochemical exports up 1.4%; NODX surges 12.4%
By Jonathan Yee 19-May-25 17:37 SINGAPORE (ICIS)–Singapore’s petrochemical exports in April rose 1.4% year on year to Singapore dollar (S$) 1.13 billion ($868.6 million), amid continued overall frontloading activities by exporters, official data showed on 16 May.

South Korea’s April base oils exports to India stay high
By Iain Pocock 20-May-25 15:05 SINGAPORE (ICIS)–South Korea’s base oils exports to India stayed higher than usual in April for a third month.

Thailand Q1 GDP grows 3.1%, but trade war weighs on outlook
By Jonathan Yee 20-May-25 16:45 SINGAPORE (ICIS)–Thailand’s GDP grew by 3.1% in the first quarter of 2025, but the southeast Asian country has slashed its GDP forecast amid looming US tariffs and uncertainty over a global trade war, official data showed on 19 May.

INSIGHT: Rising supply, falling crude, weigh on Asia petrochemical product prices in May
By Jimmy Zhang 20-May-25 17:48 SINGAPORE (ICIS)–A substantial proportion of petrochemical prices in Asia are expected to decrease in May, on the back of downward pressure declining crude oil values and rising supply.

Asia fatty acids demand to pick up on lower offers amid decline in upstream palm oil prices
By Helen Yan 21-May-25 11:49 SINGAPORE (ICIS)–Asia’s fatty acids demand is expected to pick up, as spot offers are being revised lower due to higher upstream inventories and declines in feedstock crude palm oil (CPO) and palm kernel oil (PKO) prices.

INSIGHT: Tariff cuts support China petchems rebounds, market fundamentals remain a dominant factor
By Yvonne Shi 22-May-25 12:00 SINGAPORE (ICIS)–The temporary climbdown by the US and China on trade tariffs indicates that downward pressure on China’s economy may be relieved, but still-bearish market fundamentals will also continue to exert a pull on market pricing.

Mideast polyols face pressure despite feedstock, freight gains
By Isaac Tan 23-May-25 14:17 SINGAPORE (ICIS)–Spot prices for polyols in the Middle East rose in the week ending 22 May, buoyed by stronger feedstock and freight costs from China. However, gains may be short-lived amid weak regional demand and a seasonal slowdown in construction toward the peak summer months.

Indonesia central bank cuts GDP growth forecast on rising global challenges
By Nurluqman Suratman 23-May-25 14:54 SINGAPORE (ICIS)–Bank Indonesia (BI) anticipates a more challenging economic landscape for 2025, lowering its growth forecast to a range of 4.6-5.4%, as persistent global challenges and heightened uncertainty surrounding US tariff policy are expected to weigh on the outlook.