Asia top stories – weekly summary
ICIS Editorial
26-May-2025
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.
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