ABS

Jul 14th, 2009

Sipchem and Hanwha Chemical Sign Joint Venture Agreement for Polymers Projects

Saudi International Petrochemical Company (Sipchem) and Hanwha Chemical Corporation of South Korea announced that they have signed a Joint Venture Agreement today to establish a new petrochemical company in Al-Jubail Industrial City, Saudi Arabia that will be owned 75% by Sipchem and 25% by Hanwha Chemical. The new polymers venture comprises of a 200,000 metric...

Jul 10th, 2009

Korea’s Songwon Commissions New 30,000 tons Capacity Isobutylene Facility

Korea’s Songwon Industrial Co. Ltd. recently commissioned its new US$20 mln isobutylene (IBL) production facility, located at the Maeam site in South Korea. The facility represents first large scale isobutylene (IBL) production facility globally (30,000 tons capacity) which is based on proprietary TBA (t-butanol) cracking technology. Songwon has invested heavily in developing ground-breaking proprietary technology...

Jul 9th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL Bleak unemployment figures from USA and Europe have sunk oil prices to US$66/barrel. Weak jobs figures suggest tepid consumption that will dampen crude demand. A Labor Department report indicated 467,000 jobs were lost in June - a larger than expected drop that has pushed up unemployment rate to 9.5% at 26 year highs. Unemployment...

Jul 7th, 2009

BASF, Sinopec Get Govt Nod for Expansion

The Chinese central government has approved the Joint Feasibility Study Report submitted by BASF and SINOPEC for the expansion of their joint venture, BASF-YPC Co., Ltd. (BYC), in Nanjing, China, as of July 1, 2009. BASF and Sinopec will jointly invest approximately $1.4 billion in state-of-the-art technologies to produce downstream specialty chemicals for the Chinese market,...

Jul 1st, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL For the second consecutive week, crude oil prices have finished in the red, settling below US$70 in the week of June 29, 2009. Light sweet crude oil for August delivery settled at US$69.1, down by over one dollar for the week amid rough trading. The Energy Information Administration data indicated a 3.8 mln barrel...

Jun 24th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL Crude oil prices dipped by over a dollar to US$71 per barrel in the week of June 22, 2009. Weak fuel demand despite data indicating a recovery in the global economy has kept crude oil pegged at US$71 per barrel. This marks a stop to four consecutive weeks of oil price hike. The weakening...

Jun 17th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL In the week of June 15, 2009, crude oil prices have risen to new highs for the year to US$72.5, as compared to levels below US$35 in March. Interestingly, though oil prices have been rising for a month now, many analysts believe that the current oil valuation is not based on economic reality, but...

Jun 10th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL At the end of the week of June 8, 2009, crude futures have retreated to US$68, after surging past US$70 midweek- to 6 month highs after release of a report indicating better-than-expected improvement in US jobs scenario. The latest employment report is an indication of the improving health of the US economy. The loss...

Jun 5th, 2009

New global business and innovation hub in Asia Pacific for Dow Chemica

The Dow Chemical Company recently launched a new business and innovation hub in the Asia Pacific region, the Shanghai Dow Center in its third largest market, China. Occupying more than 100,000 square meters, the Center is comprised of a state-of-the-art research and development facility and Dow’s regional headquarters for its businesses and functions. Other recent...

Jun 5th, 2009

Mitsubishi Chemical Announces Restructuring of Petrochemicals Businesses

Mitsubishi Chemical Corporation (”MCC”; Head office; Minato-ku, Tokyo; President: Yoshimitsu Kobayashi) announced today that MCC has decided to withdraw from caprolactam and styrene monomer businesses in the course of restructuring petrochemicals businesses. MCC will further strengthen competitiveness in petrochemicals businesses by focusing on core businesses. As for the details, please refer to the attached sheet. The...

Jun 2nd, 2009

Resin Manufacturers Realizing China Market’s Import Potential

Just a few years ago, China was mainly a cheap export base, where products were made and sent elsewhere around the world. These days, the reverse is increasingly true: China’s growing domestic market is attracting more attention, particularly from global resin makers. Part of that change is because China’s government has launched massive stimulus spending programs...

Jun 1st, 2009

Japan’s Mitsubishi Chemical to Quit Caprolactam and Styrene Monomer Businesses

Expecting a greater inflow of cheap plastic intermediates from the Middle East combined with a reduced domestic and international demand, chemical maker Mitsubishi Chemical Corporation (MCC) has decided to quit caprolactam and styrene monomer businesses within a span of two years. In a press statement, the company said it did not see ‘long term value’...

May 20th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL Crude oil settled at US$59 at the end of the week of May 18, 2009, as Nigerian militants threatened to block waterways used for energy exports and an explosion and fire affected production at Sunoco Inc. refinery. Mid week, prices dipped as the US Labor Department reported that new jobless claims rose to a...

May 15th, 2009

ACN Demand from ABS Sector to Grow - Tongsuh Petrochemicals

Tongsuh Petrochemicals, South Korea operates two production lines to manufacture Acrylonitrile (ACN), each having production capacities of 70,000 tons per year and 230,000 tons per year, respectively. A maintenance schedule to turnaround both the plants have been scheduled in October and is expected to last for a month. To get confirmation of the news, Fibre2fashion spoke...

May 13th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

NAPHTHA Naphtha prices in Asia have risen in line with rising crude oil prices and a buoyant crude oil market outlook in the week of May 11, 2009. Open-spec naphtha values for H2-June shipment settled at US$475/MT CFR Japan, with a persistent bullish trend. ETHYLENE Bouyant feedstock movement has not had a major impact on ethylene prices in...

May 12th, 2009

China Latest Polyether Polyols Capacity in 2009

In 2009, several new polyether polyols facilities will go on stream in China. The new capacities include: 60 ktpa polyether polols of Shanghai Fujia Fine Chemicals; 50 ktpa capacity of Sinochem Taicang Chemical Industry; 50 ktpa capacity of Nanjjing Hongbaoli; 160 ktpa capacity of Shandong Dongda and 30 ktpa capacity of Zhejiang Yongjie. Market players claim...

May 11th, 2009

Rhodia Outlook Positive on Growing Sales in Asia and Latin America

Rhodia revealed a Q1 loss of €134m as a result of weakening demand for its specialty chemical products, but the company says that the outlook for the second quarter looks better due to improved performance in Asia and Latin America. An inventory overhang dampened orders in Europe and the US, claimed the firm, but this trend...

May 6th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

NAPHTHA Naphtha prices in Asia rose to US$465/MT in the week of May 4, 2009 in line with rising crude values. However, rising supplies from India and Europe are keeping market outlook muted in the region. This week, H2-June delivery open spec naphtha rose to US$465/MT CFR Japan. ETHYLENE Ethylene prices dipped to US$675/MT in Asia in the...

Apr 29th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

NAPHTHA Weakening demand from derivative markets has caused naphtha prices to dip marginally below US$450/MT in Asia in the week of April 27, 2009. Open-spec naphtha prices for H1-June delivery settled at US$446/MT CNF Japan. ETHYLENE Despite robust demand from downstream polyethylene markets, FOB Korea ethylene prices stabilized at US$690/MT as the supply scenario improved in Asia in...

Apr 21st, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

NAPHTHA As crude oil prices dip below the US$50 mark, and downstream markets soften, naphtha prices in Asia have dipped to US$450/MT in the week of April 20, 2009. Dipping by over ten dollars, open-spec naphtha ended the week at US$450/MT CNF Japan for H2 May delivery. ETHYLENE Ethylene prices dropped to US$690/MT in Asia in the...