Posts Tagged ‘china’

Mid-Eastern producers cut July PE prices in Egypt, raise Aug outlook

In Egypt, Middle Eastern producers had approached the PE market at the start of July with lower prices as compared to June offer levels, as per ChemOrbis.

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Initial July PE prices announced lower to China, SE Asia

Players in China and Southeast Asian report that import PE prices for July are being announced with decreases, as per ChemOrbis. Sufficient stock levels, softer upstream costs and disappointing demand were cited among the main reasons for the decline in PE prices. A Thai producer announced their July prices to the Chinese market with decreases of US$130/ton for LDPE film, US$30-40/ton for LLDPE film and US$20/ton for HDPE film.

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PET prices post steep declines in China, SEAsia

Players in China and Southeast Asia have reported significant decreases in PET prices over the past week, with players attributing the decline to significant losses in spot prices for PTA and MEG feedstock, as per ChemOrbis. Buying interest is said to be limited as converters are complaining of slower than expected demand ahead of the summer season while adding that they are hesitant to purchase in large amounts owing to the uncertain outlook on the market direction

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Drop in monthly revenue seen by Formosa Plastics Group?s four core companies

Four core companies of Formosa Plastics Group have reported losses in monthly revenue. Formosa Petrochemical Corp has reported the largest drop in monthly revenue among the Group?s four core companies of 22.8% to NT$66.496 bln (US$2.21 bln) from April 2012, as per TaipeiTimes

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Anti-dumping duties on China?s BOPET films to South Korea extended for 3 more years

Fuwei Films (Holdings) Co., Ltd., a manufacturer and distributor of high-quality BOPET plastic films in China, announced that the anti-dumping duties imposed on the company’s exported biaxially oriented polyethylene-terephthalate (BOPET) films to South Korea will be extended for three more years beginning on May 25, 2012. According to the Ministry of Strategy and Finance, the rate for Fuwei Films Shandong Co., Ltd (”Shandong Fuwei”), the subsidiary of Fuwei Films was set at 11.72%, higher than one of its counterparts at 5.87%. Punitive duties of 25.32% will be imposed on the PET films manufactured by six Chinese firms.

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Lengthening supplies maintain downward pressure on China?s PE market

Players in China report that lengthening PE supplies are maintaining downward pressure on prices. Producer sources in both the domestic market and the import market are complaining of excess stocks while larger than normal shipments of Central Asia and North American materials have amplified oversupply concerns, as per ChemOrbis

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Increased focus on downstream petrochemicals, as Middle East diversifies its economy

The Middle East is seeking a gradual movement away from its dependency on oil and gas production to diversify its economy and create a positive environment for the development of its plastics industry, according to a new report by energy intelligence company GlobalData.

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Global molded plastics market is projected to reach 157 mln tons by 2017

The global Molded Plastics market is projected to reach 157 mln tons by the year 2017 as per GIA. Economic revival, rise in spending power, rapid industrialization, and strong demand from end-use markets of packaging, construction, food & beverage auger well for the Molded Plastics market. Long-term growth will stem from developing markets of Asia, Eastern and Central Europe, and the Middle East.

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Rise in China’s plastics consumption in 2012 insufficient to melt regional supply glut

China’s consumption of plastic could grow by up to 7% in 2012 after stalling in 2011, but the rebound will not be enough to melt a regional supply glut that will curb the output of plastic manufacturers and pressure the petrochemical market, as per Reuters. Weak traditional export markets and Bejing’s steps to cool economic growth are still hitting sales. As a result, Asian plastic exporters face possibility of scaling back production further this year, in turn cutting demand for naphtha.

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Players in China’s PE markets bracing for further price reductions

This week, players in China?s PE market are expecting to see further price reductions, as upstream costs continue to dip while buyers prefer to wait in the sidelines to see more competitive prices, as per ChemOrbis.

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