Latest on Japan

Market comment: Force majeure continues at Nigeria LNG

Mon, 06 Feb 2040 06:28:15 GMT

The force majeure on feedgas supplies to Nigeria LNG (NLNG) remains in place, a Shell spokesman said on 12 February, adding there is "no timescale for how...

MonoSol, a Kuraray company, selected by Procter & Gamble as C+D Partner of the Year

Wed, 25 Dec 2013 00:00:00 GMT

Source: Company press release, 25 Dec 2013 , 25 Dec 2013 , Kuraray Co Ltd, Ote Center Building, 1-1-3, Otemachi, Chiyoda-ku, Tokyo 100-8115, Japan, tel: +81 3 6701 1000, fax: +81 3 6701 1005, website: http://www.kuraray.co.jp MonoSol, a Kuraray company, announces that it has been recognized by Procter & Gamble as its 2012 Connect+Develop Partner of the Year for accelerating innovation breakthroughs that drive business results. P&G partnered with MonoSol to develop Tide Pods, which was launched in 2012 and has already achieved a 68% share of the US unit dose laundry segment due to its unique look and feel, performance and superior customer convenience. Tide Pods is a single-use packet with three chambers that hold liquid detergent, a stain fighter and a brightener. For the project, MonoSol developed a new proprietary film that dissolves rapidly in the wash, even in cold water, yet holds up to wet hands. Original Source: Kuraray, website: http://w

Shintech to further increase VCM, PVC capacities in Louisiana

Wed, 19 Jun 2013 15:23:00 GMT

HOUSTON (ICIS)--Shintech plans to invest $500m (€375m) to further expand its capacities in Louisiana, parent company Shin-Etsu said on Wednesday. Shintech's planned production capacity increases will be for about 200,000 tonnes/year of caustic soda, 300,000 tonnes/year of vinyl chloride monomer (VCM), and 300,000 tonnes/year of polyvinyl chloride (PVC), Japan-based Shin-Etsu said. The expansion project is expected to be completed in 2015. “With this expansion, Shintech’s total PVC production capacity will become 2.95m tonnes/year – combining the capacities of Shintech’s existing manufacturing facilities in Louisiana and Texas,” Shin-Estu said in a brief statement. The expansion would help meet growing worldwide demand for PVC, it added. ($1 = €0.75)

EVENING SNAPSHOT - Asia Markets Summary

Wed, 19 Jun 2013 11:00:00 GMT

SINGAPORE (ICIS)--Here is Wednesday’s end-of-day Asia oil and chemical markets summary. CRUDE: July WTI $98.93/bbl, up 49 cents/bbl; Aug BRENT $106.55/bbl, up 53 cents/bbl Crude futures strengthened in afternoon trade ahead of a key US Federal Reserve meeting which is expected to discuss the future of US monetary stimulus programme. NAPHTHA: $879-881/tonne CFR Japan, up $1-2/tonne Open-spec first-half August prices rose higher in afternoon trading, buoyed by rising crude futures. The first-half August contract was done at $880/tonne. The first-half September/first-half October spread traded at a backwardation of $5/tonne, while the second-half August/first-half September spread was done at $2.50/tonne in backwardation. BENZENE: $1,275-1,285/tonne FOB Korea, stable Buy-sell indications for September lots were cited at $1,270-1,275/tonne FOB Korea. A September fix

Swiss distributor DKSH switches focus from Asia to Europe

Wed, 19 Jun 2013 09:55:00 GMT

By John Baker HAMBURG (ICIS)--Swiss specialty chemical distribution specialist DKSH is expanding its operations and strengthening its position in Europe after many years of specialising in market expansion services in Asia, a senior executive at the firm said late on Tuesday. The company’s business unit for performance materials is taking on more people in Europe and expanding laboratory facilities in France to better serve customers in the food and personal care sectors. “The EU continues to be an attractive specialty chemicals market – it is a large economy and has a high degree of industrialisation and manufacturing,” said Mario Preissler, head of DKSH's performance materials unit, speaking to ICIS on the sidelines of the annual conference of the European Association of Chemical Distributors (FECC

Japan's PS production decreases 1% in May

Wed, 19 Jun 2013 08:17:00 GMT

TOKYO (ICIS)--Japan’s output of polystyrene (PS) fell by 1% year on year to 51,838 tonnes in May, official industry statistics showed on Wednesday. Domestic demand for PS also decreased by 2% to 48,981 tonnes, while exports increased by 18% to 1,858 tonnes from the previous year, according to the Japan Styrene Industry Association (JSIA). Meanwhile, production of styrene monomer (SM) rose by 14% year on year to 215,535 tonnes in May, while domestic demand declined by 2% to 113,839 tonnes, the data showed. Exports of SM were up by 35% to 103,420 tonnes from a year earlier, based on the statistics.

Japan's PVC production increases 25% in May

Wed, 19 Jun 2013 07:50:00 GMT

TOKYO (ICIS)--Japan’s production of polyvinyl chloride (PVC) increased by 25% year on year to 118,043 tonnes in May, official data from Vinyl Environmental Council (VEC) showed on Wednesday. Domestic shipments of PVC rose by 1% to 86,231 tonnes from the same period a year earlier, while exports jumped by 67% to 30,393 tonnes, according to VEC. “Domestic demand has not recovered since last year though we have been hoping it will. Exports have been growing since January this year. I think the depreciation of yen has largely contributed to it,” Shunzo Mori, the VEC chairman, said at a press conference. Exports of PVC to emerging countries such as Russia and India are growing because these countries are currently investing into infrastructures, and PVC is being used in such areas, Mori added. However, with yen becoming stronger against US dollar again in recent weeks compared with the

Japan’s JSR runs Kajima EPDM plant at 100% after restart

Wed, 19 Jun 2013 07:26:00 GMT

SINGAPORE (ICIS)--Japan’s JSR Corp has ramped up the operating rate of its 36,000 tonne/year ethylene-propylene-diene monomer (EPDM) plant in Kashima to 100% after restarting on 14 June following a turnaround, a company source said. “The plant was shut on 21 May for a scheduled turnaround and is now running at 100% capacity after restarting earlier this week,” the source added. Spot prices of medium ethylidene norbornene (ENB) grade EPDM averaged $2,850/tonne (€2,138/tonne) CIF (cost, freight insurance) China on 12 June, down by $150/tonne since 22 May, ICIS data showed. EPDM prices have been under downward pressure because of oversupply and weak demand, industry sources said. ($1 = €0.75)

NOON SNAPSHOT - Asia Markets Summary

Wed, 19 Jun 2013 05:00:00 GMT

SINGAPORE (ICIS)--Here is Wednesday’s midday Asia oil and chemical markets summary. CRUDE: July WTI $98.36/bbl, down 8 cents/bbl; Aug BRENT $106.01/bbl, down 1 cent/bbl Crude futures edged just a few cents lower in Asian morning trade. Attention was focussed on an upcoming US Federal Reserve meeting in which monetary stimulus plans will be debated. NAPHTHA: $877-880/tonne CFR Japan, up $5.50-6.50/tonne Open-spec first-half August prices rebounded on overnight crude gains. BENZENE: $1,275-1,285/tonne FOB Korea, down $5/tonne Selling indications for September cargoes were cited at $1,274/tonne FOB Korea, down from $1,280/tonne FOB Korea on Tuesday. Buying indications for September parcels were heard below $1,270/tonne FOB Korea. Price indications for August lots were heard at around $1,280/tonne

Japan's chemical exports grow 17% in May

Wed, 19 Jun 2013 04:28:00 GMT

TOKYO (ICIS)--Japan’s chemical exports grew by 17% year on year to yen (Y) 614.2bn ($6.4bn) in May, with plastic materials showing an increase of 12% to Y191.4bn, official government statistics showed on Wednesday. Export volume of plastic materials, however, fell by 4.9% to 466,898 tonnes from the same time a year earlier, according to provisional data released by the Ministry of Finance (MOF). Overall exports declined by 4.8% year on year, while imports fell by 2.4%, based on the data. Japan posted a bigger trade deficit of Y993.9bn in May, compared with Y907.9bn in the same period a year earlier, the data showed. The country’s exports were valued at Y5,767.6bn, while imports stood at Y6,761.6bn, according to MOF. ($1 = Y95.23)

EVENING SNAPSHOT - Asia Markets Summary

Tue, 18 Jun 2013 11:00:00 GMT

SINGAPORE (ICIS)--Here is Tuesday’s end-of-day Asia oil and chemical market summary. CRUDE: July WTI $97.45/bbl, down 32 cents/bbl; Aug BRENT $105.18/bbl, down 29 cents/bbl Crude futures softened in afternoon trade, ahead of a US Federal Reserve meeting amid uncertainty over the future of its monetary stimulus programme. NAPHTHA: $871.50-873.50/tonne CFR Japan, down $8-9/tonne Open-spec first-half August prices skidded in afternoon trading amid a supply glut. The second-half August/first-half September spread traded at a backwardation of $2.50/tonne, while the second-half August contract was done at $869.50/tonne and at $870/tonne. BENZENE: $1,280-1,290/tonne FOB Korea, stable Buying indications for September parcels were cited at $1,275/tonne FOB Korea against selling indications at around $1,280/tonne FOB Korea. A deal

Market Comment: Australia’s NWS may issue supply tender on robust LNG production

Tue, 18 Jun 2013 10:40:39 GMT

The North West Shelf (NWS) venture in Australia could issue a supply tender in the coming days on the back of robust production, boosting LNG availability...

Japan’s Tosoh ends ethyleneamines production at No 1 unit in Aug

Tue, 18 Jun 2013 09:52:00 GMT

TOKYO (ICIS)--Japan’s Tosoh Corp plans to end operations at its 18,000 tonne/year No 1 ethyleneamine plant permanently by end-August, the company said on Tuesday. The plant located at Nanyo in Yamaguchi prefecture will stop production amid prevailing weak market conditions since 2010 amid a supply glut, Tosoh said in a statement. The company’s two other ethyleneamine plants at Nanyo that have a combined capacity of 71,000 tonnes/year, however, will continue to operate, it said. Ethyleneamine is an organic chemical used as a curing agent for epoxy resins and other applications, according to Tosoh.

Asia C3 hits 15-week high; may extend gains on tight supply

Tue, 18 Jun 2013 05:29:00 GMT

By Judith Wang SINGAPORE (ICIS)--Asia’s propylene (C3) prices are currently trading at a 15-week high and may continue heading north in the near term on the back of China’s strong buying appetite and tight regional supply, industry sources said on Tuesday. At midday, selling ideas for July shipment were heard at $1,400/tonne (€1,050/tonne) CFR (cost and freight) NE (northeast) Asia or higher, although most buying ideas were quoted at the high-$1,300/tonne CFR NE Asia levels. In the week ended 14 June, propylene prices were assessed at $1,370-1,380/tonne CFR NE Asia, up by 3% from early March, according to ICIS data. Spot cargo availability in Asia is tight because of scheduled turnarounds at regionals crackers, hei

NOON SNAPSHOT - Asia Markets Summary

Tue, 18 Jun 2013 05:00:00 GMT

SINGAPORE (ICIS)--Here is Tuesday’s midday Asia oil and chemical markets summary. CRUDE: July WTI $97.78/bbl, up 1 cent/bbl; Aug BRENT $105.52/bbl up 5 cents/bbl Crude futures edged higher in the morning trade, amid continued unrest in Syria and ahead of a US Federal Reserve meeting. NAPHTHA: $879.50-882.50/tonne CFR Japan, down $4.00-5.00/tonne Open-spec first-half August prices slipped because of overnight losses in crude futures. BENZENE: $1,280-1,290/tonne FOB Korea, up $5/tonne Buying indications for September parcels increased to $1,275/tonne FOB Korea. Selling indications were heard at around $1,285/tonne FOB Korea. However, discussions were limited for August and July cargoes. TOLUENE: $1,095-1,117/tonne FOB Korea, up $13-14/tonne Prices were notionally higher at the low end, reflecting a contango of around $12/tonne between July

LNG global market to ease, shift to Pacific: analysts

Tue, 18 Jun 2013 03:59:30 GMT

WASHINGTON (ICIS)--Increased exports of liquefied natural gas (LNG) out of the US will have a big economic impact on the import markets as two-thirds of US LNG will find its way to the Pacific Rim, an industry analyst said on Monday. There will be a major reorientation of global natural gas trade toward the Pacific, according to Jason Bordoff of Columbia University’s Center on Global Energy Policy. Over time it will flow out mainly out of North America, but also, Africa, Russia and Australia and into China, Japan and India. North American LNG exports can lower costs in the Pacific and boost competition, but transportation costs mean the high regional price differential will persist, Bordoff said during the Energy Information Administration (EIA) 2013 Energy Conference. However, over the long term, LNG supply is expected to exceed demand expectations. “The current tight global LNG market will ease,” said

Asia naphtha prices may dip as supply outpaces demand

Tue, 18 Jun 2013 03:16:09 GMT

By Felicia Loo SINGAPORE (ICIS)--Asia naphtha prices may slide on the back of a regional supply glut and modest demand from crackers, traders said on Tuesday. Open-spec first-half August prices fell by $4-5/tonne (€3-4/tonne) from Monday to $879.50-882.50/tonne CFR (cost freight) Japan on Tuesday because of overnight losses in crude futures, ICIS data showed. The naphtha crack weakened to a one-month low of $88.03/tonne against Brent crude futures at the close of trade on Monday, down by 2.4% from 14 June, ICIS data showed. The crack spread was at its weakest levels since 16 May. The spread between the first half of August and the first half of September naphtha contracts narrowed by 50 cents from 14 June to $5.50/tonne in backwardation on Monday, the data indicated. “F

S.Korea’s LG buys 50,000 tonnes naphtha at weaker premiums

Tue, 18 Jun 2013 02:46:53 GMT

SINGAPORE (ICIS)--South Korea’s LG Chem has bought two naphtha cargoes totalling 50,000 tonnes for delivery in the second half of July, traders said on Tuesday. The deals for the cargoes were done at a premium of 50 cents/tonne to $1/tonne pricing over Japan quotes CFR (cost freight), they added. LG last bought 75,000 tonnes of spot naphtha supply for delivery in the first half of July. The deal for theYeosu-bound cargo was done at a premium of $9.00-10.00/tonne (€6.75 - 7.50/tonne) to Japan quotes CFR, while the other two cargoes for Daesan delivery fetched a premium of $10.00-10.50/tonne to Japan quotes CFR. The spot premiums have fallen drastically amid a supply deluge in Asia, where the demand outlets are not enough to absorb the excessive cargoes in the market, traders said. ($1 = €0.7

S Korea’s Lotte buys 400,000-500,000 tonnes term naphtha supply

Tue, 18 Jun 2013 02:38:20 GMT

SINGAPORE (ICIS)--South Korea’s Lotte Chemical has bought by tender 400,000-500,000 tonnes of term naphtha supplies for delivery to Yeosu and Daesan from August 2013 to July 2014, traders said on Tuesday. The deals for the cargoes were done at a premium of $8-9/tonne (€6-7/tonne) to Japan quotes CFR (cost freight), they added. The company runs a 1m tonne/year cracker in Yeosu as well as a 1.07m tonne/year cracker in Daesan, according to ICIS. At present, Lotte is operating the two crackers at 100% capacity. ($1 = €0.75)

Japanese utilities continue to import coal above 2012 levels

Mon, 17 Jun 2013 14:49:44 GMT

Japan's electricity utilities bought 4.24m tonnes of coal in May - 22% more year on year - as the return of coal-fired plants continues to pushes imports...

Japan's VAM production increases 5% in April

Mon, 17 Jun 2013 12:28:00 GMT

TOKYO (ICIS)--Japan’s production of vinyl acetate monomer (VAM) rose by 5% year on year to 44,564 tonnes in April, official industry data showed on Monday. The country’s domestic shipments of VAM for the production of polyvinyl alcohol (pvoh) increased by 18% to 36,081 tonnes in April from the same month a year before, according to Sakubi Poval kogyokai (VAM pvoh industry association). Domestic shipments of VAM for adhesives, however, fell by 48% to 2,451 tonnes in April from the previous year, the data showed. Meanwhile, Japan’s output of pvoh increased by 20% year on year to 17,027 tonnes in April, based on the statistics. Domestic shipments of pvoh for vinylon fibre production was up by 24% to 6,983 tonnes from the year-before period, the data showed. Exports of pvoh stood at 8,226 tonnes, a 4% increase from the previous year, according to the association.

EVENING SNAPSHOT - Asia Markets Summary

Mon, 17 Jun 2013 11:00:00 GMT

SINGAPORE (ICIS)--Here is Monday’s end-of-day Asia oil and chemical markets summary. CRUDE: July WTI $98.34/bbl, up 49 cents/bbl; Aug BRENT $106.29/bbl, up 36 cents/bbl Crude futures firmed in the afternoon trade, regaining ground lost earlier in the day amid equity market gains in Asia. NAPHTHA: $884.50-886.50/tonne CFR Japan, up $1.00-2.00/tonne Open-spec first-half August prices extended crude-led gains in the afternoon, but the crack spread weakened by 2.4% from 14 June to $88.03/tonne against August Brent crude futures on the back of ample supply. BENZENE: $1,275-1,285/tonne FOB Korea, down $3/tonne at low end, up $5/tonne at the high end Buying indications for September parcels were heard at $1,270/tonne FOB Korea. Buying indications for August parcels were also firmer at $1,275/tonne FOB Korea, while offers were limited. No deals were heard finalised at the c

Japan’s power utilities purchase fewer LNG imports for May '13

Mon, 17 Jun 2013 09:47:31 GMT

Japan's electricity utilities purchased a total of 4.17m tonnes of LNG in May, a fall of 11.6% from the corresponding period last year, data released by...

Market Comment: Angola LNG boosts global supply picture

Mon, 17 Jun 2013 09:45:01 GMT

The start-up and delivery of Angola LNG's first cargo was at the centre of traders' attention on 17 June, adding further optimism to an improved production...

Japan’s Mitsui Engg wins FEED contract for US PE unit from Sasol

Mon, 17 Jun 2013 08:42:00 GMT

SINGAPORE (ICIS)--Japan’s Mitsui Engineering Shipbuilding said on Monday it has secured from petrochemical producer Sasol a contract to provide front-end engineering and design (FEED) for a low density polyethylene (LDPE) plant at Louisiana in the US. Financial details of the deal were not disclosed. The 420,000 tonne/year LDPE plant is part of Sasol’s planned world-scale ethane cracker and derivatives complex that will be built in Lake Charles, it said in a statement. The Japanese engineering firm said it has “considerable experience” in the process technology that Sasol has selected for the project. ExxonMobil Chemical Technology Licensing (EMCTL) has been selected as the licensor for the LDPE project, Mitsui Engineering said.

NOON SNAPSHOT: Asia Markets Summary

Mon, 17 Jun 2013 07:58:33 GMT

SINGAPORE (ICIS)--Here is Monday’s midday Asia oil and chemical markets summary. CRUDE: July WTI $97.66/bbl, down 19 cents/bbl; Aug BRENT $105.76/bbl, down 17 cents/bbl Crude futures edged lower in Asian morning trade, after gaining ground towards the end of last week. Prices eased amid worries over high US inventories and weak global demand forecasts. NAPHTHA: $882.50-885.50/tonne CFR Japan, up $4.50-5.50/tonne Open-spec first-half August prices rose in morning trading, as global crude futures settled at higher levels last Friday. BENZENE: $1,278-1,280/tonne FOB Korea, stable Buying indications for September parcels were heard at $1,265/tonne FOB Korea against selling indications at $1,270/tonne FOB Korea. Buying indications for August parcels were heard at $1,270/tonne FOB Korea,

Taiwan’s FPCC buys July naphtha supplies at discount levels

Mon, 17 Jun 2013 03:29:00 GMT

SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) has bought by tender 80,000-90,000 tonnes of spot naphtha supply for delivery to Mailiao in July, traders said Monday. The deals for the cargoes were done at discount levels ranging from 50 cents/tonne (38 euro cents/tonne) to $1.50/tonne to Japan quotes CFR (cost freight), they added. “From second-half June to first half of July, the market is oversupplied,” one trader said. FPCC last bought by tender 30,000-60,000 tonnes of spot naphtha supply for delivery to Mailiao in the first half of June, at a premium of below $10/tonne to Japan quotes CFR. ($1 = €0.75)

Japan’s Mitsubishi Chemical runs naphtha crackers at 85% capacity

Mon, 17 Jun 2013 03:24:00 GMT

SINGAPORE (ICIS)--Japan’s Mitsubishi Chemical is operating its naphtha crackers in the country at 85% capacity in June, which are similar to the levels in May, said a source familiar with the situation on Monday. Meanwhile, Mitsubishi Chemical’s 493,000 tonne/year naphtha cracker in Mizushima is slated to be shut from mid-May to early July and its 489,000 tonne/year No 2 cracker in Kashima will be shut in mid-August for 50-55 days. There is no maintenance scheduled for its 392,000 tonne/year No 1 cracker in Kashima this year.

Improving supply and weak crude dampen spot LNG prices

Fri, 14 Jun 2013 16:38:05 GMT

East Asian prices remained range-bound in LNG trading for July delivery as nuclear outages in South Korea and strong competition from outside the region...

JX Nippon Oil & Energy's Muroran refinery at high rates after restart

Fri, 14 Jun 2013 12:45:00 GMT

SINGAPORE (ICIS)--JX Nippon Oil Energy is running its 180,000 bbl/day Muroran refinery at high rates after it was restarted on 9 June following a close to a month-long turnaround, a source at Japan’s largest refiner said on Friday. The Muroran refinery is located on the northern Japanese island of Hokkaido. The company did not specify the exact operating rates. The aromatics facility at the site is able to produce 120,000 tonnes/year of benzene and 400,000 tonnes/year of mixed xylenes, the source said.

Market Comment: Japan's LNG demand may rebound on warmer weather, lower offers

Fri, 14 Jun 2013 11:02:14 GMT

Japanese LNG demand could improve on the back of higher-than-average temperatures in the country and opportunistic buying interest, market participants said. The...

EVENING SNAPSHOT - Asia Markets Summary

Fri, 14 Jun 2013 11:00:00 GMT

SINGAPORE (ICIS)--Here is Friday’s end-of-day Asia oil and chemical markets summary. CRUDE: July WTI $96.99/bbl, up 30 cents/bbl; Aug BRENT $105.22/bbl, up 27 cents/bbl Crude oil futures rose in the afternoon session amid a weakening of the US dollar. NAPHTHA: $878.00-880.00/tonne CFR Japan, up $3-4/tonne Open-spec second-half July prices firmed up in the afternoon session, tracking crude prices. BENZENE: $1,278-1,280/tonne FOB Korea, up $5-6/tonne Two September lots were traded at $1,263-1,264/tonne FOB Korea in the afternoon session. The intermonth spread between for July and August was at a backwardation of $10-11/tonne FOB Korea. TOLUENE: $1,080-1,080/tonne FOB Korea, up $5/tonne at the low

Price and market trends: Asia ACN prices may bottom out on lower output, rising costs

Fri, 14 Jun 2013 09:42:00 GMT

However any uptrend in ACN prices could be limited given relatively weak downstream demand Asia acrylonitrile (ACN) prices may bottom out on the back of regional reduced supply and the recent rising feedstock of propylene, industry sources said on 4 June. Asia ACN prices rebounded to $1,650-1,730/tonne (€1,254-1,315/tonne) CFR (cost freight) NE (northeast) Asia on 31 May after prices dropped from $1,950-2,000/tonne CFR NE Asia in mid-March, according to ICIS. In response to the falling ACN prices and weak demand from the downstream acrylic fibre (AF) and acrylonitrile-butadiene-styrene (ABS) sectors, major suppliers in Asia have been running their plants at reduced rates of around 80% capacity in the past two months. This has reduced supply and deterred the price downtrend, sources said. Taiwan's China Petrochemical Development Corp (CPDC) is running its 240,000 tonne/year ACN plant in Kaohsiung at 80-85% capacity,

News in brief

Fri, 14 Jun 2013 09:31:00 GMT

PICTURE CREDIT: Rex Features PICTURE CAPTION: Asia marine coatings to surge AMERICAS NOVA breaks ground on 1bn lb/year LLDPE unit NOVA...

Price and market trends: Asia naphtha spreads to weaken on softer petrochemical demand

Fri, 14 Jun 2013 09:31:00 GMT

Weakening petrochemical demand tempers price gains derived from the peak US driving season Asia's naphtha intermonth spreads are expected to weaken amid renewed concerns over weaker petrochemical demand and ample cargo availabilities, traders said on 3 June. The US driving season is a major source of gasoline demand Copyright: Rex FeaturesMarket sentiment may turn bearish in spite of firm gasoline blending demand, after key spot buyer Formosa Petrochemical Corp (FPCC) reduced the run rates at its three naphtha crackers in Mailiao, Taiwan, to around 85% of capacity the week before because o

Chemical Profile: Asia VCM

Fri, 14 Jun 2013 09:27:00 GMT

USES Vinyl chloride monomer (VCM) is used almost exclusively in the manufacture of polyvinyl chloride (PVC). Almost 98% of it is used this way. The...

Asia toluene outlook bleak on high inventory at end-markets

Fri, 14 Jun 2013 08:06:58 GMT

By Ong Sheau Ling SINGAPORE (ICIS)--Asia's spot toluene market is on its seventh trading day of price decline on Friday, with no recovery expected in the near term as most end-markets are saddled with high inventory, market players said. Abundant spot supply, languid demand and closed arbitrage window from Asia to the US, also contributed to the bearish sentiment prevailing in the market, they said. On 13 June, spot toluene prices stood at an 11-week low of $1,085-1,095/tonne (€814-821/tonne) FOB (free on board) Korea for June and July parcels, $1,090-1,100/tonne FOB Korea for August loading, $1,095-1,10

Poor demand, ample supply to cap Asia benzene upside

Fri, 14 Jun 2013 07:26:00 GMT

By Ong Sheau Ling SINGAPORE (ICIS)--Spot benzene prices in Asia are likely to move sideways or even soften in the near-term, weighed down by a lack of physical demand while regional supply is building up, market players said on Friday. Spot enquiries from China and the US – the two largest outlets for Asian benzene – were notably lacking this week amid a closed arbitrage window, they said. On 13 June, benzene prices closed at an 11-week low of $1,275-1,277/tonne (€956-958/tonne) FOB (free on board) Korea for June and July cargoes; $1,265-1,270/tonne FOB Korea for August parcels; and $1,265/tonne for September lots, according to ICIS data. The price spread between FOB Korea basis and equivalent import parity in C

NOON SNAPSHOT - Asia Markets Summary

Fri, 14 Jun 2013 05:00:00 GMT

SINGAPORE (ICIS)--Here is Friday’s midday Asia oil and chemical markets summary. CRUDE: July WTI $96.76/bbl, up 7 cents/bbl; Aug BRENT $104.71/bbl, down 24 cents/bbl Brent crude futures fell in the morning session amid lingering demand worries. Front month July Brent crude expired on Thursday. NAPHTHA: $874.00-877.00/tonne CFR Japan, up $13-14/tonne Open-spec second-half July prices were higher in morning trade, tracking higher crude futures. BENZENE: $1,272-1,275/tonne FOB Korea, down $2/tonne at the high end Discussions were sparse in the morning session following a softer US market overnight. Offers for September loading were at $1,264-1,265/tonne FOB Korea amid limited buying interest. For August loading, bids were at $1,260-1,262/tonne FOB Korea with no counter offers.

Japan’s Daicel Industries to restart acetic acid plant by 21 June

Fri, 14 Jun 2013 04:13:25 GMT

SINGAPORE (ICIS)--Japan’s Daicel Industries is on track to restart operations at its 420,000 tonne/year acetic acid plant at Himeiji, Hyogo prefecture, by 21 June following a one-month turnaround, according to a company official. “We plan to restart around 20 to 21 June,” the official said. Prior to the shutdown, the plant was running at 100% capacity and it is expected to be operated at full capacity after the restart, he added. The company conducts a turnaround at its plant every two years. The turnaround is unlikely to affect the company’s market significantly as it had sufficient inventory, the official added. Major acetic acid producers in Asia include BP, Celanese, China’s Jiangsu Sopo, Shanghai Wujing, Yankuang Cathay Coal Chemicals and Taiwan’s Chang Chun Petrochemical.

Japan’s Sumitomo Chem may cut July run rates at Chiba EPDM plant

Fri, 14 Jun 2013 03:50:00 GMT

SINGAPORE (ICIS) – Japan’s Sumitomo Chemicals may consider cutting the operating rate of its 40,000 tonne/year ethylene propylene diene monomer (EPDM) plant in Chiba prefecture to around 90% of capacity if market conditions do not improve in July, a company source said on Friday. EPDM prices for the medium ENB (ethylidene norbornene) grade fell to $2,850-2,950/tonne (€2,138-2,213/tonne) CFR (cost and freight) southeast (SE) Asia on 12 June, down by $50/tonne from the previous week, according to ICIS data. Sumitomo’s EPDM plant in Sodegaura city is running at full capacity this month. The unit is scheduled to shut in September for a month-long maintenance. ($1 = €0.75)

Market Report: Summer LNG supply picture takes shape

Thu, 13 Jun 2013 21:08:02 GMT

Cargo availability improved across both the Atlantic and Pacific basins this week, but key demand centres are supporting prices

Focus: South Korea’s nuclear woes add to LNG demand predicament

Thu, 13 Jun 2013 19:16:27 GMT

South Korea's latest long-term power demand forecasts underlines its ambitions to reduce its LNG consumption. Renewed concerns over its alternative fuel options, however, may force it to revise those plans

Japan’s NRA to inspect Kansai Electric's nuclear reactors in Oi

Thu, 13 Jun 2013 18:47:31 GMT

Japan's Nuclear Regulation Authority (NRA) will conduct an onsite inspection at Kansai Electric's nuclear plant in Oi, Fukui prefecture, on 15 June to determine...

PETRONAS to spend $20bn on Canadian LNG project

Thu, 13 Jun 2013 18:47:25 GMT

Malaysia's national oil and gas company PETRONAS plans to invest $20bn in its Pacific NorthWest LNG project in west Canada over the next few years, its vice-president...

Europe chemical stocks fall on US Fed stimulus scale-back fears

Thu, 13 Jun 2013 16:22:00 GMT

LONDON (ICIS)--European chemical company stock prices fell in line with general markets on Thursday as a result of expectations that US central bank the Federal Reserve may begin to reduce its quantitative easing (QE) programme. Improving economic data has fuelled speculation that Federal Reserve policymakers may be preparing to dial back the level of stimulus spending it injects into the US economy, with the goal of shifting growth into a more natural cycle. Fed chairman Ben Bernanke said in May that the bank will continue on its third round of QE, but that the programme could be scaled back if macroeconomic indicators improve. US stimulus spending has been beneficial to other markets, particularly in light of the fragility of many economic r

EVENING SNAPSHOT - Asia Markets Summary

Thu, 13 Jun 2013 11:00:00 GMT

SINGAPORE (ICIS)--Here is Thursday’s end-of-day Asia oil and chemical markets summary. CRUDE: July WTI $95.24/bbl, down 64 cents/bbl; July BRENT $102.91/bbl, down 58 cents/bbl Crude futures extended losses in afternoon trade, tracking the slump in global financial markets, amid uncertainty about energy demand after the World Bank cut its global growth forecast for 2013. Prices were also weighed down by an unexpected build in US crude and gasoline inventories. NAPHTHA: $861.00-863.00/tonne CFR Japan, down $5.50-6.50/tonne Open-spec second-half July prices reversed earlier gains on falling crude futures and ample supply of the petrochemical feedstock. BENZENE: $1,272-1,277/tonne FOB Korea, down $1-4/tonne An August cargo was closed at $1,268/tonne FOB Korea, while an intermonth spread between August and September was concluded at a backwardatio

Japan's naphtha imports for ethylene rise 12% in May

Thu, 13 Jun 2013 10:30:00 GMT

TOKYO (ICIS)-- Japan’s imports of naphtha for ethylene production increased by 12% to 1.20m tonnes in May from the previous month, official data from the Ministry of Economy, Trade and Industry (METI) showed on Thursday. Total naphtha imports for the petrochemical sector rose by 6.7% month on month to $1.11bn (€0.83bn) in May, according to the ministry. The average price of naphtha was $921.90/tonne, down by 5.9% from the previous month, the data showed. ($1 = €0.75)

Malaysia's PETRONAS to decide on second FLNG plant this year

Thu, 13 Jun 2013 10:09:51 GMT

Malaysia's national oil and gas company PETRONAS plans to take a final investment decision on its second floating LNG (FLNG) liquefaction plant located offshore...

Market Comment: Prices in Asia could soften as global supply eases

Thu, 13 Jun 2013 10:06:50 GMT

LNG prices in Asia could edge down in the coming weeks, as global supply eases, market participants said. Shell Petroleum Development Co (SPDC) has...

Taiwan’s FPCC seeks spot naphtha supply for July

Thu, 13 Jun 2013 06:50:00 GMT

SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) is seeking by tender spot naphtha supply for delivery to Mailiao in July, traders said Thursday. The tender closes later on 13 June, they added. The volumes will depend on the offer levels, traders said. FPCC last bought by tender 30,000-60,000 tonnes of spot naphtha supply for delivery to Mailiao in the first half of June, at a premium of below $10.00/tonne (€7.50/tonne) to Japan quotes CFR (cost freight). ($1 = €0.75)

Shares of major Asian petchem firms lower in early trade

Thu, 13 Jun 2013 05:57:00 GMT

SINGAPORE (ICIS)--Shares of major Asian petrochemical firms were mostly lower in early trade on Thursday, tracking the slump in regional bourses, after the World Bank cuts its global growth forecasts. By 12:27 hours Singapore time (04:27 GMT), Japan’s Mitsui Chemicals was down by 3.25%, Mitsubishi Chemical fell by 4.44% and Asahi Kasei Corp slipped b 3.98%. The benchmark Nikkei 225 index was down 4.65% at 12,671.31. In South Korea, SK Innovation was down by 1.06% while Hanwha Corp fell by 0.97% . LG Chem bucked the trend with a 0.58% increase. The Korea Stock Exchange KOSPI Index was down by 0.75% at 1,895.64. Malaysia’s Petronas Chemicals Group wad down by 0.15% while Thai producer PTT Global Chemical fell by 4.06%. The World Bank on 12 June said that it expects global GDP to expand by 2.2% in 2013, down from a January forecast of a 2.4% growth. The world economy grew by 2.3% in 2012. “Hard data so far this year point to a

Asia naphtha price differentials may worsen on long supply

Thu, 13 Jun 2013 05:15:00 GMT

By Felicia Loo SINGAPORE (ICIS)--Excessive cargo availability will continue to weigh on the Asian naphtha market, raising the possibility of a further decline in premiums on spot transactions, and a swing to discounts on some deals, traders said on Thursday. Spot naphtha price differentials have weakened this week given the region's bloated supply despite stable-to-firm gasoline blending demand, and stable-to-soft petrochemical usage, they said. On Thursday morning, open-spec naphtha prices for the second half of July delivery rose to $866.50-869.50/tonne (€649.88-652.13/tonne) CFR (cost and freight) Japan, up by $3.50-4.50/tonne from Wednesday because of overnight crude oil gains. Asia, being a net importer of naphtha, tends to require around 8

NOON SNAPSHOT - Asia Markets Summary

Thu, 13 Jun 2013 05:00:00 GMT

SINGAPORE (ICIS)--Here is Thursday’s midday Asia oil and chemical markets summary. CRUDE: July WTI $95.56/bbl, down 32 cents/bbl; July BRENT $103.30/bbl, down 19 cents/bbl Crude futures were lower in Asian morning trade, reversing gains from the previous day, following an unexpected build in US crude and gasoline inventories. NAPHTHA: $866.50-869.50/tonne CFR Japan, up $3.50-4.50/tonne Open-spec second-half July prices rose slightly in morning trading on overnight crude gains. BENZENE: $1,276-1,278/tonne FOB Korea, down $1-4/tonne Bids were lower for any August loading at $1,266-1,268/tonne FOB Korea, while offers were at $1,274-1,275/tonne FOB Korea. For first-half August parcels, offers were at $1,275/tonne FOB Korea, against bids at $1,269/tonne FOB Korea. TOLUENE: $1,090-1,095/tonne FOB Korea, down $10/tonne at the high end Discus

South Korea’s YNCC buys 50,000 tonnes naphtha at weaker premium

Thu, 13 Jun 2013 03:54:00 GMT

SINGAPORE (ICIS)--South Korea’s Yeochun NCC (YNCC) has purchased two spot naphtha cargoes totalling 50,000 tonnes for delivery to Yeosu at a low single-digit premium, reflecting a bearish naphtha market, traders said on Thursday. The deal for the cargoes was done at a premium of $1.50/tonne (€1.13/tonne) to Japan quotes CFR (cost freight) for delivery in the second half of July, they added. YNCC last bought by tender around 400,000 tonnes of term naphtha supply for the period from July 2013 to June 2014, at a premium of $7.75/tonne to Japan quotes CFR. ($1 = €0.75)

Malaysia’s Titan buys 55,000 tonnes naphtha for mid-July

Thu, 13 Jun 2013 03:18:00 GMT

SINGAPORE (ICIS)--Malaysia’s Titan Chemicals has bought 55,000 tonnes of spot full-range naphtha for delivery to Pasir Gudang in mid-July, traders said on Thursday. The deal for the cargo was done at a discount of 50 cents/tonne (38 euro cents/tonne) Japan quotes CFR (cost freight), they added. The loading dates are 11-15 July, traders said. The price differentials slipped into a negative territory because of overwhelming supply, they added. “The prompt market is long on supply,” said one trader. Despite of stable-to-firm gasoline blending demand, the naphtha market is hit by surplus material in the region, traders said. Titan Chemicals previously bought by tender 120,000-130,000 tonnes

PRISM Pharma closes $15 M series c financing to advance PRI-724 into non-oncology indications

Thu, 13 Jun 2013 00:00:00 GMT

Source: Company press release, 13 Jun 2013 , 13 Jun 2013 , Website: http://www.prnewswire.com PRISM Pharma Co Ltd, a drug discovery company focused on developing small molecule technologies that modulate protein-protein interactions, announced the close of an approximately $15 M (approximately Yen 1.4 bn) Series C financing. This funding was led by Innovation Network Corp of Japan, a unique public-private partnership aimed at promoting innovation and enhancing the value of Japanese businesses. Existing investor Development Bank of Japan also participated in the round. Proceeds will be used to fund clinical trials of PRISM's lead compound, PRI-724, for the treatment of fibrosis and other related conditions. Original Source: PRISM Pharma Co, 2013. Found on website: http://www.prnewswire.com. Released to ICIS 19 Jun 2013 [This article was prepared by Chemical Business NewsBase (CBNB), a third party premium option available through ICIS news.

Fecc: EU presses on with free trade deals

Wed, 12 Jun 2013 18:47:00 GMT

As WTO trade talks have stalled, the EU is forging its own path with other countries and regions in a bid to open up foreign markets and boost trade and investment Trade liberalisation is a key priority for the EU. According to the European Commission, 90% of added world demand over the next two years will be generated outside the EU. The institution has been working hard to conclude free-trade agreements (FTAs) on a country and regional basis in an effort to open up foreign markets. Distributors stand to benefit from the extension of free trade of goods and services Copyright: Rex Features

BP report illustrates changing global energy picture

Wed, 12 Jun 2013 18:11:00 GMT

HOUSTON (ICIS)--An abundance of energy sources presents challenges to companies looking to invest in regions across the globe, UK-based BP said on Wednesday. In its 62nd annual Statistical Review of World Energy, BP pointed to the shale gas and oil boom in the US, Japan’s move away from nuclear power and Europe’s migration away from natural gas to coal for power generation as examples of a world dotted with myriad energy strategies. “For those of us in the energy industry, the challenges are about how we respond to the big shifts we are seeing – a shift in demand towards emerging economies and a shift in supply towards a greater diversity of energy sources, including unconv

Carbon fibre slowly making inroads into petchems' auto territory

Wed, 12 Jun 2013 16:00:00 GMT

By Mark Yost DETROIT (ICIS)--Market sources who supply raw materials such as polycarbonate (PC) and acrylonitrile-butadiene-styrene (ABS) to auto parts makers are not concerned about carbon fibre moving into mass-market vehicles -- at least not yet, sources said on Wednesday. "It's something that's been talked about for the past decade," said one source. "It is coming? Certainly. But not anytime soon." Market sources that supply petchem-based plastics and resins also said that even when carbon fibre does become affordable for mass-market vehicles, it will not really compete with the parts of the car for which they provide material. "

Shipping market focuses on mid-term deals

Wed, 12 Jun 2013 12:27:11 GMT

The number of available new-build vessels currently being marketed for deliveries until the end of 2015 is putting significant pressure on mid-term rates,...

Toagosei to shut Singapore acrylate esters plant in end-June

Wed, 12 Jun 2013 11:58:00 GMT

SINGAPORE (ICIS)--Japan’s Toagosei plans to shut its acrylate esters plant in Singapore in end-June for scheduled maintenance, a source close to the company said on Wednesday. The plant, located on Jurong Island, would be shut for a month long maintenance, the source said. Toagosei’s Singapore facility includes a 60,000 tonne/year butyl acrylate plant, and a 20,000 tonne/year methyl acrylate/ethyl acrylate swing unit. The units are currently operating at 100%, the source added.

Japan's LNG demand to remain weak this summer on mild weather forecasts

Wed, 12 Jun 2013 11:13:40 GMT

Japan's spot LNG demand from June to September is expected to be lacklustre, because of normal-to-mild temperatures forecast for summer and sufficient inventories...

Market Comment: Shell lifts force majeure for Nigerian gas supply

Wed, 12 Jun 2013 11:10:30 GMT

The Shell Petroleum Development Co (SPDC) lifted a force majeure on its upstream gas supply feeding into the 22mtpa Nigeria LNG (NLNG) production plant as...

EVENING SNAPSHOT - Asia Markets Summary

Wed, 12 Jun 2013 11:00:00 GMT

SINGAPORE (ICIS)--Here is Wednesday’s end-of-day Asia oil and chemical markets summary. CRUDE: July WTI $95.10/bbl, down 28 cents/bbl; July BRENT $102.78/bbl, down 18 cents/bbl Crude futures continued to trade lower in the afternoon session after both the Organization of the Petroleum Exporting Countries (OPEC) and the US Energy Information Administration (EIA) slashed their demand projections on Tuesday. Oil prices were also weighed by an unexpected rise in US crude stockpiles last week. NAPHTHA: $863.00-865.00/tonne CFR Japan, up $4.50-5.50/tonne Open-spec second-half July prices pared earlier losses in afternoon trading, as crude futures trimmed its losses. The first-half August contract was traded at $863/tonne, while the second-half/first-half September spread was done at a backwardation of $4/tonne. BENZENE: $1,277-1,282/tonne FOB Kor

India’s Reliance to restart Vadodara LAB unit if economics improve

Wed, 12 Jun 2013 10:12:00 GMT

SINGAPORE (ICIS)--India’s Reliance Industries plans to restart its linear alkyl benzene (LAB) plant at Vadodara in Gujarat state only when market economics improve, a source close to the company said on Wednesday. “The current spread between prices of LAB prices and its feedstocks is too narrow to allow the plant to operate in a viable manner,” the source said. Company sources were not available for comment. According to industry sources, at the current feedstock cost level, LAB prices need to be above $1,900/tonne (€1,425/tonne) FOB (free on board) India for the plant’s operations to be viable. In addition, the Vadodara plant is 33 years old and not very energy-efficient, the sources said. The 60,000 tonne/year plant was shut for maintenance in the third week of February and was expected to be restarted by the end of March. However,