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According to news from Axioms Singapore, with the rapid spread of Delta coronavirus variants and the slow promotion of vaccines, downstream petrochemical companies in Southeast Asia have poor demand and production has been declining
.
The restrictive measures implemented to curb the momentum of the new crown pneumonia virus infection have forced some downstream end-market manufacturers in Southeast Asia to either close their factories or reduce the operating rate of their factories due to the reduction of on-site manpower
An Indonesian source said: “Many factories have reduced their operating rates due to the return of the new crown pneumonia epidemic, and some factories have reduced their production capacity by as much as 50%
.
In particular, downstream plastic processors are in a more difficult situation
Malaysian oleochemical manufacturers Emery oleeochemicals and Southern Acids Industries both announced force majeure in their supply
.
According to Malaysia's latest stricter flow control order, the business of these two companies is not a key industry
In the ethyl acetate market, Southeast Asia will also usher in a strong headwind in the third quarter
.
As of July 15, the spot market discussions on August deliveries showed signs of weakness
In the soda ash market, the buying momentum in Vietnam has slowed down because Ho Chi Minh City, the economic center of Vietnam, entered a two-week blockade on July 9
.
In Malaysia, due to manpower shortages, the operation of downstream soda ash plants has been restricted, and high sea freight rates have also inhibited the demand for exports of manufactured goods
In the polyethylene market, due to the closure of downstream production facilities or production cuts, demand in many of the largest markets in Southeast Asia has been affected
.
In Malaysia, the operating rate of some polyethylene pipe processors has dropped by 30% to 50%
