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Asia-Pacific Polyether Polyols Bi-weekly Report (20220718-20220729)
August 01, 2022    [Source:PUdaily]

Market Overview

As for Southeast Asia (hereinafter referred to as SE Asia) countries, polyols price in most of them falls in the reporting period. Flexible slab polyols offerings are currently heard at around USD1,480-1,550/tonne CIF SE Asia in drum.


Under the background that the COVID-19 epidemic has not yet caused disruption and domestic demand and production are supported, Vietnam's manufacturing industry showed steady growth in the first half of 2022.

The latest S & P Global report shows that Vietnam's manufacturing purchasing managers' index was 54 per cent in June. Although it was down from 54.7% in May and down in June, the manufacturing sector improved significantly. The business situation in Vietnam has improved in the past nine months.

Specifically, as the COVID-19 epidemic has not yet caused disruption and the market is relatively stable, production and new orders continued to increase at the end of the second quarter of 2022, especially in the consumer goods sector. At the same time, the number of new export orders increased rapidly. Despite the difficulties facing freight, this is the fastest growth rate in four months.

The report showed an increase in new orders, encouraging manufacturers to continue to increase their workforce in June.

In Vietnam, the PPG market goes down in reporting period. Flexible slab polyols offerings are heard at around USD 1,500-1,600/tonne; HR polyols was reported at around USD 1,700-1,800/tonne; CASE polyols at USD 1,750-1,800/tonne CIF and POP45% is reported at USD1,600-1,700/tonne. All in drum and CIF.

2.2 Indonesia

Indonesia is seeking to use its large nickel reserves to develop the electric vehicle industry. According to the Indonesian government's plan, pure electric vehicles will account for 20% of all new car sales by 2025; the government has also introduced various tax incentives to encourage cars. Manufacturers invest in pure electric vehicles. Meanwhile, the government plans to move the capital to the island of Borneo, where it plans to build a "green" city that relies mainly on public transport and runs entirely on renewable energy.

It is reported that Foxconn Technology Group is considering the investment in the new capital Nusantara to build an electric bus system and Internet of Things network, a move that will support the USD 34bn construction project in Indonesia. On June 26, the chairman of Foxconn Group's flagship subsidiary Hon Hai Precision Industry Co., Ltd. also discussed with Indonesian President Joko Widodo a plan to invest USD 8bn in a manufacturing plant with an electric scooter startup Gogoro.

China's SWMW (SAIC GM Wuling) also released a mini pure electric vehicle not long ago, and it plans to start production in Indonesia before the end of this year. Although the company has not announced the sales price of the new pure electric vehicle in Indonesia, according to the pricing strategy of the Chinese market, the car is likely to detonate the pure electric vehicle market in Indonesia.

The PPG market also goes down in reporting period in Indonesia. Flexible slab polyols offerings are heard at around USD 1,500-1,600/tonne; HR polyols was reported at around USD 1,750-1,850/tonne; CASE polyols at USD1,700-1,800/tonne CIF and POP45% is reported at USD 1,700-1,750/tonne. All in drum and CIF.


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