Asian Markets

March 24, 2020

MDI 50 Asian Update

 

 

 

 

 

 

 

Read more here:  http://www.pudaily.com/News/NewsView.aspx?nid=81709

March 17, 2020

Dow China Update

Dow Inc CEO: China business rebounding as coronavirus outbreak eases

Key Points
  • Dow Inc. CEO Jim Fitterling expressed optimism Monday about the U.S. economies ability to recover from the coronavirus.
  • “In fact, the last two weeks we’ve seen our demand in China bounce back,” he said on “Mad Money.”
  • “I think that tells us that we can see the same thing wash through the economy here,” he said.

Dow Inc. CEO Jim Fitterling expressed optimism Monday about the U.S. economy’s ability to recover from the coronavirus, pointing to positive signs coming from Chinese market.

“Our demand is good right now,” Fitterling told CNBC’s Jim Cramer. “In fact, the last two weeks we’ve seen our demand in China bounce back.”

Fitterling, appearing on “Mad Money,” said the company really started to see the economic impacts from the coronavirus in China in early February, which was after the government implemented widespread travel restrictions in attempt to slow the disease’s spread.

“We’ve already started to see a recovery from that,” he said. “I think that tells us that we can see the same thing wash through the economy here.”

The number of coronavirus cases outside of mainland China is now greater than the number there, where the disease was discovered in late December.

There are more than 181,000 cases globally. China has more than 81,000 of them while Italy is home to the second-largest outbreak with more than 27,000 cases, according to data from Johns Hopkins University.

China’s National Health Commission said there were 16 new confirmed cases of COVID-19 in China and 14 new deaths as of Sunday.

The U.S. has more than 4,000 confirmed cases of as Monday night.

Shares of Dow Inc., which makes chemicals used in brake fluids and packaging materials, closed Monday at $22 after falling 14.4%.

The stock, like the broader market, has taken a hit in recent weeks as investor concern grows about the economic consequences of the coronavirus.

Dow’s stock is down 59.8% so far this year. The S&P 500 sits more than 29% off its February highs after it fell 11.98% on Monday.

The fall in Dow’s stock price has created a dividend yield of around 12%, Cramer said.

Fitterling said the company has taken ample steps to protect its quarterly dividend of 70 cents since it was spun off from what is now DuPont de Nemours, Inc. last year.

For example, the company has paid down nearly $3 billion in debt, he said, and began the year with more than $2 billion in cash on hand.

“The market is full of fear, uncertainty and doubt and they may project that onto the dividend,” he said. “It’s an artificially high dividend yield. We’re in a much, much different financial position than we’ve been, and we did it deliberately to be ready to go into a down cycle after about a 10 to 11 year bull run in this market.”

https://www.cnbc.com/2020/03/16/dow-inc-ceo-business-returns-in-china-as-coronavirus-outbreak-eases.html

March 17, 2020

Dow China Update

Dow Inc CEO: China business rebounding as coronavirus outbreak eases

Key Points
  • Dow Inc. CEO Jim Fitterling expressed optimism Monday about the U.S. economies ability to recover from the coronavirus.
  • “In fact, the last two weeks we’ve seen our demand in China bounce back,” he said on “Mad Money.”
  • “I think that tells us that we can see the same thing wash through the economy here,” he said.

Dow Inc. CEO Jim Fitterling expressed optimism Monday about the U.S. economy’s ability to recover from the coronavirus, pointing to positive signs coming from Chinese market.

“Our demand is good right now,” Fitterling told CNBC’s Jim Cramer. “In fact, the last two weeks we’ve seen our demand in China bounce back.”

Fitterling, appearing on “Mad Money,” said the company really started to see the economic impacts from the coronavirus in China in early February, which was after the government implemented widespread travel restrictions in attempt to slow the disease’s spread.

“We’ve already started to see a recovery from that,” he said. “I think that tells us that we can see the same thing wash through the economy here.”

The number of coronavirus cases outside of mainland China is now greater than the number there, where the disease was discovered in late December.

There are more than 181,000 cases globally. China has more than 81,000 of them while Italy is home to the second-largest outbreak with more than 27,000 cases, according to data from Johns Hopkins University.

China’s National Health Commission said there were 16 new confirmed cases of COVID-19 in China and 14 new deaths as of Sunday.

The U.S. has more than 4,000 confirmed cases of as Monday night.

Shares of Dow Inc., which makes chemicals used in brake fluids and packaging materials, closed Monday at $22 after falling 14.4%.

The stock, like the broader market, has taken a hit in recent weeks as investor concern grows about the economic consequences of the coronavirus.

Dow’s stock is down 59.8% so far this year. The S&P 500 sits more than 29% off its February highs after it fell 11.98% on Monday.

The fall in Dow’s stock price has created a dividend yield of around 12%, Cramer said.

Fitterling said the company has taken ample steps to protect its quarterly dividend of 70 cents since it was spun off from what is now DuPont de Nemours, Inc. last year.

For example, the company has paid down nearly $3 billion in debt, he said, and began the year with more than $2 billion in cash on hand.

“The market is full of fear, uncertainty and doubt and they may project that onto the dividend,” he said. “It’s an artificially high dividend yield. We’re in a much, much different financial position than we’ve been, and we did it deliberately to be ready to go into a down cycle after about a 10 to 11 year bull run in this market.”

https://www.cnbc.com/2020/03/16/dow-inc-ceo-business-returns-in-china-as-coronavirus-outbreak-eases.html

February 26, 2020

Asian Propylene Climbs

Propylene prices climb in Asia on Tuesday

Petrochemical industry | 26 Feb 2020 09:30 IST | Polymerupdate.com

 

Despite bearish upstream crude and naphtha values, propylene prices gained in Asia, on Tuesday. The price rise was supported by improved buying sentiments in key markets like China, following reports of some ease on the transport ban.

Reports of limited product avails, further supported the price gain.

FOB Korea propylene prices were assessed up at the USD 795/mt levels, while CFR China propylene prices were assessed at the USD 805/mt levels, both up USD 20/mt from last Friday’s assessed levels.

In plant news, Tosoh Corp, is likely to undertake a maintenance shutdown at its naphtha cracker on March 5, 2020. The cracker is expected to remain under maintenance till April 20, 2020. Located at Yokkaichi in Japan, the cracker has an ethylene production capacity of 527,000 mt/year and a propylene production capacity of 315,000 mt/year.

In other plant news, PTT Global Chemical (PTTGC), is likely to restart its No. 2 cracker, by end-February 2020. The cracker was shut for a maintenance turnaround on January 20, 2020. Located at Map Ta Phut, Thailand, the No. 2 cracker has an ethylene production capacity of 400,000 mt/year.

PTT Global Chemical (PTTGC), shut its No. 1 cracker on January 23, 2020 for a maintenance turnaround. The cracker is expected to remain under maintenance for about 6 weeks. Located at Map Ta Phut, Thailand, the No. 1 cracker has an ethylene production capacity of 515,000 mt/year and a propylene production capacity of 295,000 mt/year.

https://www.polymerupdate.com/news/pp/26Feb2020/1039836/propylene-prices-climb-in-asia-on-tuesday

February 26, 2020

Asian Propylene Climbs

Propylene prices climb in Asia on Tuesday

Petrochemical industry | 26 Feb 2020 09:30 IST | Polymerupdate.com

 

Despite bearish upstream crude and naphtha values, propylene prices gained in Asia, on Tuesday. The price rise was supported by improved buying sentiments in key markets like China, following reports of some ease on the transport ban.

Reports of limited product avails, further supported the price gain.

FOB Korea propylene prices were assessed up at the USD 795/mt levels, while CFR China propylene prices were assessed at the USD 805/mt levels, both up USD 20/mt from last Friday’s assessed levels.

In plant news, Tosoh Corp, is likely to undertake a maintenance shutdown at its naphtha cracker on March 5, 2020. The cracker is expected to remain under maintenance till April 20, 2020. Located at Yokkaichi in Japan, the cracker has an ethylene production capacity of 527,000 mt/year and a propylene production capacity of 315,000 mt/year.

In other plant news, PTT Global Chemical (PTTGC), is likely to restart its No. 2 cracker, by end-February 2020. The cracker was shut for a maintenance turnaround on January 20, 2020. Located at Map Ta Phut, Thailand, the No. 2 cracker has an ethylene production capacity of 400,000 mt/year.

PTT Global Chemical (PTTGC), shut its No. 1 cracker on January 23, 2020 for a maintenance turnaround. The cracker is expected to remain under maintenance for about 6 weeks. Located at Map Ta Phut, Thailand, the No. 1 cracker has an ethylene production capacity of 515,000 mt/year and a propylene production capacity of 295,000 mt/year.

https://www.polymerupdate.com/news/pp/26Feb2020/1039836/propylene-prices-climb-in-asia-on-tuesday