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Asia-Pacific Polyether Polyols Bi-weekly Report (20220620-20220701)
July 11, 2022    [Source:PUdaily]
Market Overview
As for Southeast Asia (hereinafter referred to as SE Asia) countries, polyols price in most of them decreases in the reporting period.
Flexible slab polyols offerings are currently heard at around USD1,550-1,750/tonne CIF SE Asia in drum.
2.1 Vietnam
It is reported on June 30, that Vietnam's GDP in 2022Q2 will increase by about 7.72% YOY, which is higher than the growth rate in the
second quarter of the 2011-2021 period. The cumulative first-half GDP growth was 6.42%, higher than the same period in 2020 and 2021,
but lower than the level in 2018 and 2019. Among them, the processing and manufacturing industry is the growth driver of the entire
Vietnamese economy, with an increase of 9.96%. At the same time, Vietnam’s exports in the second quarter of this year reached USD
96.8bn, a year-on-year increase of 21%. In the first half of the year, the cumulative export volume was USD 185.94bn, a year-on-year
increase of 17.3%. In the second quarter, the import value reached USD 97.6bn, a year-on-year increase of 15.5%. In the first half of the
year, the cumulative import was USD 185.23bn, a year-on-year increase of 15.5%. Despite the surge in refined oil prices, the consumer
price index (CPI) rose only 0.69% month-on-month in June, up 3.18% from December last year and up 3.37% year-on-year. In the first
half of the year, the average growth rate of CPI was 2.44%.
 
At the same time, Automechanika Ho Chi Minh City 2022, the first international auto industry trade event to return to Vietnam this year,
was officially opened on June 29 at the Saigon Exhibition and Convention Center (SECC) in Vietnam. A group of local Vietnamese
enterprises presented a panoramic view of the development status and trends of local automobile manufacturing and related industries in
Vietnam. The pavilions from Korea, Malaysia, Thailand and China Taiwan also brought the latest products, technologies and skills that
meet the needs of the Vietnamese market. In addition, the exhibition's digital platform V-Connect was opened for use on June 2, and
1,248 active users from 49 countries and regions including the United Arab Emirates, Australia, South Korea, Japan, and Spain have
logged in and used them. More than 35% of users expressed their desire to find business partners in Vietnam through the platform. This
event will play a vital role in promoting the electrification, digitalization and comprehensive transformation of Vietnam's industry.
 
In Vietnam, the PPG market goes down in reporting period. Flexible slab polyols offerings are heard at around USD 1,600-1,750/tonne;
HR polyols was reported at around USD 1,800-1,950/tonne; CASE polyols at USD 1,900-2,050/tonne CIF and POP45% is reported at
USD1,950-2,050/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
1,700-1,800/tonne; HR polyols was reported at around USD 2,050-2,150/tonne; CASE polyols at USD 2,100-2,200/tonne CIF and
POP45% is reported at USD 2,050-2,150/tonne. All in drum and CIF....
 
Click here for a sample:
 
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