Chemicals

South Korea - LG Chem opens doors for all to Europe 

Source: Maeil Business Newspaper, 18 August 2010

LG Chem, the largest maker of chemicals in South Korea, is accelerating moves to overcome trade barriers in the European market set as a result of the European Union's REACH, a legislative framework on Registration, Evaluation, Authorization, and Restriction of Chemical, seeking co-prosperity with small suppliers. The company announced it completed registration of Acrylic Acid and Butyl Acrylate at REACH.

LG Chem's registration of the two chemicals enables all domestic companies that handle the chemicals to export their products to the EU without restrictions. Since most domestic exporters are small and medium-size firms, it is difficult for them to bear the huge costs of registering every single raw material used in their products under the European system.

Singapore - Chemicals industry to spearhead productivity growth

Source: Straits Times, 19 August 2010

Raising productivity and keeping it at a high level is a tall order but the energy and chemicals industry can certainly meet the challenge, according to Senior Minister of State for Trade and Industry S. Iswaran. Firms in these areas are already among the most productive in Singapore and they can improve further, he said.

The petrochemicals and specialities sector contributed S$58 billion (US$42.8 billion) of Singapore's manufacturing output and S$1.9 billion (US$1.4 billion) in value-added last year. Singapore stands to gain from rising demand in Asia for chemical products. Singapore aims to boost the sector by enhancing infrastructure development, creating competitive feedstock for petrochemicals, and also move up the value chain with advanced materials as well as speciality chemicals.

China - Chemical fiber sector going into upswing cycle

Source: Asia Pulse, 23 August 2010

China's chemical fiber sector has begun to embark on an upswing climate cycle, the industry association believes. Industrial development theory developed over the past 30 years suggests China's chemical fiber sector can be expected to boom this year, and the major growth shown in the first half of 2010 has already confirmed this prediction, the China Chemical Fibers Association (CCFA) said.

Sichuan Youli Investment Holding released a forecast for its H1 performance that its net profit in the period would soar 1,373.96% year on year. Other listed companies, including Zhejiang Huafeng Spandex, Xinxiang Chemical Fibre, and Yantai Spandex also forecast in their quarterly reports that their H1 net profit would surge 1,900-2,400%, 988%, 350-400%, respectively.

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