Chemicals
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Indonesia to route key commodity exports via state firm
Indonesia to route key commodity exports via state firm
Singapore, 20 May (Argus) — Indonesian president Prabowo Subianto today announced that the government will require exports of key commodities to be routed through a state-appointed company, in a move that could tighten state control over flows as authorities grapple with fiscal pressures and a weakening currency. The policy will initially target palm oil, coal and ferrous alloys, Prabowo said in a parliament session on 20 May. The market awaits details of the policy, but under the broad plan, export sales would be channelled through a state-owned enterprise (BUMN), which would act as the sole counterparty to overseas buyers. Prabowo said a state-owned enterprise will act as a "marketing facility" which helps the state strengthen monitoring of export transactions and fight against under-reporting the value of exports in the country. The move is also to ensure that exporters do not "run away" from requirements to keep export proceeds in the country for at least one year, he said. Exporters of national resources, except for oil and gas, are required to place 100pc of the foreign currency proceeds into a special deposit account of a national bank for at least 12 months, according to a government regulation imposed in March 2025. Indonesia has lost about $908bn over 1991-2024 because of export under-invoicing, Prabowo said. "This will optimise our tax revenues and government proceeds from sales of key commodities and our natural resources," said Prabowo. "We don't want our exports to be the cheapest because we don't dare to control our own resources." The shift signals a move towards centralised trade management that could help the state capture more foreign exchange earnings and improve revenue collection. But it also risks disrupting established supply chains and complicating trade flows with international buyers. The benchmark Jakarta Composite Index, representing 913 companies spanning from sectors including commodities and energy, extended losses because of the announcement, dropping by as much as 2.4pc before trimming some intra-day losses. The index is down by 27pc from the start of the year. The phased roll-out of the scheme will begin in June and last through August, when exporters will have to gradually shift contracts, transactions and payment flows to BUMN or state-owned enterprises (SOEs), while still handling parts of the export process. The aim of the phased roll-out is to ensure that SOEs gradually take over the international sales of the commodities. The system is set to move to full implementation from September, with the SOEs assuming end-to-end control of transactions. This could include contract negotiation, documentation, shipping co-ordination and receipt of export proceeds, effectively positioning state firms as the primary interface between Indonesian producers and global markets. The Indonesian coal mining association (APBI) did not immediately respond to a request for comment. By Saurabh Chaturvedi and Nadhir Mokhtar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India’s Gail restarts Pata petchem complex
India’s Gail restarts Pata petchem complex
Mumbai, 19 May (Argus) — India's state-owned energy firm Gail has resumed petrochemicals production at its Pata facility in the northern state of Uttar Pradesh on 19 May, following a shutdown that lasted over two months, a source familiar with the matter told Argus . The plant has been shut since 9 March after a government order directed gas distributors to start full or partial curtailment of gas supplies to petrochemical plants, including ONGC Petro Additions (Opal), Gail Pata and Reliance's oil-to-chemicals units. The Pata complex will likely run at a reduced operating rate this week, another source told Argus , although the exact run rate could not be confirmed. It was not immediately clear if the New Delhi issued a fresh order that allowed for a phased restart of the petrochemicals project. India's Ministry of Petroleum and Natural Gas and Gail did not immediately respond to Argus requests for comment. The status of the other plants could also not be determined at the time of writing. Gail's Pata facility has two steam crackers with a combined ethylene production capacity of 900,000 t/yr. It also has a linear low-density polyethylene/high-density polyethylene (LLDPE/HDPE) swing unit with a capacity of 610,000 t/yr and a separate HDPE capacity of 200,000 t/yr. The plant sources feedstock through a pipeline from Indian state-owned upstream firm ONGC's Hazira plant on the west coast of Gujarat. The restart of the plant would bolster domestic supply, partially offsetting reduced availability from Middle Eastern producers, which account for 62pc of India's PE imports, data from Global Trade Tracker show. By Sourasis Bose Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hyosung TNC starts Vietnam bio-BDO supply
Hyosung TNC starts Vietnam bio-BDO supply
London, 18 May (Argus) — South Korean chemical producer Hyosung TNC, a subsidiary of Hyosung Group, has begun production of bio-based 1,4-butanediol (bio-BDO) at its site near Ho Chi Minh City in Vietnam, with a capacity of 50,000 t/yr. The site will be supplied with Brazilian sugarcane as a feedstock and uses fermentation technology from US company Geno, the company announced in a LinkedIn post on 16 May. Bio-BDO is chemically identical to fossil-fuel based BDO and can be easily substituted. BDO is used in the production of polyurethanes, as a chain-extender for some methylene diphenyl diisocyanate (MDI) systems and as an intermediate chemical for polyester polyols. It is also used in the manufacture of medicines, including antibiotics. The company noted that the 50,000 t/yr plant can be scaled up to 200,000 t/yr based on demand for bio-based intermediates. But the company has not specified how it plans to achieve this. The opening of the site follows bio-based chemical producer Qore, a joint venture between US firm Cargill and German operation Helm, opening its 66,000 t/yr bio-BDO site in Iowa, US , in July 2025. The Qore plant uses dent corn as a feedstock. The European Commission (EC) implemented anti-dumping duties on imports of both bio-based and fossil-fuel based BDO in February 2026 from the US, China and Saudi Arabia . There are currently no EU anti-dumping duties on imports of Vietnamese BDO. By George Barsted Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US PE export prices decline on weak demand
US PE export prices decline on weak demand
Houston, 15 May (Argus) — US polyethylene (PE) export prices declined again this week, as weak global demand combined with lower prices out of Asia continued to add downward pressure. US prices were assessed down by between 1.5¢/lb to 5¢/lb from last week's levels for the week ended 15 May, depending upon the grade. The range is beginning to narrow as the upper end has dropped due to a lack of buying interest, sources said. Prices have been easing over the last three weeks due to competion from Chinese resin, which was in some cases as much as $400/t cheaper than US PE. Now, as Chinese prices are rising, and as freight costs out of China increase, the spread between the two regions has narrowed, traders said. "The China window is starting to close because China prices have gone up… and freight is going up also from China," said one US PE trader. But buyers are not willing to entertain higher prices, as they are finding they are having trouble passing those increases on to downstream customers, the trader said. "Demand is very, very weak," the trader said. Global buyers for now are waiting on the sidelines, hoping for further price declines. Traders said they are only doing back-to-back deals at the moment. "Our position is not to buy anything for inventory right now," said another US trader. Preliminary April data from the American Chemistry Council (ACC) released this week showed total US/Canada PE exports declined by 8.5pc from March levels. Exports represented 43.8pc of total sales in April, down from 45.3pc of total sales in March, according to the ACC's Plastics Industry Producers Statistics Group as compiled by Vault Consulting. Market participants said they expect lower export volumes to continue in May, unless prices decline further. One trader said global buyers likely have enough inventory to hold them through at least mid-June or even into July. The trader said prices would need to fall down to the 40s¢/lb level before demand would significantly improve. By Michelle Klump Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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