Shares of BYD Co Ltd ended flat on Wednesday (Jul 2) to make a market capitalisation of RMB1 trillion or around US$139.5 billion. BYD is now worth about half of Toyota Motor Corporation (TMC), which dominates automotive market in Indonesia until now. 

Crude steel production from 70 countries reporting to the World Steel Association, which accounted for approximately 98% of the total world crude steel production, declined 3.8% year-on-year in May 2025, dragged down by 4.7% drop in Asia and Oceania, the single largest production region.

As Indonesia and Singapore are moving closer to renewable energy trade, we see growing investments in solar panel, module or photovoltaic glass in the country. The world’s second largest manufacturer of PV glass for solar power is getting closer to commercial operation.

In the past few months, we’ve seen more announcement of new projects in Indonesia to process natural gas into various chemicals, but particularly ammonia, ammonium nitrate, nitric acid, ethanol, and methanol.

After more than three decades ‘controlling’ upstream petrochemical industry and plastic raw materials, Chandra Asri (TPIA) will have a serious competitor very soon with scheduled commercial operation of new cracker by PT Lotte Chemical Indonesia (LCI). Chandra Asri was last traded at Rp10,000 to make a market capitalisation of Rp865 trillion or US$53 billion, unbelievably expensive for an old factory.

Huge investments in metal processing, particularly copper and nickel, has led to substantial increase in domestic demand for chemicals, particularly caustic soda. Expansion of the country’s pulp and paper industry in recent years also lifted demand for the chemical, encouraging others to invest more in caustic soda.

Butonas Petrochemical Indonesia has secured 90 MMSCFD gas allocations from the Jambaran Tiung Biru (JTB) field in Bojonegoro, East Java province with a period of seven years starting from 2028 to 2035. The amount will fuel its Rp22.8 trillion ethanol and methanol plant in East Java, supporting its operation.

A friend, former investment banker currently assisting West Nusa Tenggara (NTB) provincial government, confirmed slowdown of hotel, restaurant, and cafe (HORECA) industry in the area known for its natural beauty. 

Domestic steel manufacturers have in recent weeks reminded the government about influx of cheap import products. While import of iron and steel (HS 72) declined 1.95% and articles (products) from iron and steel (HS 73) grew only by 4% in the first four months of the year, domestic players are worried about developments in April.