Chemicals News Today

Petrochem profitability is muted by oversupply and increased imports. Domestic capacity for PP (1.8x) and PVC (2.5x) surges by FY30, but high import reliance (PVC 3/4ths) and competition challenge Indian manufacturers.

Gulf Oil Lubricants India launched new Gulf Syntrac engine oil, expanding its portfolio and strengthening its position in the Indian market. This move caters to diverse customer requirements and demonstrates commitment to product development.

Global ethylene feedstock prices showed mixed movement across regions. In the US Gulf Coast, FD prices increased to 18.25 cents/lb, indicating an upward trend. European prices remained unchanged, with FD Northwest Europe at €525/MT and CIF NWE at €680/MT. In Asia, prices were stable, with CFR Northeast Asia at $740/MT and CFR Southeast Asia at $720/MT.

New US PE capacity (2mn t/yr) in 2026, coupled with 4mn t/yr global supply, will create oversupply. This favors buyers, keeping prices low despite producers' efforts. US exports rose from 39% (2022) to 48% (2025).

China's futures market saw mixed movements for May 2026 contracts. PP futures rose to 6,300 RMB/MT, LLDPE held steady at 6,465 RMB/MT, and PVC futures opened lower at 4,816 RMB/MT.

The European Commission has imposed antidumping duties of up to 115.9% on Chinese choline chloride imports, effective December 26, 2025.

NMDC and SAIL will auction 11,867 tonnes of crude coal tar across four plants from December 30, 2025, to January 3, 2026. SAIL-Rourkela leads with 10,000 tonnes.

India's petrochemical demand is projected to grow 6-7% annually. Capacity, especially polypropylene, will expand 1.8x by FY30 to cut imports. Profitability faces global oversupply, but a 200 bps EBITDA margin recovery is expected in H1 FY26.

Mitsubishi Chemical plans a new MMA plastics facility in India, targeting production by 2030. Location finalization is set for March 2027, strengthening its global manufacturing footprint and supply chains in this strategic growth market.

Asia's gasoline softened, hovering near a three-month low, despite upbeat spot activity. Naphtha saw a thin market, and gasoline margins fell week-on-week.