OfBusiness Polymer Dailies

8th May’23

Price

• A stable purchase pulse was witnessed in the open market.
• PP raffia (MRPL/Mittal) prices were at Rs.94-95/kg levels. PP film (Mittal) prices were at Rs.97-98/kg levels, while PP injection (MRPL) prices were at Rs.94-95/kg levels. PP Copolymer (IOCL/Opal) prices were at Rs.100-101/kg.
• HMHDPE (HPL) prices, in Mumbai’s open market, were at Rs.101-102/kg levels. HDPE injection (IOCL) was at Rs.98-99/kg levels. HDPE Blow moulding (Haldia) was at Rs.101-102/kg levels.
• LLDPE film (Haldia) prices were at Rs.98-99/kg levels, while LDPE film (Reliance) prices were at Rs.98-99/kg levels.
• Ethylene-based PVC (LG) prices were at Rs.78-79/kg levels. Carbide-based PVC (China) prices were at Rs.75-76/kg levels.

Demand and Supply

• INEOS Zhuhai Chemical’s onstream of its No. 3 purified terephthalic acid (PTA) unit and restart of Oriental Petrochemical’s Purified terephthalic acid (PTA) unit in Shanghai will increase the supply of PTA in the market.
• While Reliance Industries Ltd (RIL) potential shutdown of its Purified terephthalic acid (PTA) unit in Kuantan will reduce the supply of PTA in the market.
• Atmosa’s potential off-stream of its Phthalic anhydride (PA) plant in Schwechat will reduce the supply of PA in the market.
• Borealis’s onstream of its melamine plant in Linz will increase the supply of melamine in the market.

News

• Bearish sentiment prevailed in the EDC and VCM markets owing to sluggish demand from both caustic soda and downstream PVC sectors.
• A sharp week-on-week fall in ethylene feedstock values also weighed negatively on prices.

OFB’s Opinion

• It is expected that PVC prices in Asia will remain flat this week, with market sentiment reported to be steady in the region.