Chemicals

In the domestic market, VAM prices have witnessed a ₹2/kg increase, now quoted at ₹68/kg ex-Kandla for direct consumers on 60-day payment terms. Importers offer slightly higher rates to traders at ₹68.50/kg ex-Kandla under similar 60-day credit conditions.

The domestic prices for Phenol, Acetone, and IPA have seen a sharp increase following the announcement of a planned maintenance shutdown at Deepak Phenolics' plant, which is scheduled to take place from 10th to 25th October 2024. Currently, import offers for Phenol have risen to ₹105/kg (Ex-Kandla), marking a ₹2/kg increase on an advance payment basis. Acetone prices have also climbed by ₹2/kg, now priced at ₹83/kg (Ex-Mumbai) and ₹82.50/kg (Ex-Kandla) under similar payment terms.

In the domestic market, Methyl Amines prices have decreased by ₹1/kg, despite an uptick in feedstock methanol prices. Current offers for Mono Methyl Amine (MMA) 40% stand at ₹52++/kg, Di Methyl Amine (DMA) at ₹59++/kg, on advance payment terms. Several traders observed that domestic manufacturers like Balaji Amines and Alkyl Amines offered more competitive prices compared to imports, making them a preferred choice for buyers.

Today, GNFC, a domestic manufacturer, reduced Aniline prices by INR 4/kg to INR 145++ for tanker load, while barrel pack prices were at INR 158++ ex-Bharuch on advance payment terms. Importer and trader offers were lower, at INR 140++ ex-Mumbai and Kandla.

Methanol prices have increased by importers by ₹0.25/kg, reaching ₹28.50++ Ex Kandla and ₹28.75++ Ex Mumbai on 60-day payment terms. Trader offers were even higher, at ₹29.00++ Ex Mumbai and ₹28.75++ Ex Kandla, also on 60-day credit terms.

A sharp surge in the Asian benchmark, marked by CFR China methanol prices, has been attributed to the ongoing tensions between Iran and Israel, projecting higher methanol costs. Consequently, the market anticipates a rebound in the MDC market. Domestic manufacturers in the western region are currently offering higher prices, at ₹36++ ex-plant for bulk deals and ₹38++ ex-plant for spot deals to traders and small to medium consumers for October shipments.

Domestic manufacturers have increased the price of ethyl acetate by Rs 4/kg over two consecutive days, reaching Rs 70.00/kg on an ex-Supa basis, as offered by Accord Organics on advance payment terms for October shipments.

Importers have increased the price of Acetone by ₹1/kg to ₹80.50/kg (Ex-Kandla) on 60-day credit terms. Authorized dealers of domestic manufacturer Deepak Phenolics are offering prices at ₹81.00/kg (Ex-Dahej) on advance payment terms. Trader offers are also higher, ranging from ₹80.00/kg (Ex-Mumbai) to ₹81.50/kg (Ex-Dahej) on advance payment terms.

Importers have recently reduced the price of DMF by ₹3/kg, bringing it to ₹64++ per kg for Ex-Mumbai barrels and ₹62++ per kg for Ex-Mumbai ISO tanker loads. Bulk deals were recorded in the range of ₹60.00-61.00++ per kg on a 90-day LC basis for October lifting. Traders and brokers offered prices between ₹64.00-65.00++ per kg for intact barrels Ex-Hazira and Mumbai on 60 days' credit.