ABS Market Faces Downward Pressure Amid Weak Demand and High Supply
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In the domestic market, Taita ABS natural in Ahmedabad is priced at ₹1,38,000/MT, while Lotte ABS black in Kolkata ₹1,55,000/MT. - The ABS market in Asia is expected to remain weak, with the supply-demand imbalance likely to persist. Upstream cost factors show no significant signs of a rebound, and supply is expected to remain abundant.
Polymer Price
- PP Raffia (+1) Rs 93.50/kg Ex Godown
- PP Film (+1) Rs 101/kg Ex Godown
- PPCP (+1.25) Rs 99.25/kg Ex Godown
- PP Lamination (+1) Rs 105/kg Ex Godown
- LLDPE (±0) Rs 87/kg Ex Mundra/Bhiwandi
- LDPE (±0) Rs 116/kg Ex Mundra/Bhiwandi
- HDPE PE100 Natural (±0) Rs 91/kg Ex Mundra/Bhiwandi
- HDPE PE100 Black (±0) Rs 92/kg Ex Mundra/Bhiwandi
- HDPE HM (±0) Rs 90/kg Ex Mundra/Bhiwandi
- HD Blow Molding (±0) Rs 91/kg Ex Mundra/Bhiwandi
- Low K (P700) Rs 83.25 Ex Nhava Sheva/Mundra
- Low K (B57) Rs 86.75 Ex Nhava Sheva/Mundra
- LG LS100H Rs 76.25 Ex Mundra/Bhiwandi
Polymer Demand and Supply
- The Chinese market, which was hoping for a boost during the usual "Golden September" season, is still facing weak demand and cautious trading. The ABS industry has increased production after resuming operations post-maintenance.
- Supply levels are still higher than demand. Even though some businesses stocked up before the National Day holiday, the market is moving slowly, and there is still a lot of inventory.
- Finished product stock has decreased slightly, it hasn’t been enough to reduce the high supply, giving only small support to ABS prices.
Polymer News
- Saudi Aramco increased its October propane contract prices in Asia by US$ 20/MT, assessed at US$ 625/MT, and Butane contract prices by US$ 25/MT, assessed at US$ 620/MT, from its September settlement levels.
- Taixing Jinjiang Chemical plans to partially operate its Ethyl Acetate/Butyl Acetate (Etac/Butac) plant in Taixing, Jiangsu, China.
- MRPL, HPL ande IOCL rolled over PE and PP prices effective from 1st October 2024. Some grade and location-specific changes may occur soon. Freight rates remain unchanged.
- The European Benzene contract price for October dropped by Euro 119/MT from its September settlement, assessed at Euro 805/MT CIF North West Europe.
Expert Opinion
- It is expected that the ABS market in Asia will remain weak, with the supply-demand imbalance likely to persist. Upstream cost factors show no significant signs of a rebound, and supply is expected to remain abundant.
- Demand from key sectors is not anticipated to improve in the short term. Combined with bearish market sentiment, this indicates that ABS prices will continue to face downward pressure in the coming weeks.
Daily Market Report
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