DEG Price Update: Importers Raise Rates, Domestic Prices Hold Steady
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Importers of DEG have raised prices by ₹2.5/kg, bringing the new rate to ₹58.50++ Ex-Hazira on 60-day payment terms.Meanwhile, domestic manufacturers have maintained stable pricing
Chemicals Price
- Importers of DEG have raised prices by ₹2.5/kg, bringing the new rate to ₹58.50++ Ex-Hazira on 60-day payment terms.
- Meanwhile, domestic manufacturers have maintained stable pricing. Indian Oil Corporation Ltd (IOCL) continues to offer DEG at ₹56.40++ Ex-Panipat, while Reliance Industries Ltd (RIL), another major DEG manufacturer, has kept its price steady at ₹56.50++ Ex-Jamnagar.
Chemicas Supply & Demand:
- The market currently shows an abundance of DEG, with surplus inventories at ports. Despite the high inventory levels, competitive pricing from domestic manufacturers and a surge in demand have kept prices stable.
- India’s monthly demand for DEG stands at approximately 25–26 kt, while the combined domestic production capacity of RIL and IOCL is 9.25 kt/month. The remaining demand of 15–16 kt is met through imports.
- Primary consumers of DEG include Unsaturated Polyester Resins, Agrochemicals (Pesticides), Water-Based Paints, Rubber Compounding, and Plasticizers.
- Seasonal demand from the Paints and Agrochemicals sectors has increased, while demand from Rubber compounds and Plasticizers remains subdued.
Chemicals News
- In global markets, the WTI crude oil benchmark rose by 0.12% to $69.46/barrel, while natural gas prices increased by 4.58% to $3.74/MMBtu. FOB Singapore naphtha prices also climbed by $1 to $608/MT.
- Feedstock prices for FOB Korea Ethylene were recorded at $855/MT, while downstream CFR China prices were at $540/MT.
- Plant News
- JG Summit Olefins, a leading ethylene cracker located in Batangas, Philippines, announced a plant shutdown on 15th December 2024 for annual maintenance. The plant has a production capacity of 480 kt/annum.
- Lotte Chemical Titan, a prominent ethylene cracker located in Malaysia, also announced a plant shutdown this week. The plant’s production capacity is 285 kt/annum.
Expert Opinion
- Market analysts predict that DEG prices may remain volatile due to a surge in downstream demand. However, the surplus inventory at ports is likely to exert downward pressure on prices in the short term. In the long term, the anticipated increase in demand from the Pesticides and Paints sectors is expected to provide support for DEG prices.
Daily Market Report
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