GNFC Cuts Aniline Prices - Feedstock Trends and Seasonal Demand Shape Future Outlook
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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.
Chemical Price
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, standing at INR 140++ ex-Mumbai and Kandla.
On a week-on-week basis, Aniline prices have dropped by nearly INR 5/kg due to weak trade sentiment and sluggish demand in downstream industries.
The sharp decline in Aniline prices is primarily attributed to poor downstream demand.
Feedstock prices for Ammonia are seeing a correction, while Benzene prices have surged in the international market:
FOB Middle East Ammonia (2H Oct 2024): USD 430/tonne (down USD 6)
FOB Korea Benzene (2H Oct 2024): USD 979/tonne (up USD 10)
Chemical Demand and Supply
- Aniline prices in September remained elevated due to higher replacement costs and strong demand from the agrochemicals, dyes, and pigments sectors.
- However, demand from downstream sectors like pharmaceuticals, polyurethane (PU) foam, and rubber chemicals has not met expectations in October, primarily due to reduced production plans.
- Additionally, falling feedstock Benzene and Ammonia spot prices have led to corrections in Aniline prices.
- Sellers anticipate a strong rebound in Aniline prices as seasonal demand from agrochemicals and PU foam production is expected to pick up from November onwards.
- India's total monthly demand for Aniline is about 11,000 tons, with domestic producer GNFC having a production capacity of 3,400 tons per month. The balance of approximately 7,000 tons is imported.
Chemical News
- In the international market, upstream crude oil benchmark WTI prices decreased by 1.63%, settling at USD 75.88 per barrel, while natural gas prices rose by 0.31% to USD 2.75/MMBtu.
- Downstream CIF Indian November arrival shipment offers for Aniline were in the range of USD 1,380 to 1,480 per ton.
- The Directorate General of Trade Remedies (DGTR) has initiated an anti-dumping duty (ADD) investigation on Aniline imports from China, the Ministry of Commerce and Industry announced in September 2024.
Expert Opinion
- Aniline prices are expected to remain mixed this week, primarily due to weak downstream demand. However, surging feedstock Benzene future contracts and the upcoming seasonal demand from agrochemicals, rubber processing, and PU foam sectors are likely to boost Aniline demand.
- Buyers are advised to consider inventory-building opportunities during price dips as implementation of Anti-dumping duty (ADD) can change market dynamics.
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