HDPE Prices Drop as OPEC Lowers Demand Forecasts and Global Crude Prices Hit 33-Month Low
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HDPE PE100 natural (±0) Rs. 92/kg Ex Mundra/Bhiwandi. HDPE PE100 black (±0) Rs. 92.5/kg Ex Mundra/Bhiwandi. HDPE HM (±0) Rs. 93/kg Ex Mundra/Bhiwandi. HD Blow Molding (±0) Rs. 91/kg Ex Mundra/Bhiwandi. The decrease in HDPE prices in the Asian market is closely linked to broader trends in the global energy market.
Polymer Price
- PP Raffia (±0) Rs. 94.50/kg levels Ex Godown
- PP film (±0) Rs. 100.50/kg levels Ex Godown
- PPCP (±0) Rs. 100.25/kg levels Ex Godown
- PP Lamination (±0) Rs. 105/kg levels Ex Godown
- LLDPE (-0.5) Rs. 88/kg Ex Mundra/Bhiwandi
- LDPE prices are around (±0) Rs. 116/kg Ex Mundra/Bhiwandi
- HDPE PE100 natural (±0) Rs. 92/kg Ex Mundra/Bhiwandi
- HDPE PE100 black (±0) Rs. 92.5/kg Ex Mundra/Bhiwandi
- HDPE HM (±0) Rs. 93/kg Ex Mundra/Bhiwandi
- HD Blow Molding (±0) Rs. 91/kg Ex Mundra/Bhiwandi
- Low K (P700/TH700) (+0.25) Rs. 85.25 Ex Nhava Sheva/Mundra
- LG LS100H (+0) Rs. 77.00 Ex Mundra/Bhiwandi
Polymer Demand and Supply
- The decrease in HDPE prices in the Asian market is closely linked to broader trends in the global energy market. OPEC's downward revision of global crude oil demand projections for 2024 and 2025 has contributed to a more bearish outlook, diminishing the risk of price spikes, even in the face of potential supply disruptions such as hurricanes in the US Gulf region. Since crude oil is a key raw material in the production of HDPE, lower demand for oil exerts downward pressure on HDPE prices, as seen in the Asian market.
- Additionally, Super Typhoon Yagi, which struck China and Vietnam before weakening to a tropical storm, had little effect on supply chains. Persistent negative global economic indicators have continued to weigh on crude oil prices, driving them down to their lowest point in 33 months.
Polymer News
- Nghi Son has reduced operating rates at its Polypropylene (PP) Plant due to poor margins. The plant is located in Northern Vietnam.
- PetroChina Dushanzi Petrochemical shuts down its Linear Low-Density Polyethylene (LLDPE) unit on 10th September 2024 for maintenance work. The unit is located in Korla, China.
- CGPC from Taiwan offered its PVC (H-66 grade) at US$820/MT, LC at sight basis, CIF Mundra Port for September/October 2024 shipment.
Expert Opinion
- Asian buyers are not in a hurry to purchase import cargoes despite a temporary bottoming out of prices, signaling that demand concerns continue to drive purchase decisions.
Daily Market Report
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