India's rPET Demand Surges Amid New Recycling Mandates
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PET 81-84 Rs. 98,000/MT Ex Bhiwandi/Mundra. Demand for recycled PET (rPET) in India is expected to rise significantly due to increasing sustainability efforts and government mandates.
Polymer Price
- PET 81-84 Rs. 98,000/MT Ex Bhiwandi/Mundra.
- PP Raffia (±0 Rs) Rs. 94/kg levels Ex Godown.
- PP Film (+0.50) Rs. 100.50/kg levels Ex Godown.
- PPCP (+0.50) Rs. 100.25/kg levels Ex Godown.
- PP Lamination (+0.75) Rs. 105/kg levels Ex Godown.
- LLDPE (±0) Rs. 88.5/kg Ex Mundra/Bhiwandi.
- LDPE prices are around (±0) Rs. 118/kg Ex Mundra/Bhiwandi.
- HDPE PE100 Natural (±0) Rs. 91/kg Ex Mundra/Bhiwandi.
- HDPE PE100 black (±0) Rs. 93/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) (+0.5) Rs. 82/kg Ex Nhava Sheva/Mundra.
- LG LS100H (-0.25) Rs. 75.5/kg Ex Mundra/Bhiwandi.
Polymer Demand and Supply
- Demand for recycled PET (rPET) in India is expected to rise significantly due to increasing sustainability efforts and government mandates.
- Indorama Ventures and Varun Beverages' joint venture aims to address this demand by building multiple PET recycling facilities across the country.
- These plants are anticipated to have a total annual capacity of 100,000 tonnes of recycled PET, which will help meet the growing requirement for rPET content in packaging.
- The push for recycled content is driven by India's government mandates, which require 30% recycled plastic in packaging by 2026 and 60% by 2029.
- This initiative aligns with the global trend of increasing the use of recycled materials, reflecting a strong supply response to the burgeoning demand for eco-friendly products in India and the broader region.
Polymer News
- European Styrene contract price for September reduced by Euro 8/MT from its August settlement levels, assessed at Euro 1612/MT, FOB basis.
- Saudi Aramco has increased its September Propane contract prices in Asia by US$ 15/MT, now assessed at US$ 605/MT, and Butane contract prices by US$ 25/MT, now assessed at US$ 595/MT from its August settlement levels.
- Bohai Chemical has changed its plan to build a second 600,000 Tons/Year Propylene Dehydrogenation (PDH) plant in Tianjin, China.
- Naphtha prices assessed higher at US$ 680/- per MT CFR Japan basis.
- Ethylene prices assessed stable at US$ 885/- per MT CFR NE Asia and US$ 985/- per MT CFR SE Asia basis.
- Mitsui Chemicals has restarted its cracker located in Chiba, Japan, with a propylene production capacity of 330,000 Tons/Year and ethylene capacity of 612,000 Tons/Year.
Expert Opinion
The growing demand for sustainable and recyclable materials will drive the growth prospects for the global PET market. Demand conditions are also expected to improve as trading activity is anticipated to increase during the festive quarter, including the depletion of inventories as import suppliers continue to work through existing stocks.
Daily Market Report
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India PVC Markets Prepares for Price Hikes Amid Weak Buyer Activity
Low K (P700) prices are at Rs.83.75/kg and Low K (B57) at Rs.87.75/kg, both Ex Nhava Sheva/Mundra, while LG LS100H is priced at Rs.76.75/kg Ex Mundra/Bhiwandi. PVC prices saw an increase in October due to improved market sentiment in both Asia and the US, signaling a potential rise in demand.
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Asian Polyethylene Markets Face Supply Disruptions Amid Rising Freight Costs
LLDPE (±0) Rs 87.5/kg Ex Mundra/Bhiwandi, LDPE prices are around (±0) Rs 116/kg Ex Mundra/Bhiwandi, HDPE PE100 natural (±0) Rs 90/kg Ex Mundra/Bhiwandi, HDPE PE100 black (±0) Rs 91/kg Ex Mundra/Bhiwandi, HDPE HM (±0) Rs 90/kg Ex Mundra/Bhiwandi, HD Blow Molding (±0) Rs 91/kg Ex Mundra/Bhiwandi. Low-density polyethylene (LDPE) prices rose in Southeast Asia and South Asia while remaining flat in China.
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