IPA Prices Surge Amid Immediate Anti-Dumping Duty Implementation
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IPA prices have experienced a sharp increase following the immediate implementation of an anti-dumping duty. Importers have raised IPA prices by INR 3/kg, bringing the rates to INR 114/kg (Ex-Mumbai) and INR 113/kg (Ex-Kandla) on 60-day credit terms.
Price
- IPA prices have experienced a sharp increase following the immediate implementation of an anti-dumping duty. Importers have raised IPA prices by INR 3/kg, bringing the rates to INR 114/kg (Ex-Mumbai) and INR 113/kg (Ex-Kandla) on 60-day credit terms.
- Meanwhile, domestic producer Deepak Phenolics maintained stable prices, with authorized dealer offers holding at INR 112/kg (Ex-Dahej) on 60-day payment terms.
Demand and Supply
- With the Directorate General of Foreign Trade (DGFT) import quota regulation ending on 31 March 2024, IPA imports are now subject to an anti-dumping duty of $217/tonne, effective immediately.
- Importers are under significant pressure due to the new duty; however, many preemptively cleared their stock in anticipation of this increase last week.
- India's monthly demand for IPA is approximately 21,000 tonnes. Domestic production from Deepak Phenolics and Deepak Fertilizer accounts for 10,800 tonnes per month, while imports supplement the market with an additional 10,000-11,000 tonnes monthly.
News
- In the international arena, upstream crude oil prices for the WTI benchmark rose by 0.42% to $72.23 per barrel.
- Conversely, natural gas prices declined to $2.16/MMBtu. For August 2024 arrivals, CIF India IPA offers have been quoted between $1,200 and $1,210/tonne.
Expert's Opinion
- It is expected that domestic IPA prices are likely to maintain a bullish trend, driven by reduced domestic production, lower port inventories, and the newly imposed anti-dumping duty.
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