Limited PE Imports in India Despite Supply Boost
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Polymer prices remain stable with minor fluctuations in specific grades. Domestic PE supplies are expected to increase as key Indian producers resume operations. Import demand stays limited amid uncertainty and inventory losses. International polymer production restarts and a higher exchange rate for import valuation add to market dynamics.
Key Highlights
- Price Trends: Most polymer prices remain stable, except for slight changes in HDPE PE100 natural (-₹2/kg) and LLDPE (+₹0.5/kg).
- Supply & Demand: PE supply in India is rising with major plant restarts, but import activity remains low due to inventory losses and demand uncertainty.
- Market News: Several international plants, including Sinopec and Huatai, resumed operations, while Brent Crude traded higher at $76.16/bbl.
- Expert Outlook: The PE market is expected to remain weak and volatile, with developments in global and domestic markets closely monitored.
Polymer Prices Show Stability with Limited Movement
- PP Raffia (±0) Rs.88/kg levels Ex Godown
- PP Film (±0) Rs.98.50 kg levels Ex Godown
- PPCP (±0) Rs.95.75/kg levels Ex Godown
- PP Lamination (±0) Rs.95/kg levels Ex Godown
- Low K (DG700) Rs.79/kg Ex Nhava Sheva/Mundra
- Low K (B57) Rs.82.75/kg Ex Nhava Sheva/Mundra
- LG LS100H Rs.76.75/kg Ex Mundra/Bhiwandi
- LLDPE (+0.5) Rs.86.5/kg Ex Mundra/Bhiwandi
- LDPE prices are around (±0) Rs.116/kg Ex Mundra/Bhiwandi
- HDPE PE100 Natural (-2) Rs.84/kg Ex Mundra/Bhiwandi
- HDPE PE100 Black (±0) Rs.88/kg Ex Mundra/Bhiwandi
- HDPE HM (±0) Rs.88/kg Ex Mundra/Bhiwandi
- HD Blow Molding (± 0) Rs.91/kg Ex Mundra/Bhiwandi
PE Supply Boost as Indian Producers Resume Operations
- Import deals for polyethylene (PE)in the Indian market have been limited even as downstream demand recovers. Huge inventory losses and demand uncertainty have capped buying ideas among importers.
- PE supplies are expected to rise in India following the restart of several plants. State-controlled producers IOC and Gail and private-sector Haldia Petrochemicals have restarted at least half of their PE production capacity.
Global Polymer Production Updates and Market Impact
- Huatai Wealthy Polymer Material has restarted its Styrene Monomer (SM) Plant this week, which was shut on 10th October, 2024 for maintenance work. The Plant is located in Zhejiang, China.
- Sinopec Sabic Tianjin Petrochemical has restarted its Linear Low-Density Polyethylene (LLDPE) Plant in December 2024, which was shut on 14th December, 2024 for maintenance work. The Plant is located in Tianjin, China.
- Guangxi Huayi New Materials has shut down its Phenol/Acetone Plant. The Plant is located in Qinzhou, Guanxi, China.
- Customs announces new Exchange Rate for Import valuation at Rs. 86.60/US$ (+0.65) and Rs. 84.90/US$ (+0.65) for Export Valuation w.e.f. 3rd January, 2025.
- Sinopec has again increased its Propylene list Prices in east China by CNY 50/MT on 2nd January, 2025.
- Brent Crude Oil Prices traded higher at USD/bbl 76.16.
Expert Opinion: Weak and Volatile Conditions Ahead for PE Spot Market
It is expected that the PE spot market will continue to experience weak and volatile conditions in the near term, with close monitoring of any significant news development.
Daily Market Report
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LLDPE Market Faces Supply Pressure Amid Weak Demand
LLDPE prices in January 2025 show upward trends due to tight supply pressures, with 2 MFI Non-Slip priced at Rs. 89190/MT. However, downstream demand remains weak. Key industry developments include maintenance shutdowns in China and Saudi Aramco's propane price cuts. Experts predict continued challenges due to subdued demand and tight cash flows.
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PET Gains Momentum, Pressures HDPE and PVC Markets
Polymer prices remained largely stable, with slight fluctuations in select grades like HDPE PE100 Natural (-₹2/kg) and LLDPE (+₹0.5/kg). Demand for HDPE blow and PVC is declining as PET gains market share. Virgin polymer markets see routine orders but below expected levels. Global trends include price hikes and plant maintenance updates.
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