Mixed Trends in Polypropylene Prices Amid Middle East Tensions and Weak Market Sentiment
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Polypropylene Raffia prices have decreased by ₹1 to ₹97.50/kg Ex Godown, while PP Film prices have slipped by ₹0.50 to ₹101/kg Ex Godown. PP CP prices remain steady at ₹100.5/kg Ex Godown, and PP Lamination prices are also stable at ₹104/kg Ex Godown. Meanwhile, LLDPE prices have fallen by ₹0.50 to ₹89/kg Ex Mundra/Bhiwandi.
Price
- PR Raffia (-1) Rs.97.50/kg levels Ex Godown.
- PP Film ( -0.50) Rs.101/kg levels Ex Godown.
- PP CP (±0) Rs.100.5/kg levels Ex Godown.
- PP Lamination (±0) Rs.104/kg levels Ex Godown.
- LLDPE (-0.5) Rs.89/kg Ex Mundra/Bhiwandi.
- LDPE prices are around (±0) Rs.121/kg Ex Mundra/Bhiwandi.
- HDPE PE100 Natural (-0.5) Rs.95/kg Ex Mundra/Bhiwandi.
- HDPE PE100 Black (-0.5) Rs.96/kg Ex Mundra/Bhiwandi.
- HDPE HM (±0) Rs.95/kg Ex Mundra/Bhiwandi.
- HD Blow Molding(±0) Rs.94/kg Ex Mundra/Bhiwandi.
- Low K (Formosa K57) (-0.50) Rs.95/kg Ex Nhava Sheva/Mundra.
- LG LS100H (-50p) Rs.88/kg Ex Mundra/Bhiwandi.
Demand and Supply
- Polypropylene prices slipped in South Asia while remaining steady in the Far East Asian and Southeast Asian region.
- The rising possibility of a retaliatory strike by Iran and its proxies against Israel has raised the risk of oil supply disruptions from the Middle East, exerting a bullish pressure on crude oil prices.
- However, market observers stated that the overall market sentiment continued to remain weak, with a rise noted in US gasoline inventories, signalling dampened demand for fuel products.
News
- Braskem has increased its August Polypropylene (PP) grades Prices by Real 500/MT and Polyethylene (PE) grades Prices by Real 250/MT in Brazil.
- Dow Chemical has increased its August Polyethylene (PE) grades Prices in the USA by 5 cents/lb (US$ 110/MT).
- The Reserve Bank of India (RBI) keeps Repo rate unchanged at 6.50%.
- Formosa Industries Co is aiming to shut its Suspension Polyvinyl Chloride (S-PVC) Plant in end-August, 2024 for planned maintenance work. The Plant is located in Ningbo, China with a production capacity of 400,000 Tons/Year.
- LG Chem is planning to shut its Vinyl Chloride Monomer (VCM) Unit in end-October, 2024 for planned maintenance work. The Unit is located in Yeosu, South Korea.
Expert's Opinion
- It is expected that the regional purchase pulse will remain muted, with traders selling material below the prices quoted by producers. Buyers are likely to hold back from making additional purchases due to already holding excess inventories, indicating weak demand amid the monsoon season.
Daily Market Report
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