October Sees Mixed HDPE Prices Amid Seasonal Demand and Easing Supply Constraints
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The HDPE market exhibits mixed pricing trends. Throughout October, demand for PE supported market prices, driven by agricultural film needs. However, with maintenance activities wrapping up and production resuming, supply levels have been balanced. As demand wanes in November, especially for high-cost goods, the market is likely to see downward pressure.
Industry Highlights
- HDPE Prices: Prices vary by product and region, with listings such as Rs 91,000/MT for JPC HDPE IM in Mundra and Rs 89,000/MT for BOROUGE HDPE Raffia in Ahmedabad.
- Supply and Demand Shift: October saw robust demand for agricultural film, but as the season winds down, demand is projected to ease, especially for high-priced supplies.
- Upcoming Maintenance: Key polymer production facilities are undergoing or planning maintenance, potentially influencing supply levels in the coming months.
Polymer Price
- In the current HDPE market, prices vary by location and product type. JPC HDPE IM in Mundra is priced at Rs 91,000/MT, while BOROUGE HDPE Raffia is available at Rs 89,000/MT in Ahmedabad.
- In Bhiwandi, ILAM HDPE PE100 Natural is also priced at Rs 89,000/MT, with SABIC HDPE PE100 Black similarly listed at Rs 89,000/MT.
- In Mundra, BOROUGE HDPE PE63 is offered at Rs 89,000/MT, BOROUGE HDPE PE80 at Rs 88,000/MT, ILAM HDPE HM Films at Rs 91,000/MT, and BIPC HDPE BM at Rs 90,000/MT.
Polymer Demand and Supply
- Throughout October, the Asian PE market was primarily supported by seasonal agricultural film demand, which reached its peak.
- Supply was tightened initially due to maintenance activities, but supply levels gradually balanced as more equipment came back online.
- As the month progressed, high-voltage product availability increased as some enterprises restarted production, easing previous supply constraints.
- Toward the end of the month, downstream buyers showed resistance to high-priced goods, leading to moderate purchasing mostly focused on essential, lower-priced supplies.
Polymer News
- Shandong Xinfa is planning to restart its Polyvinyl Chloride (PVC) units on 7th November 2024, which were shut in mid-October, 2024 for maintenance work. The units are located in Liaocheng, Shandong Province, China with a total production capacity of 750,000 mt/year.
- ENI is aiming to shut its Fluid Catalytic Cracker (FCC) unit in November, 2024 for planned maintenance work of around 30-35 days. The unit is located in Sannazzaro, Italy with Propylene production capacity of 230,000 mt/year.
- Shell has delayed the restart of its MEG unit. The unit is located in Scotford, Canada with a production capacity of 450,000 mt/year.
- Yuneng Chemical has extended maintenance work at its MEG unit. The unit is located in China with a production capacity of 400,000 mt/year.
Expert Opinion
- In the fourth quarter, PE supply is expected to remain stable, with limited planned maintenance and new production capacities coming online in the Asian market.
- However, the demand for agricultural film is projected to decline in November, which, combined with sufficient supply, suggests a weakening market trend ahead.
Daily Market Report
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