Polymer Market Steady Amid Mixed Signals as approaching December
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Polymer prices in November have largely remained stable despite feedstock costs like ethylene and propylene fluctuations. Weak demand and ample supply in the market have prevented price increases. Freight rates are trending upwards, and potential tariffs on imported goods in the USA could impact global trade dynamics in early 2025.
Key Highlights
- Polymer Prices: Low K (DG700): ₹80/kg, Low K (B57): ₹83.25/kg (Ex Nhava Sheva/Mundra).
- Weak demand & ample supply are preventing price surges even with rising crude oil and naphtha prices.
- NNPC's Port Harcourt refinery resumes operations after over three years.
- Tosoh Corporation's VCM plant in Japan and PetroChina Liaoyang's PP unit set to restart by late November.
Polymer Price Trends in November 2024
- Low K (DG700): Rs. 80 Ex Nhava Sheva/Mundra
- Low K (B57): Rs. 83.25 Ex Nhava Sheva/Mundra
- LG LS100H: Rs. 76.25 Ex Mundra/Bhiwandi
- LLDPE: Rs. 86.5/kg (±0) Ex Mundra/Bhiwandi
- LDPE: Rs. 116/kg (±0) Ex Mundra/Bhiwandi
- HDPE PE100 Natural: Rs. 88/kg (±0) Ex Mundra/Bhiwandi
- HDPE PE100 Black: Rs. 89/kg (±0) Ex Mundra/Bhiwandi
- HDPE HM: Rs. 89/kg (±0) Ex Mundra/Bhiwandi
- HD Blow Molding: Rs. 91/kg (±0) Ex Mundra/Bhiwandi
- PP Raffia: Rs. 90/kg levels Ex Godown
- PP Film: Rs. 99.50/kg (±0) levels Ex Godown
- PPCP: Rs. 98/kg levels Ex Godown
- PP Lamination: Rs. 100/kg levels Ex Godown
Polymer Supply and Demand: Market Stability Amidst Rising Feedstock Costs
- The November Polymer Price Know-How highlights a steady market amidst geopolitical and economic developments in the USA and the Middle East. Rising crude oil and naphtha prices have slightly increased monomer costs, but polyolefin prices have largely resisted upward movement due to weak demand and ample supply.
- Polyolefin prices have mostly rolled over in November. While Ethylene (C2) and Propylene (C3) prices increased by €30/MT and €25/MT, respectively, the market has resisted passing on these increases due to strong availability and weak demand.
- The outlook for December and 2025 suggests prices will remain relatively flat or slightly decrease, but some uncertainty persists. Freight rates, which had dropped recently, are now trending upward. Potential new tariffs on goods imported to the USA in January 2025 may trigger a rush in container demand before implementation.
Polymer News: Impact of Freight Rates and US Tariff Plans
- NNPC: The Port Harcourt Refinery in Nigeria has restarted operations after being offline for three and a half years.
- US Tariffs: President-elect Donald Trump plans to impose a 25% tariff on all goods imported from China, Mexico, and Canada, while India is excluded from initial tariff plans. Additionally, Chinese goods will face a 10% tariff until smuggling of synthetic opioid fentanyl is curbed.
- Tosoh Corporation: Plans to restart its Vinyl Chloride Monomer (VCM) plant in Japan by the end of November 2024 after planned maintenance.
- PetroChina Liaoyang: The Polypropylene (PP) unit in Liaoyang, China, is set to restart on November 30, 2024, following maintenance work.
- Kaneka Corporation: Aims to restart its Ethylene Dichloride (EDC) plant in Takasago, Japan, by the end of November 2024, after a mid-November shutdown for maintenance.
Expert Opinion: Polymer Market Trends
- The outlook for December indicates prices are expected to remain relatively flat or slightly decrease. However, uncertainty remains, as freight rates are rising again, and the potential for new tariffs on goods imported to the USA in January 2025 may drive a surge in container demand beforehand.
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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