Polypropylene Prices Dip in China Amid Weaker Demand
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The polymer market witnessed mixed price movements, with a decline in certain HDPE grades and stable pricing for other polymers like LLDPE, LDPE, and PP. Market dynamics are shaped by fluctuating feedstock costs, weakened regional demand, and anticipated production adjustments.
Key Takeaways
- Polymer Price Movements:
- Decline in HDPE PE100 Black and HDPE HM prices by ₹1/kg.
- Other polymers, including PP Raffia, PP Film, and LDPE, remained stable.
- Polymer Supply and Demand:
- PP prices dipped slightly in China due to weakened demand.
- Supply disruptions and fluctuating feedstock costs are driving market volatility.
- Global News:
- Zhenhai Refinery to launch a new polypropylene plant in China by late 2024.
- Reliance Industries announced MEG contract price nominations at USD 570/MT.
- Outlook:
- Market pressures may persist due to subdued demand and elevated feedstock costs, with potential stabilization hinging on production adjustments.
Polymer Price Overview: Stability Amid Select Declines
- Low K (DG700) Rs 79.50 Ex Nhava Sheva/Mundra
- Low K (B57) Rs 83 Ex Nhava Sheva/Mundra
- LG LS100H Rs 76 Ex Mundra/Bhiwandi
- LLDPE(±0) Rs. 86.5/kg Ex Mundra/Bhiwandi
- LDPE prices are around (±0) Rs. 116/kg Ex Mundra/Bhiwandi
- HDPE PE100 natural (±0) Rs. 88/kg Ex Mundra/Bhiwandi
- HDPE PE100 black (-1) Rs. 89/kg Ex Mundra/Bhiwandi
- HDPE HM (-1) Rs. 89/kg Ex Mundra/Bhiwandi
- HD Blow Molding(±0) Rs. 91/kg Ex Mundra/Bhiwandi
- PP Raffia Rs 90/kg levels Ex Godown
- PP film (±0) Rs. 99.50/kg levels Ex Godown
- PPCP Rs. 98/kg levels Ex Godown
- PP Lamination Rs. 100/kg levels Ex Godown
Polymer Supply and Demand Dynamics: Polypropylene Trends
- Despite higher feedstock costs, polypropylene (PP) prices inched lower in China while remaining stable in Korea
- CFR China polypropylene prices were assessed at the USD 1,050-1,060/mt levels, marking a slight day-on-day decline of USD (-5/mt).
- This drop in prices is attributed to weakening regional demand and market uncertainty.
- The polypropylene market is currently influenced by a combination of factors, including fluctuating feedstock prices, supply disruptions, and shifting regional demand patterns, which are expected to shape the market dynamics for November.
Global Polymer Updates: Production Plans and Pricing Strategies
- Zhenhai Refinery is planning to start its new No. 4 Polypropylene (PP) plant by the end of 2024. The plant is located in China.
- Sinopec has increased its domestic offers for phenol in East China by CNY 100/MT on 20th November 2024.
- Reliance Industries has announced its nomination for the H2 November Monoethylene Glycol (MEG) Contract Price at US$ 570/MT.
- GS Caltex is planning to operate its No. 1 FCC Plant at 90-95% of its actual capacity from November until December 2024. The plant is located in Yeosu, South Korea.
Expert Opinion: Market Outlook for November and Beyond
- The overall polymer market is experiencing increased pricing pressure, and these trends may continue until demand conditions improve or the market rebalances through production adjustments.
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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