Polypropylene Prices in November Set to Rise Amid Supply Constraints and Maintenance Shutdowns
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Polymer prices, particularly PP, are experiencing upward pressure from rising freight and feedstock costs. Recent shutdowns and reduced capacities at major facilities, such as Sinopec’s PP unit in Beijing and Reliance's LLDPE plant, may further influence supply.
Key Takeaways:
- Polypropylene (PP) prices are under upward pressure due to freight rate hikes and higher feedstock costs.
- Key production units, like Sinopec's PP facility in China and RIL's LLDPE plant in India, have adjusted capacities, potentially affecting supply stability.
- Demand from downstream sectors, especially automotive, supports PP prices; however, overall end-user demand remains cautious, tempering expectations of a rapid price recovery.
Current Polymer Prices Across Key Categories
- PP Raffia (±0) Rs. 91/kg levels Ex Godown
- PP Film (±0) Rs. 100/kg levels Ex Godown
- PPCP (±0) Rs. 99/kg levels Ex Godown
- PP Lamination (±0) Rs. 101/kg levels Ex Godown
- LLDPE (±0) Rs. 85.5/kg Ex Mundra/Bhiwandi
- LDPE prices are around (±0) Rs. 116/kg Ex Mundra/Bhiwandi
- HDPE PE100 Natural (±0) Rs. 89/kg Ex Mundra/Bhiwandi
- HDPE PE100 Black (±0) Rs. 90/kg Ex Mundra/Bhiwandi
- HDPE HM (±0) Rs. 90/kg Ex Mundra/Bhiwandi
- HD Blow Molding (±0) Rs. 91/kg Ex Mundra/Bhiwandi
- Low K (DG700) Rs. 79.50 Ex Nhava Sheva/Mundra
- Low K (B57) Rs. 84.50 Ex Nhava Sheva/Mundra
- LG LS100H Rs. 76.25 Ex Mundra/Bhiwandi
Market Dynamics and Factors Influencing Polymer Demand and Supply
- Polypropylene (PP) prices in November are anticipated to respond to a mix of market forces. In North America, the surge in Q2 2024 prices stemmed from tight supply due to global freight rate fluctuations, rising feedstock costs, and unplanned plant shutdowns among major producers.
- Freight rates from Asia to North America continue to elevate import costs, sustaining upward pressure on PP pricing. Rising propylene feedstock costs further drive production expenses, reinforcing a bullish sentiment for PP.
Recent Industry Developments Impacting Polymer Prices
- Sinopec Beijing Yanshan Petrochemical's No.2 PP Unit, located in Beijing, China, was taken offline for maintenance on October 28, 2024.
- Additionally, Shell’s Monoethylene Glycol (MEG) unit in Jurong, Singapore, underwent maintenance at the end of October.
- Meanwhile, Reliance Industries Limited (RIL) has reduced operations to 75% capacity at its Linear Low Density Polyethylene (LLDPE) plant in Jamnagar, Gujarat, India.
Expert Opinion on Polymer Demand and Price Trends
- It is expected that strong demand from downstream sectors, particularly automotive, will contribute to price strength for polypropylene (PP).
- However, demand from related industries that rely on PP is anticipated to continue weakening, leading market participants to remain doubtful about any significant recovery in end-user demand in the coming months.
Daily Market Report
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