US PP Export Prices Weaken Amid Sluggish Demand and Lower Feedstock Costs
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Polymer prices in India show minor fluctuations, with some grades like PP Raffia and PPCP experiencing slight declines, while others remain stable. Weak export demand and lower feedstock costs are impacting global polypropylene markets. European LLDPE prices are steady, but the overall sentiment remains bearish due to subdued trading activity and oversupply concerns.
Key Highlights
- Current Polymer Prices: Minor changes were noted in PP Raffia (-1) at ₹89/kg and PPCP (-2) at ₹95.75/kg. HDPE, LLDPE, and LDPE prices remain steady across locations.
- Global Export Trends: US polypropylene export prices fell due to weak demand and limited arbitrage opportunities, with minimal trading activity.
- Regional Market Stability: European LLDPE prices held steady despite global fluctuations, indicating localized demand consistency.
- Crude Oil and Feedstock: Oversupply concerns pressure crude oil prices despite Chinese economic stimuli, while MEGlobal announced its January Asian contract price for MEG.
Polymer Prices: Minor Fluctuations in Key Grades
- Low K (DG700): Rs 79 Ex Nhava Sheva/Mundra
- Low K (B57): Rs 82.75 Ex Nhava Sheva/Mundra
- LG LS100H: Rs 76.75 Ex Mundra/Bhiwandi
- PP Raffia: (-1) Rs 89/kg levels Ex Godown
- PP Film: (-1) Rs 98.50/kg levels Ex Godown
- PPCP: (-2) Rs 95.75/kg levels Ex Godown
- PP Lamination: (-1) Rs 96/kg levels Ex Godown
- LLDPE: (±0) Rs 86/kg Ex Mundra/Bhiwandi
- LDPE: (±0) Rs 116/kg Ex Mundra/Bhiwandi
- HDPE PE100 Natural: (±0) Rs 86/kg Ex Mundra/Bhiwandi
- HDPE PE100 Black: (±0) Rs 88/kg Ex Mundra/Bhiwandi
- HDPE HM: (±0) Rs 88/kg Ex Mundra/Bhiwandi
- HD Blow Molding: (±0) Rs 91/kg Ex Mundra/Bhiwandi
Weak Demand Weighs on Global Polypropylene Markets
- US polypropylene (PP) export prices declined during the week, driven by weak demand and falling feedstock costs.
- Trading activity remained minimal, with no significant spot export deals concluded.
- While tradable levels for homopolymer rail car prices were heard, it did not result in any meaningful uptick in transactions.
Polymer Market News: Stability in European LLDPE Pricing
- Polypropylene (PP) Export Prices Decline in the US: Export prices trended lower amid weak demand and narrowed arbitrage windows.
- Crude Oil Under Pressure: Oversupply forecasts weighed on crude oil prices despite Chinese stimulus efforts.
- MEGlobal Nomination: MEGlobal announced its MEG Asian contract price for January.
- European LLDPE Prices Stable: Linear low-density polyethylene (LLDPE) prices remained flat in Europe.
Expert Opinion: Challenges in Polypropylene Demand and Supply
Despite softening feedstock and polypropylene prices, the market continues to face challenges. Export demand remains weak, and the narrowed arbitrage window for US polypropylene adds to the bearish sentiment.
Daily Market Report
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India's polymer market is facing oversupply due to increased domestic production, with major players like RIL ramping up capacities. Coupled with stable or declining demand and supply chain uncertainties, prices of key polymers have dropped. Globally, stable ethylene prices and economic changes, such as Mexico's interest rate cut, continue to influence the market.
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