monthlyssessments-march-india-pe-prices

In India, demand for a certain grade of PE was healthy at the beginning of the month supported by limited supply. However, the situation changes drastically at the end of the month. On the week commencing March 2, limited supply for LDPE Film in the local market supported the offers to increase by INR1,000/ton ($13.5/ton) as compared to a week earlier. However, the crash in crude oil prices pushed some Indian traders to make a downward price correction within the week commencing March 9. Offers for PE across all grades were down between INR1,000-2,000/ton ($13-27/ton) from a week earlier in order to boost sales. On the week commencing March 23, zero transaction was reported from Indian market players to SSESSMENTS.COM as the government imposed the nationwide lockdown starting from Tuesday, March 24 and it will be enforced for 21 days.

In the import market, a notable adjustment was captured on the week commencing March 9. Offers for HDPE Film of Middle Eastern origin decreased by $50/ton as compared to a week earlier. The significant price reduction failed to lure buyers to procure some materials. SSESSMENTS.COM was told that the depreciation of Indian Rupee against the greenback starting from the first week of the month hampered buying appetite for import materials as local cargoes deemed more attractive.

In general, demand for PE in India during March was sluggish except for HDPE Pipe. Demand for HDPE Pipe reported healthy in the first week of the month amid the seasonal peak season. While for other grades, the depreciation of Indian Rupee towards the US Dollar, buyers’ expectation on lower prices, and the growing concern over Coronavirus outbreak has hampered the demand. At the end of the month, as the government imposed the nationwide lockdown starting from March 24, and will be enforced for 21 days, the Indian PE market became muted in an instant. The delivery of material and the production activity is disrupted as most companies shut their business due to the lack of manpower. Besides, force majeure has also been declared by several ports.

On the supply front, tight availability of HDPE Film and LDPE grades reported on the week commencing March 2. While on the week commencing March 15, limited supply was reported for LDPE Film and LLDPE Film C4. On the production front, at the end of the month, India’s Haldia Petrochemical Limited (HPL) declared force majeure on supply and will close the company’s petrochemical complex in the near term amid the Coronavirus outbreak. According to SSSSMENTS.COM’s supply and demand database, Haldia’s HDPE and LLDPE plants have a production capacity of 345,000 tons/year and 365,000 tons/year, respectively.

Looking ahead, India market participants believe that the quiet PE market will last until April as the nationwide lockdown will be enforced for 21 days. Amid the lockdown, businesses are on a standstill as stated to SSSSMENTS.COM.

Transactions for local/localized PE between March 2 to March 6 on cash, EXW basis, all excluding 18% GST

Origin	Product	Transaction Type	Offers (INR/ton)	Equivalent in USD/ton	Delivery Location
India	HDPE Blow Moulding	Offer Given	73,000	963	Kolkata
India	HDPE Blow Moulding	Offer Given	73,500-76,800	970-1,014	Kanpur
India	HDPE Film	Offer Received	75,000	990	Mumbai
India	HDPE Film	Price List*	71,400-75,000	942-990	Kanpur
Saudi	HDPE Film	Offer Given	71,000	937	Mumbai
USA	HDPE Film	Offer Given	71,500-72,000	944-950	Mumbai
India	HDPE Injection	Offer Given	72,000	950	Kolkata
India	HDPE Pipe (PE 100)	Price List*	82,400-82,600	1,088-1,090	Kanpur
India	HDPE Yarn	Price List*	72,400-77,400	956-1,022	Kanpur
India	LDPE Film	Price List*	70,100-75,100	925-991	Kanpur
Qatar	LDPE Film	Offer Given	74,000-75,000	977-990	Mumbai
Saudi	LDPE Film	Offer Given	74,000-75,000	977-990	Mumbai
India	LLDPE Film C4	Offer Received	64,000-65,000	845-858	Mumbai
India	LLDPE Film C4	Offer Given	74,100	978	Kanpur
India	LLDPE Film C4	Price List*	74,100	978	Kanpur

Transactions for import PE between March 2 to March 6 on LC at sight, CIF India Main Port basis

Origin	Product	Transaction Type	Offers (USD/ton)
Middle East	HDPE Blow Moulding	Offer Received	810-880
Middle East	HDPE Film	Offer Received	840
North America	HDPE Film	Offer Received	820-880
North America	HDPE Film	Sell Idea	800-810
Middle East	LDPE Film	Offer Received	900-940
Middle East	LDPE Film	Bid Given	900-920
Middle East	LLDPE Film C4	Offer Received	900

Transactions for local/localized PE between March 9 to March 13 on cash, EXW basis, all excluding 18% GST

Origin	Product	Transaction Type	Offers (INR/ton)	Equivalent in USD/ton	Delivery Location
India	HDPE Blow Moulding	Offer Given	69,500	917	Mumbai
India	HDPE Film	Offer Given	71,000-72,000	937-950	Mumbai
India	HDPE Film	Offer Received	75,000	990	Mumbai
Saudi Arabia	HDPE Film	Offer Given	71,000	937	Mumbai
Saudi Arabia	HDPE Film	Sell Idea	75,000-77,000	990-1,016	Bhiwandi
USA	HDPE Film	Offer Given	71,500-72,000	944-950	Mumbai
India	HDPE Pipe (PE 100)	Offer Given	74,000	977	Mumbai
India	LDPE Film	Offer Given	73,000-74,000	963-977	Mumbai
Qatar	LDPE Film	Offer Given	74,000-75,000	977-990	Mumbai
Saudi Arabia	LDPE Film	Offer Given	74,000-75,000	977-990	Mumbai
Saudi Arabia	LDPE Film	Sell Idea	76,000	1,003	Bhiwandi
Saudi Arabia	LLDPE Film C4	Sell Idea	71,000	937	Bhiwandi
India	LLDPE Film C4	Offer Received	64,000-65,000	845-858	Mumbai
India	LLDPE Film C4	Sold	64,500	851	Mumbai

Transactions for import PE between March 9 to March 13 on LC at sight, CIF India Main Port basis

Origin	Product	Transaction Type	Offers (USD/ton)
Middle East	HDPE Film	Offer Received	850

Transactions for local PE between March 16 to March 20 on cash, EXW basis, all excluding 18% GST

Origin	Product	Transaction Type	Offers (INR/ton)	Equivalent in USD/ton	Delivery Location
India	HDPE Blow Moulding	Offer Given	72,000	950	Kolkata
India	HDPE Blow Moulding	Offer Given	67,000-69,500	884-917	Mumbai
India	HDPE Film	Offer Given	69,000-72,000	911-950	Mumbai
India	HDPE Pipe (100)	Offer Given	72,000-74,000	950-977	Mumbai
India	LDPE Film	Offer Given	73,000-74,000	963-977	Mumbai
India	LLDPE Film C4	Offer Given	62,500	825	Mumbai
India	LLDPE Film C4	Offer Given	70,000	924	Kolkata

Transactions for import PE between March 16 to March 20 on LC at sight, CIF India Main Port basis

Origin	Product	Transaction Type	Offers (USD/ton)
Qatar	HDPE Film	Offer Given	780-800
USA	HDPE Film	Offer Received	820-830*
USA	HDPE Film	Offer Received	810
USA	HDPE Film	Sold	820-830*
Qatar	LDPE Film	Offer Given	860
USA	LDPE Film	Offer Given	940-960**

Transactions for local PE between March 23 to March 27 on cash, EXW basis, all excluding 18% GST

Origin	Product	Transaction Type	Offers (INR/ton)	Equivalent in USD/ton	Delivery Location
India	HDPE Blow Moulding	Offer Given	72,000	950	Kolkata
India	HDPE Blow Moulding	Offer Given	67,000-69,500	884-917	Mumbai
India	HDPE Film	Offer Given	69,000-72,000	911-950	Mumbai
India	HDPE Pipe (PE 100)	Offer Given	72,000-74,000	950-977	Mumbai
India	LLDPE Film C4	Offer Given	62,500	825	Mumbai
India	LLDPE Film C4	Offer Given	70,000	924	Kolkata

MonthlySSESSMENTS: March India PE Prices

Author: SSESSMENTS

MonthlySSESSMENTS: March India PE Prices

Author: SSESSMENTS

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