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Indian Polymer Makers Get a Festive Push Ahead of Diwali Season, Prices Soar for Almost Polypropylene & Polyethylene Grades

Firming demand and spike in consumer durables sales as the nation gets closer to the Diwali festival, has pushed up the Indian polymer offers since the first week of November. Market players are eyeing to regain the momentum lost due to strict COVID-led lockdowns starting March this year by ramping up operations in their manufacturing units to leverage great benefits on the fresh demand pick-up. Indian low-density polyethylene (LDPE) Liquid Packaging grade prices were assessed at USD 1,300-1,335/t while Adhesive Film grade prices were settled around USD 1,250/t Ex-Depot Bhiwandi w.e.f. 2nd November. While linear low-density polyethylene (LLDPE) film grade was assessed at USD 1,090/t Ex-Depot Bhiwandi, Ex-Depot prices for high-density polyethylene (HDPE) Blown film grade were recorded at USD 1,095/t and PP raffia at USD 1,150-1,170/t, according to ChemAnalyst data. Realizations for LDPE, LLDPE and PP raffia rose almost by 2% while HDPE film rose by 1.4%, against the previous week. Polyethylene (PE) and Polypropylene (PP) import prices from the Middle East were higher by USD 20-30/t than last week in accord with bullish sentiments. As per our market sources, the country’s largest refiner Reliance Industries Ltd. (RIL) turned operational on 28 October after 3 days of maintenance turnaround. A trader expressed concern that surging coronavirus cases may temper optimism over the demand recovery with Diwali celebrations likely to stay muted this year. However, many are expecting a much-needed push as people step out to buy household goods and packaged eatables while they plan to celebrate from home. ChemAnalyst forecasts that, “ Indian polymer markets are expecting better trades and greater activity in the upcoming quarter, supported by government reforms to push domestic manufacturing and curtail its trade bill in alignment with Atmanirbhar Bharat mission which will serve as a strong impetus to strengthen its global presence.”