India’s Formaldehyde prices expected to grow by 9-10% in upcoming weeks

With recovering demand and reviving market trading activities, it is expected that the prices of Formaldehyde will increase in upcoming weeks. In this week, the prices of Formaldehyde in India were observed to be INR 21840/ton Ex-Depot Kolkata and INR 21590/ton Ex-Depot Vishakhapatnam with week-on-week declination of 3.74% and 3.78% respectively.

The demand of Formaldehyde in the South Asian countries had picked the pace and improved with its consumption in the end user industries. Upstream Methanol prices in India surged to INR 26440/ton and prices were hovering around INR 26160/ton-INR 26750/ton. The exports to India from Saudi Arabia will likely to improve which were affected by the deteriorating demand. In the domestic market of India, the prices of crude oil started to climb impacting the other Petrochemical product. Formaldehyde demand has been on a robust recovery path with consumption in the existing inventories in the industries. As per the market players, Methanex, Saudi Arabia can increase its Methanol prices to the Asian countries in their upcoming announcements

According to ChemAnalyst, the prices of Formaldehyde In domestic market of India is expected to increase by 9%-10%. However, the prices which were affected by the abundance and environmental protection factor now started to brush up with strong demand in the downstream market. The key Asian Methanol producer are being heard increasing their prices for Asian producers with increasing global Natural Gas pricing. Downstream Paint and coating industries seems to be affected. Asian Paints was contrived with lower sales and high inventories. Buyers started to purchase the product for their need to basis and had not shown interest for the bulk. It is expected that with the improvement of demand in the domestic market, the trading activities among the buyers will increase and the prices will hike.