Prices of Isophthalic Acid Plunged as Coronavirus Disrupts Supply Chains from China
Suspended imports from China has tightened the supply of major imported chemicals in the domestic market. Isophthalic Acid, a chemical mainly consumed in production of polyester resin and alkyl resins has witnessed significant surge in its prices in the consequent months. Prices of the product initially soared from weakened trade due to slowdown of Chinese market on account of Lunar holidays. Coronavirus further exacerbated this slowdown as industries were forced shut and travel was restricted as knock-on effects of virus. Owing to this disrupted trade dynamics, Isophthalic acid prices plunged around 5 per cent high from previous month and were traded at INR 78200 per MT in the domestic market.