India’s C9 Solvent market extended a rally from February to mid-March as restocking ahead of the monsoon aligned with tight prompt availability and higher upstream costs. Buying by decorative paints and formulators to buffer inventories, along with shipping disruptions and geopolitical issues, sustained a bullish tone. Demand across decorative paints, resins, adhesives and inks remained the main driver, with paints manufacturers and resin/formulator efforts securing aromatic diluents for cycles; packaging inks showed softer demand amid a subdued export outlook. February indicators signaled tightening, with spot offers rising sharply and supply pressures amplified by higher feedstock costs and tight natural gas. The market moved higher into March, with weekly assessments showing a double-digit rise before continuing gains. Looking ahead, upside risk is seen in the term, with a projected rise around 30% in March and about 10% in April, supported by pre-monsoon buying, logistics constraints, feedstock costs. Seasonal demand should keep activity supported, though milder movements by mid-year may occur if monsoon effects materialize.
