The Market of C9 Solvent Remains Typical in India This Quarter
- 28-Dec-2022 5:27 PM
- Journalist: Francis Stokes
India's market for C9 solvent is still uninteresting. From the very start of this quarter, the market for this ware in this locale has been somewhat low because of negative stock interest elements. There is average demand for C9 solvent due to the region's modest economic growth.
The market has been experiencing a downward trend over the past few months that is unlikely to continue in the near future. In the region, manufacturers of paints, coatings, and rubber are the primary end-use industries of C9 Solvent. However, a decrease in demand across all of these industries is hindering this product's market expansion in this region.
The overall economy's slowdown is one of the most significant factors affecting this region's demand for C9 solvent, and the other factor which influences this product's businesses to a great extent is the events that are taking place in the upstream crude oil commodities.
Buyers have a moderate interest in purchasing despite largely relying on hand-to-mouth inventory levels. Producers are having trouble increasing sales because the primary consumer market does not seem to be much interested in C9 Solvent.
The downstream sector's C9 Solvent market participants remain vigilant. This is due to a lack of clarity regarding the outlook for future demand. Additionally, the excess inventory levels from the previous quarter continue to weigh on the market. Prices have not changed significantly over the past few weeks. However, it does not look like this will last very long.
Notwithstanding the continuous difficulties, manufacturing of C9 Solvent in the locale has stayed ordinary on the stockpile side. As a result, inventory levels have remained good, resulting in price reductions. If supply or demand dynamics significantly shift in the near future, prices may continue to be under pressure.
However, ChemAnalyst anticipates the price of C9 Solvent to grow in the upcoming quarter since it is expecting the demand for this product to grow and the prices of upstream crude oil to enhance. According to the firm's predictions, the price of this product is likely to grow by approximately 4% per MT in January 2023 and by a further 4.2% in the month of February.
As on 23rd December 2022, C9 Solvent was being traded at approximately USD 1,007 per MT on ex – Dahej and at around USD 1,038 per MT on ex – Mumbai bases.