Mumbai chemical market gains momentum at the beginning of 2014 – 8 Jan 2014

The chemical market in Mumbai looked upbeat at the beginning of the 2014, whereby the overall sentiment was bullish in the financial capital.

Downward price trend was seen in the price of Epichlorohydrin, Glycerol, Mixed Xylene, as their prices dropped by 2%, 3% and 5%, respectively.

Formaldehyde, Paraformaldehyde, Maleic Anhydride were top gainers in the market as their prices gained by 25% (approximately),13% and 5%, respectively.

Double digit percentage increase in the prices of Formaldehyde was because of greater availability of expensive domestic products against cheaper imported goods in the market, this influenced prices to move in an upward direction, based on market sources.

Paraformaldehyde prices moved due to limited availability of the stock in the market- traders cite poor imports as primary cause.

Acetone, Cyclohexanone, Methylene Dichloride and Ortho Xylene prices increased by 3-4% , while 2% increase was observed for  Monoethylene Glycol, Diethylene Glycol, 2-Ethylhexanol, Bisphenol A in Mumbai.

Marginal  movement in prices was noted for Hexamine and Triethanolamine.

On the other hand, chemicals like Toulene, Sodium Hyderoxide, Acetic acid. Chloroform, Ethylene Glycol Monobutyl Ether, Methyl Isobutyl Ketone, Butanol, Phenol and n-Butanol didn't budge from their previous levels. This indicates that there might not have been significant trading volumes for these chemicals in the market.