News & Bulletin Updates

Prices for ethyl acetate have been revised at EX-Satyam. 

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Chloroform prices revised at Dahej.

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Prices for Methanol have been revised by Aegis.

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A revision in DEG prices has been announced at Hazira. 
On January 21, 2021, DEG prices were raised by Re.1/Kg with the new basic price being Rs.55/Kg.

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The international crude oil price of Indian Basket was quoted at around $56.19 per barrel on January 21, 2021.

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On January 21, 2021 PVC prices moved down in the Indian polymer market.

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On January 21, 2021, acetonitrile prices moved down in the imported market.

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On January 21, 2021, sulphuric acid prices moved up in the domestic market. 

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A price revision in PP and PE prices has been announced by OPaL.

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Get today's complete chemical bulk price matrix for Mumbai, here.

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The complete price matrix of the today's Mumbai chemical market.

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SABIC Innovative Plastics announces a hike in ABS resin prices to be sold in North America.

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INEOS Styrolution has announced a price increase in ABS grades to be sold across the US.

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Jan 21, 2021: PP, PE prices revised

IOCL revises PP, PE prices.

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Haldia Petrochemicals Limited has announced a revision in PP and PE prices. 

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According to domestic industry sources, Reliance Industries Limited has announced incentive scheme  amount of LDPE, LLDPE and HDPE for January 2021.

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RIL has done some price revisions for petrochemicals
Find out what they are

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81.06 million tonnes of assorted chemicals are slated for import in the coming days
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Both IOCL and HMEL take crude cargoes at Mundra
There are three carges lined up, and they are coming from:
8Yuum K'ak'naab
8Zirku Island
8Ras Tanura
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Ammonia-Urea Brownfield Project 
8Cost - Rs 4933 crore
8Project Event: The project has elicited cabinet approval. Still, discussions are ongoing for the finalization of plant size and equity share between JV partners, and this is likely to be finalized in March 2021
Ammonium Sulphate Expansion Project  
8Cost - Rs 9 crore
8Project Event: The evaluation is still ongoing, the proposal for the environmental clearance is likely to be granted in February 2021. RFQ for the EPC contractor is likely to be released in April 2021.

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8Two Urea Shipment is coming up on 22 Jan 2021
8One Sulphuric acid shipment is coming up on 30 Jan 2021

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There is an update on the IOCL-CPCL Nagapattinam project
When is capital approval likely?

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In an informal briefing, GAIL has claimed that high LNG prices are a result of mostly paper transactions between a few big LNG traders.
8GAIL also said that it is willing to sell LNG at a far lower price than the benchmark JKM spot prices.
8This assertion by the Indian largest gas trader seems to cast doubt on the viability of JKM as a benchmark for gas prices for India.
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India's dependence on LNG demand is high now
8Overall, we are 64% dependent on LNG
8Power is 40%, fertilizers 73%
8Refineries is as high as 88%
8Petrochemicals is a whopping 95%
Find out how high gas prices are having an impact.

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While high spot LNG prices have dried up LNG cargoes into India, these prices are unlikely to last beyond a point.
8Also, Indian companies have learned a lesson: that while spot LNG can be a viable way of plugging a gap in supply, sticking to long term contracts, whether Henry Hub based or Brent-based is the best way out.
8Sticking to good old GAIL will make more sense than to go with newer players. The fertilizer industry, for example, will always pitch for GAIL even if a competitor is providing gas at a lower rate. "Whenever there is an unscheduled shutdown, we have found GAIL adjusting the volumes elsewhere instead of imposing take-or-pay penalties. This is something a new supplier cannot afford to provide," a source in Iffco, the country's largest fertilizer company told this website. "Look at the situation now, GAIL continues to provide gas while others have run for cover," he added.
8As for the power sector, even in normal times, the survival of gas-based power plants was a problem, but with LNG prices sky-high, even those with captive distribution systems such as Torrent are balking at buying gas. In the merit order system, it is near-impossible to find any demand for gas-based power.
8What should be the proportion of spot vs. term? Well, that depends on the risk-taking capacity of the buyer. But the lesson here is not to be swayed by low spot LNG prices to take long term decisions. Just a few months ago, when spot prices were really low, many buyers of US HH-based term gas, were trying to re-read their GSAs to find loopholes to get out of them. They should be thankful now that they have these deals in place.
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