News & Bulletin Updates

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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High spot prices have dried up LNG supplies to India.
8A comparison of our daily data from two months ago with that of the import sheet as of yesterday will show that LNG imports have gone down dramatically.
8Exactly two months ago, on November 20, 2020, LNG imports that we had documented come to 2411832 cubic metres
8As on January 19, 2021, the total volume that we could document was just 1689523 cubic metres
8As on 21 November 2020, there were 595095 cubic metres of gas meant to come in at Hazira while Dahej was meant to process 1527237 cubic metres of gas
8As of yesterday, 290000 cubic metres is documented to come in at Hazira and 953793 cubic metres at Dahej
8Also, the Hazira data as of yesterday is misleading, as these shipments are meant to come in only in February now, as for this entire month, there are no shipments coming in at Hazira. Two major clients, ArcelorMittal and RIL are both not bringing any cargoes. RIL is using its ethane cargoes and liquid fuels while AcerlorMittal is being supplied gas from RIL's new gas from the KG Basin.
8But clearly, the point to note is that India Inc is adjusting to low LNG supply by going through the time tested way of switching to alternate fuels, like naptha or fuel oil or syngas.
8India's gas demand can see big increases only if the price is low, in the range of $6-7/mmbtu whereas the price appetite is much higher in countries such as China or in Korea or Japan.  India's demand for gas highly prices elastic.
8The projection is that these high, winter demand-driven prices are going to settle down, and hopefully, the termianls will start importing normal volumes of LNG
8But the lesson for Indian businesses is that you cannot depend on gas entirely, and that you need to have dual feed systems so that when push comes to shove, you can move easily to alternate fuels.

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The process of merging ONGC's two oil refining subsidiaries, Hindustan Petroleum Corp Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL), will start only after the company completes merging ONGC Mangalore Petrochemical Ltd (OMPL) with MRPL.
Know more on what is next here

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8Increasingly, the chemical industry in India is looking at adopting the zero liquid discharge (ZLD) technology to prevent the dumping of untreated waste sewer lines.
8This is because such activity is now coming into increasing focus
Find out more on the zero liquid discharge industry.
8Where is it headed?
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Amid the COVID-19 crisis, the global market for Methyl Ethyl Ketone (MEK) estimated at US$3 Billion in the year 2020, is projected to reach a revised size of US$4.1 Billion by 2027, growing at a CAGR of 4.7% over the analysis period 2020-2027.
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8A big tender is out for supply of ethanol
8Interested bidders can apply
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8The active cosmetics ingredient market is forecast to reach $9.9-bn by 2025
8A report estimates the global market for aroma chemicals in 2020 to be around $5-bn and expected it to grow at a CAGR of 3.8% to $6-bn by 2025
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Despite what is believed, the petrochemical industry in the Gulf region may be on the decline.
And there are many reasons for this
Find out why

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The Bharat Petroleum Corporation (BPCL) has put on hold a planned specialty petrochemicals plant for producing polyols at its Kochi refinery in Kerala.
This is being done as BPCL prefers to wait for the outcome of the privatization process currently underway before proceeding on the Rs 11,130 crore project.

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Maritime classification society the American Bureau of Shipping (ABS) has classed a Suezmax tanker as ammonia-ready, the first ship to receive this categorization.
The tanker, ordered by Greek shipowner Avin International, is the first of three potential ammonia-powered vessels under construction at New Times Shipbuilding in China.
International Maritime Organization (IMO) plan for a 70pc reduction in greenhouse gas (GHG) emissions by 2050 compared with 2008 levels.
And ammonia-ready ships are part of this effort.

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As of January 20th, 2021, our sources have confirmed that Propylene glycol prices have slipped in the Kandla market.

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