Chemical Pulse Sector Update

Monthly Report
Institutional Research
India I Chemicals
30 April 2024
Chemical Pulse NIFTY 50: 22,605
BSE Sensex: 74,483

Crude up MoM, rise in chemical prices
During April, chemical prices increased MoM while crude surged ~5-7% MoM. Caustic China key chemicals monthly production – March
Soda/Acrylonitrile prices rose 5%/7% MoM while Soda Ash/TDI/Ethanol prices fell 2024
4%/6%/14%. Mixed bag in Petchem, building blocks, monomer, and polymer prices % Chg.
('000 MT) Mar-24
following the rise in crude prices. Caprolactam-Benzene and TDI-Toluene spreads YoY
contracted 4%/17% resp. MoM while ETAC-Acetic Acid/ Ethanol and Phenol/Acetone- Caustic Soda 3,684 3.7
Benz./Prop. Spreads expanded 41% and 7% MoM respectively. China VAM prices Chemical Fertilisers 5,422 5.4
remained flat MoM while Fluorspar prices rose ~8% MoM. PVC-VCM spreads Ethylene 2,773 6.2
contracted ~2% MoM while PP-Propylene spreads surged ~11% MoM. China Bromine Pesticide 334 47.8
prices declined ~12% MoM. Phosphate Ore 9,446 (0.4)
Chemicals – Mixed bag MoM Soda Ash 3,229 20.8
 Acetic Acid – Up 4.6% MoM, positive for GNFC while negative for consumers such as Sulfuric Acid 8,900 3.6
Laxmi Organic/Jubilant Ingrevia Syn. Detergents 1,048 9.9
 Caustic Soda (SEA) – Increased 4.7% MoM Synthetic Fiber 6,382 6.1
 Fluorspar – Increased 7.6% MoM Synthetic Rubber 736 (2.8)
 Soda Ash (China) – Down 4.3% MoM. China prices remain disconnected from Indian Source: China Data, Industry
prices due to local demand-supply dynamics. On 30 November, Tata Chemicals revised
Rating and Target prices
domestic Soda Ash prices downwards by ~3.4%, to Rs28,800/MT (light soda ash) from
Company Rating Price*(Rs) TP(Rs)
earlier Rs29,800/MT (previous downward revision by ~5.7% on 2 August 2023)
 Phenol/ Acetone – Phenol rose by 2.1% MoM while Acetone rose 5.7% MoM Aarti Industries ADD 742 675
 China VAM/ Ethanol – VAM Flattish MoM while Ethanol down 13.6% MoM Anupam Rasayan SELL 833 652
 Palm Kernel Oil (PKO) – Up 6.4% MoM, resultant Lauryl Alcohol (derivative of PKO) Atul Ltd. SELL 5,986 6,063
prices may increase, negative for Galaxy Surfactants to some extent Deepak Nitrite ADD 2,431 2,347
Crude/Petrochem – Crude up ~5-7% MoM Dhanuka Agritech ADD 1,397 1,153
 Brent/ WTI – Up 7.0%/ 5.0% MoM Galaxy Surfactants BUY 2,586 2.971
 Benzene (Korea)/ Toluene (Rotterdam) – Up 3.2%/ 3.5% MoM Gujarat Fluorochem SELL 3,624 3,091
 HDPE/ LDPE/ LLDPE – Up ~0-1% MoM Navin Fluorine ADD 3,419 3,316
 EDC/ VCM – EDC down 4.3% MoM and VCM down 0.4% MoM PI Industries ADD 3,654 3,826
 PVC – down 0.6% MoM Rossari Biotech BUY 749 936
 Benzene Rotterdam – down 7.3% MoM SRF SELL 2,621 2,161

UPL BUY 507 609
Spreads/margins – Caprolactam-Benzene and TDI-Toluene spreads contract MoM while
ETAC-Acetic Acid/ Ethanol and Phenol/Acetone-Benzene/Propylene spreads expand Vinati Organics SELL 1,637 1,476
 Caprolactam-Benzene – Down 4.2% MoM negative for GSFC Source: Centrum Broking, *as on 30 April 2024
 Ethyl Acetate-Acetic Acid/Ethanol – Expanded 40.7% MoM, negative for Laxmi Organic,
Jubilant Ingrevia
 Phenol/Acetone-Benzene/Propylene – Expanded 7.3% MoM, positive for Deepak
Nitrite
 PVC-EDC – Expanded 2.2% MoM
 PVC-VCM – Contracted 2.0% MoM, negative for Chemplast Sanmar
 TDI-Toluene – Contracted 16.8% MoM negative for GNFC
China key chemicals production (March 2024) – Soda Ash and pesticides production jumps
~22% and ~32% YoY during Jan-March24
 Soda Ash – Up 4.6% MoM, up 20.8% YoY, Mar-24 cumulative up 22.1% YoY Rohit Nagraj
 Caustic Soda – Up 7.3% MoM, up 3.7% YoY, Mar-24 cumulative up 4.0% YoY Research Analyst, Chemicals
Chemicals
+91-022 4215 9645

 Pesticides – Up 38.3% MoM, up 47.8% YoY, Mar-24 cumulative up 32.0% YoY rohit.nagraj@centrum.co.in
 Phosphate Ore – Up 48.4% MoM, down 0.4% YoY, Mar-24 cumulative down 3.4% YoY
 Synthetic Fiber – Up 19.4% MoM, up 6.1% YoY, Mar-24 cumulative up 15.8% YoY
Kunal Pai
Research Associate, Chemicals
+91-22 4215 9815
kunal.pai@centrum.co.in
Please see Disclaimer for analyst certifications and all other important disclosures.
Chemical Pulse 30 April 2024
CEFIC, in its latest update cited that EU27 chemical production level remained
flattish MoM in Jan-24 similar to Dec-23. Chemical production, however, declined
1.1% YoY in Jan-24. (EU chemical industry losing competitive edge; MoM
confidence improving)
EU27 chemical industry has been gradually losing its competitive edge in the global
market compared to the United States and Middle East who have the advantage of
lower energy costs Confidence in the chemical sector has been seeing an upward trend,
the trade balance is recovering, as destocking seems to be ending.
The level of inflation is expected to fall from 5.4% in 2023 to 2.3% in 2024, even though
these are positive signs, it is too early to say if this trend is the beginning of an upcycle.
The construction sector remains one of the most important drivers of growth for the
chemical industry, as is automotive. Construction output did not gain momentum since
May 2023. The major force holding back further growth remains the weak demand
which persists
In February 2024, chemicals production expectations went up for the first time since
November 2023. It is certainly weak compared to the pre-crisis level but it remains in
the positive digits. The assessments of the stocks of finished products decreased for
the fifth consecutive month in row
With a 1.1% decline in production in January 2024 compared to January 2023, the EU27
chemical industry reported the second-lowest drop among the EU27 manufacturing
sectors. Data shows a similar chemicals production level in January 2024 as in
December 2023. Yet, the European chemical industry production volumes are still not
recovering due to lack of demand growth, coupled with high regional energy and
feedstock costs. EU27 chemicals exports dropped by 7% in 2023 compared to 2022
EU27 chemicals dependency to China’s exports to the EU27 chemicals market has
increased from 1.7% in 2023 to 5.7% in 2023
.
Centrum Institutional Research 2

Table of Contents
Table of Contents ............................................................................................................. 3
Chemical, Petrochemical Price Trends – April 24 .............................................................. 4
China Key Chemicals Monthly Production Trend – Mar-2024 ........................................... 6
Global Chemicals Production and Outlook ....................................................................... 7
Anti-dumping (ADD) Impositions/ Investigations ............................................................. 8
Key RMs and Products for Chemical Companies ............................................................. 10
Summer Crops Sowing Data ........................................................................................... 11
Final Rabi Sowing Data 2023-24 ..................................................................................... 11
Rainfall & Water reservoir levels .................................................................................... 12
Chemical Price Trends .................................................................................................... 13
China Chemical Prices .................................................................................................... 15
Petrochemical Price Trends ............................................................................................ 16
Crude Prices ................................................................................................................... 20
Chemicals and Petrochemicals Spreads/Margins ........................................................... 21
Currency Movement ...................................................................................................... 22
Key Chemical prices India (imported) vs Benchmark/ China ........................................... 23
China Key Chemicals Monthly Production Trend ............................................................ 24
India Imports – February 2024 ....................................................................................... 26
India Organic Chemicals Imports/Exports – February 2024 ............................................ 28
India Inorganic Chemicals Imports/Exports – February 2024 .......................................... 29
India Agrochemicals Imports/Exports – January 2024 .................................................... 30
Freight Rate and Index ................................................................................................... 31
Chemical, Petrochemical, and Crude Prices – Monthly ................................................... 32
Chemical, Petrochemical, and Crude Prices – Quarterly ...................................................... 34
Chemical, Petrochemical, and Crude Prices – Yearly ........................................................... 36

Chemical Pulse Index 30 April 2024
Chemical, Petrochemical Price Trends – April 24

Chemical prices
(USD/MT) Latest Apr-24 Mar-24 1Q2024 4Q2023 2024# 2023 2022 % MoM % QoQ % YoY
Caustic Soda SEA 495 499 476 434 440 451 457 712 4.7 (1.3) (1.5)
China Acetic Acid 435 435 416 430 461 431 458 602 4.6 (6.8) (5.7)
China Acetone 1,201 1,085 1,027 1,025 985 1,040 901 850 5.7 4.1 15.5
China Acrylic Acid 949 949 949 968 1,015 963 1,020 1,764 0.0 (4.7) (5.6)
China Acrylonitrile 1,504 1,442 1,344 1,310 1,367 1,343 1,329 1,581 7.3 (4.2) 1.1
China Caprolactam 1,759 1,776 1,775 1,865 1,800 1,843 1,787 1,964 0.1 3.6 3.1
China Ethanol 787 819 947 927 1,065 900 1,043 1,119 (13.6) (13.0) (13.7)
China Ethyl Acetate 831 838 858 888 946 876 954 1,132 (2.3) (6.2) (8.2)
China Fluorspar 501 493 458 452 507 462 466 440 7.6 (10.9) (0.9)
China Methanol 344 329 319 323 325 324 331 384 3.1 (0.6) (2.1)
China Phenol 1,138 1,082 1,060 1,059 1,151 1,064 1,132 1,503 2.1 (8.1) (5.9)
China Phthalic Anhydride 1,049 1,052 1,032 1,033 1,044 1,038 1,120 1,242 1.9 (1.0) (7.4)
China Soda Ash 245 237 247 280 326 270 319 347 (4.3) (14.0) (15.5)
China TDI 2,139 2,148 2,293 2,336 2,384 2,289 2,565 2,734 (6.3) (2.0) (10.8)
China VAM 1,051 1,051 1,051 1,029 921 1,034 962 1,797 0.0 11.7 7.5
Malaysia/ Indonesia Palm Kernel Oil 1,250 1,283 1,205 1,072 972 1,124 987 1,656 6.4 10.2 13.5
MDI 2,266 2,266 2,266 2,177 2,208 2,221 2,292 2,663 0.0 (0.1) (3.1)
Source: Bloomberg, Industry Note: Latest prices for the week ended 26 April 2024. #Note – YTD average
China Chemical Prices

Bromine 2,650 2,553 2,906 3,102 3,327 2,965 3,720 7,915 (12.1) (6.8) (20.1)
PVC 768 767 780 778 795 775 837 1,112 (1.6) (2.1) (7.3)
Polycarbonate 2,242 2,237 2,240 2,220 2,227 2,224 2,282 2,935 (0.1) (0.3) (2.6)
Titanium Dioxide (TiO2) 2,365 2,379 2,378 2,332 2,343 2,344 2,342 2,814 0.1 (0.4) 0.1
MDI 2,317 2,295 2,330 2,285 2,222 2,287 2,284 3,283 (1.5) 2.9 0.1
Acetic Acid 469 452 426 442 493 445 487 628 6.2 (10.3) (8.6)

Petrochemical prices
Benzene Rotterdam 1,175 1,211 1,306 1,187 1,005 1,193 980 1,102 (7.3) 18.1 21.7
Benzene Korea 1,070 1,075 1,041 1,012 924 1,028 913 1,033 3.2 9.5 12.6
Benzene China 1,214 1,210 1,185 1,132 1,055 1,151 1,027 1,211 2.2 7.3 12.1
Toluene Rotterdam 1,200 1,225 1,184 1,093 998 1,126 1,091 1,221 3.5 9.5 3.2
Naphtha Japan 710 701 714 688 668 692 657 787 (1.8) 3.0 5.3
Ethylene NWE 845 854 868 846 756 848 809 1,142 (1.6) 11.9 4.8
Ethylene Korea 885 898 905 901 868 900 840 1,001 (0.8) 3.8 7.1
Propylene NWE 1,091 1,112 1,152 1,100 911 1,103 835 1,127 (3.5) 20.8 32.1
Propylene Korea 825 825 819 816 817 818 831 997 0.8 (0.1) (1.6)
Butadiene Korea 1,425 1,433 1,408 1,230 1,046 1,281 940 1,092 1.8 17.6 36.2
Styrene Korea 1,170 1,168 1,145 1,102 1,055 1,118 1,051 1,202 2.0 4.5 6.4
HDPE Europe 1,642 1,644 1,644 1,576 1,560 1,593 1,612 2,008 (0.0) 1.0 (1.2)
LDPE Europe 2,005 2,008 1,994 1,887 1,864 1,917 1,956 2,422 0.7 1.2 (2.0)
LLDPE Europe 1,781 1,783 1,777 1,690 1,663 1,713 1,700 2,059 0.3 1.6 0.8
PP Europe 1,674 1,670 1,657 1,557 1,506 1,585 1,566 1,948 0.8 3.4 1.2
Polystyrene SEA 1,380 1,368 1,305 1,269 1,255 1,294 1,249 1,492 4.8 1.1 3.6
EDC SEA 325 335 350 360 341 354 316 546 (4.3) 5.6 12.0
VCM SEA 665 676 679 659 650 663 699 954 (0.4) 1.4 (5.1)
PVC SEA 790 798 803 788 788 790 842 1,146 (0.6) 0.0 (6.2)
MEG SEA 520 529 544 550 506 544 504 583 (2.8) 8.6 8.0
PTA SEA 800 804 780 784 777 789 803 886 3.0 0.9 (1.7)
OX China 1,118 1,112 1,096 1,085 1,087 1,091 1,140 1,215 1.5 (0.2) (4.3)
PX Rotterdam 1,145 1,153 1,173 1,135 1,113 1,140 1,180 1,266 (1.7) 2.0 (3.4)
ABS SEA 1,480 1,478 1,443 1,365 1,340 1,393 1,362 1,738 2.4 1.8 2.3
Crude prices
(USD/bbl.) Latest Apr-24 Mar-24 1Q2024 4Q2023 2024# 2023 2022 % MoM % QoQ % YoY
Brent 89.4 91.0 85.1 83.6 83.9 85.5 82.8 100.3 7.0 (0.4) 3.2
WTI 83.9 84.9 80.8 77.7 78.3 79.5 77.9 94.9 5.0 (0.7) 2.1
Dubai-Oman 89.3 89.9 85.2 82.3 83.1 84.2 82.0 97.0 5.5 (1.1) 2.6
Spreads/Margins
Caprolactam-Benzene 545 566 590 733 691 763 753 (4.2) (3.2) (9.4)
Phenol/Acetone-Benz./Propylene 483 353 329 355 495 354 433 585 7.3 (28.2) (18.1)
Ethyl Acetate-Acetic Acid/ Ethanol 126 117 83 113 87 114 103 140 40.7 30.1 10.9
PP-Propylene 583 558 505 457 595 482 730 820 10.6 (23.2) (34.0)
Ethylene-Naphtha 135 153 153 157 88 156 152 355 (0.5) 79.5 2.8
PVC-EDC 465 463 453 428 447 437 527 601 2.2 (4.2) (17.1)
PVC-VCM 125 121 124 129 138 127 143 192 (2.0) (6.4) (11.3)
Polystyrene-Styrene 210 200 160 167 200 175 197 290 25.0 (16.6) (11.1)
TDI-Toluene 939 923 1,109 1,242 1,378 1,163 1,472 1,512 (16.8) (9.8) (21.0)
Currency
Currency Latest Apr-24 Mar-24 1Q2024 4Q2023 2024# 2023 2022 % MoM % QoQ % YoY
Dollar Index 105.9 105.6 103.8 103.6 104.4 104.1 103.4 104.0 1.8 (0.7) 0.7
USDINR 83.4 83.4 83.1 83.0 83.2 83.1 82.6 78.6 0.3 (0.2) 0.7
USDCNY 7.25 7.24 7.21 7.19 7.22 7.21 7.08 6.73 0.4 (0.4) 1.7
EURINR 89.5 89.4 90.2 90.1 89.6 89.9 89.3 82.7 (0.8) 0.5 0.8

China Key Chemicals Monthly Production Trend – Mar-2024

China Key Chemicals Monthly production – March 2024
('000 MT) Mar-24 Feb-24 % Chg. MoM Mar-23 % Chg. YoY Jan-Mar 24 Jan-Mar 23 % Chg.
Caustic Soda 3,684 3,434 7.3 3,552 3.7 10,551 10,145 4.0
Chemical Fertilizers 5,422 4,697 15.4 5,143 5.4 14,816 13,994 5.9
Ethylene 2,773 2,577 7.6 2,612 6.2 7,927 7,691 3.1
Pesticide 334 242 38.3 226 47.8 817 619 32.0
Phosphate Ore 9,446 6,364 48.4 9,487 (0.4) 22,173 22,965 (3.4)
Soda Ash 3,229 3,088 4.6 2,672 20.8 9,404 7,701 22.1
Sulfuric Acid 8,900 8,445 5.4 8,591 3.6 25,789 24,379 5.8
Synthetic Detergents 1,048 786 33.3 954 9.9 2,620 2,532 3.5
Synthetic Fiber 6,382 5,346 19.4 6,016 6.1 17,074 14,741 15.8
Synthetic Rubber 736 710 3.7 757 (2.8) 2,155 2,137 0.8
Source: China Government, Centrum Broking
China Key Chemicals Yearly Production

('000 MT) 2017 2018 2019 2022 2021 2022 2023
Caustic Soda 34,622 33,992 34,880 36,287 38,420 39,482 41,044
Chemical Fertilizers 66,387 56,768 57,260 54,824 54,896 55,278 57,569
Ethylene 18,354 18,245 20,499 21,690 28,045 28,938 31,357
Pesticide 3,636 2,468 2,047 2,151 2,509 2,515 2,602
Phosphate Ore 1,48,436 1,06,560 95,785 89,202 1,02,718 1,08,114 1,05,551
Soda Ash 27,157 25,825 28,036 27,592 29,092 29,154 32,383
Sulfuric Acid 91,723 86,221 86,853 83,006 92,238 94,742 96,119
Synthetic Detergents 13,964 10,489 10,110 11,129 10,339 10,414 11,131
Synthetic Fiber 47,645 45,821 56,252 46,138 61,717 62,020 66,439
Synthetic Rubber 6,022 5,810 6,727 7,355 8,122 8,067 9,137
China Key Chemicals Yearly Production Growth

% Chg. YoY 2018 2019 2020 2021 2022 2023
Caustic Soda (1.8) 2.6 4.0 5.9 2.8 4.0
Chemical Fertilizers (14.5) 0.9 (4.3) 0.1 0.7 4.1
Ethylene (0.6) 12.4 5.8 29.3 3.2 8.4
Pesticide (32.1) (17.1) 5.1 16.6 0.2 3.5
Phosphate Ore (28.2) (10.1) (6.9) 15.2 5.3 (2.4)
Soda Ash (4.9) 8.6 (1.6) 5.4 0.2 11.1
Sulfuric Acid (6.0) 0.7 (4.4) 11.1 2.7 1.5
Synthetic Detergents (24.9) (3.6) 10.1 (7.1) 0.7 6.9
Synthetic Fiber (3.8) 22.8 (18.0) 33.8 0.5 7.1
Synthetic Rubber (3.5) 15.8 9.3 10.4 (0.7) 13.3

Global Chemicals Production and Outlook

Global Chemical Sales Trend (EUR bn)
Chemical sales 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CAGR 2012-22(%)
China 949 1,058 1,136 1,343 1,294 1,414 1,522 1,559 1,492 1,949 2,390 9.7
EU27 519 510 498 494 478 521 541 546 506 618 760 3.9
USA 464 451 443 470 455 463 465 456 406 493 606 2.7
India 69 66 69 86 78 90 102 101 88 99 115 5.2
ROW 1,033 1,012 988 1,007 982 1,052 1,106 1,134 1,009 1,269 1,563 4.2
Total 3,033 3,097 3,133 3,399 3,286 3,541 3,736 3,795 3,502 4,428 5,434 6.0
Source: CEFIC
EU27 Production Trend (Indexed, Quarterly) EU27 Production Trend (Indexed, Yearly)
110.0 2015 - 100 (Index) 110.0 2015 - 100 (Index)

105.0 105.0
100.0
104.2
100.0
102.8
102.2
95.0
100.7
100.4
100.0
99.5
95.0
98.5
98.3
98.2
98.1
97.8
97.6
90.0
85.0 90.0
89.7
80.0 85.0
2009 87.7
75.0 80.0
Q3/19
Q3/08
Q3/09
Q3/10
Q3/11
Q3/12
Q3/13
Q3/14
Q3/15
Q3/16
Q3/17
Q3/18
Q3/20
Q3/21
Q3/22
Q3/23
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Source: CEFIC Source: CEFIC
EU27 Capacity Utilisation (Quarterly) EU27 Capacity Utilisation (Yearly)
84.0
83.4
86.0 86.0
82.5
82.0
81.8
81.7
81.6
81.5
84.0
81.1
84.0
79.9
79.7
82.0
82.0
78.0
80.0
77.1
80.0
78.0
74.8
78.0
74.2
76.0
76.0
74.0
74.0
72.0
72.0
70.0
70.0
68.0
68.0
Q1/09
Q4/09
Q3/10
Q2/11
Q1/12
Q4/12
Q3/13
Q2/14
Q1/15
Q4/15
Q3/16
Q2/17
Q1/18
Q4/18
Q3/19
Q2/20
Q1/21
Q4/21
Q3/22
Q2/23
2012
2021
2009
2010
2011
2013
2014
2015
2016
2017
2018
2019
2020
2022
2023
Source: CEFIC Source: CEFIC
Chemicals Production Trend Across Countries Global Chemicals Production Outlook

Output Growth (%) 2020 2021 2022 2023 Growth (%) 2022 2023P 2024F
Netherlands (0.2) 4.1 (4.4) (13.2) World Chemical Output 1.8 0.3 2.9
South Korea (3.1) 8.6 (9.9) (10.7) North America 2.1 (1.9) 0.5
Germany (1.3) 5.7 (12.1) (10.4) Latin America 4.8 (3.6) 3.1
EU27 (2.2) 6.1 (6.3) (8.0) Europe 5.1 (6.6) 1.9
Japan (12.0) 5.1 (3.8) (6.4) Former Soviet Union (3.7) 1.1 3.1
Brazil 0.0 3.6 1.1 (5.9) Africa and Middle East 3.1 0.9 2.3
USA (4.9) 4.2 2.2 (1.0) Asia & Pacific 0.5 3.7 4.2
India (5.4) 8.0 4.2 0.1 Source: ACC
Russia 7.4 7.1 (2.3) 4.6
China 2.9 8.4 6.4 9.6
World (0.5) 7.2 1.5 2.3
Source: CEFIC

Anti-dumping (ADD) Impositions/ Investigations

Anti-dumping (ADD) Impositions/ Investigations
Type of Investigation Countries Product Imposed/ In-Process Impacted Companies
New pneumatic radial tyres for investigation of countervailing Tyre manufacturers, carbon black
Sunset review (Apr 24) China PR
buses and lorries duty players, NOCIL
TamilNadu Petroproducts, Reliance
Initiation (Mar 24) Iran and Qatar Linear Alkyl Benzene (LAB) ADD Investigation initiation
Industries, IOCL
Pretilachlor in any of its form & its
intermediate –2,6- Diethyl-n-(2-
Initiation (Mar 24) China PR ADD Investigation initiation India Pesticides
propoxy ethyl) Aniline (also known
as PEDA)
Effect pearlescent pigments or
Initiation (Mar 24) China PR CVD Investigation Initiation Sudarshan Chemicals
mica pearlescent pigments'
Initiation (Mar 24) China PR Azo Pigment ADD Investigation initiation Sudarshan Chemicals
Initiation (Mar 24) China PR Titanium Dioxide ADD Investigation initiation Meghmani Organics
ADD Midterm review (Mar 24) Thailand Aluminium foil below 80 microns ADD imposed, under review SRF
Initiation (Mar 24) China PR and Japan Insoluble Sulphur ADD Investigation initiation Oriental Carbon & Chemicals
Initiation (Mar 24) China PR, Russia & Taiwan Acetonitrile ADD Investigation initiation Alkyl Amines, Balaji Amines
China PR, Indonesia, Japan,
Chemplast Sanmar, DCW, DCM
Initiation (Mar 24) Korea RP, Taiwan, Thailand and PVC Suspension Resins ADD Investigation initiation
Shriram
the USA
Initiation (Mar 24) China PR Aluminium foil ADD Investigation initiation SRF
Chlorinated Polyvinyl Chloride
Sunset review (Dec 23) China PR, Korea RP ADD Investigation Review DCW, Epigral
(CPVC)
South Korea, Singapore, and the
ADD investigation (Dec 23) Para-Tertiary Butyl Phenol (PTBP) ADD imposed Vinati organics
United States of America
Sunset Review (Oct 23) China PR Meta Phenylene Diamine (MPDA) ADD continued Aarti Industries, Anupam Rasayan
Natural mica-based pearl industrial
ADD Mid-term review (Oct 23) China ADD imposed review Sudarshan Chemicals
pigments excluding cosmetic grade
China PR, Korea RP, Malaysia,
Initiation (Sep 23) Poly Vinyl Chloride Paste Resin ADD Investigation initiation Chemplast Sanmar
Norway, Taiwan & Thailand
Deepak Fertilisers & Petrochemicals,
ADD investigation (Sep 23) China PR Isopropyl alcohol ADD investigation
Deepak Phenolics
Meghmani Finechem/ Epigral and
CVD Initiation (Mar23) Thailand Epichlorohydrin CVD / Anti-subsidy investigation
DCM Shriram
ADD investigation (Sep 23) China PR Sulphur Black ADD investigation Atul
Sunset review (Jun 23) China PR Meta Phenylene Diamine (MPDA) Investigation commenced Aarti Industries
Saturated Fatty Alcohol of Carbon
Imposition of CVD (May 23) Indonesia, Malaysia, Thailand chain length C10 to C18 and their CVD imposed Galaxy surfactants, Aarti Surfactants
blends
Termination of ADD investigation
China Sulphur Black ADD not recommended Atul Ltd.
(Apr 23)
Initiation (Mar23) China PR, Thailand Flexible Slabstock Polyol ADD Investigation initiation Manali Petrochemicals
Sunset review (Dec 22) China PR Monoisopropylamine ADD continued Alkyl amines
South Korea, Singapore, and the
Initiation (Dec22) Para-Tertiary Butyl Phenol (PTBP) ADD Investigation initiation Vinati Organics
United States of America
Termination of ADD investigation
Kuwait, Saudi Arabia, and USA Mono Ethylene Glycol (MEG) ADD not recommended RIL, India Glycols
(Oct 22)
ADD investigation (Sep 22) China PR Sulphur Black ADD investigation Atul
Imposition of ADD (Sep 22) China PR, Japan, Korea RP Toluene Di-isocyanate (TDI) ADD continued GNFC
Sunset review (Sep 22) China PR Pneumatic radial tyres ADD continued NOCIL
European Union, Korea RP,
Sunset review (Jul 22) Styrene Butadiene Rubber (SBR) ADD continued RIL
Thailand
Sunset review (Jun 22) China PR, Japan, Korea RP Toluene Di-isocyanate (TDI) ADD continued GNFC
Sunset review (Apr 22) China PR Polytetraflouroethylene (PTFE) ADD continued Gujarat Fluorochemicals, SRF
Imposition of ADD (Mar 2022) China PR, European Union, Russia TDQ, PVI, CBS ADD recommended NOCIL
National Peroxide, Meghmani
Sunset review (Mar 22) Bangladesh, Thailand Hydrogen Peroxide ADD continued
Finechem
European Union, Japan, Qatar
Imposition of ADD (Feb 22) Melamine ADD recommended GSFC
and United Arab Emirates
Termination of ADD investigation United Arab Emirates (UAE), Withdrawal of application by
Soda Ash GHCL, DCW
(Jan 22) Russia domestic players
ADD Revoked (Jan 22) China PR R-134a/ 1,1,1,2- Tetrafluoroethane ADD Revoked SRF
Hydrofluorocarbon (HFC) Blends,
Imposition of ADD (Dec 21) China PR ADD imposed SRF and Gujarat Fluorochemical
except 407 and 410
Hydrofluorocarbon (HFC)
Imposition of ADD (Dec 21) China PR ADD imposed SRF
component R-32
Grasim, DCM Shriram, Meghmani
ADD Investigation (Dec 21) Japan, Iran, Qatar and Oman Caustic Soda ADD recommended Finechem, GACL, DCW, Punjab
Alkalies and Andhra Sugars
Sunset review (Oct 21) China PR PVC Flex Films Withdrawal of ADD recommended SRF
ADD Revoked (Oct 21) Russia and Korea RP Polytetrafluoroethylene (PTFE) ADD Revoked Gujarat Fluorochemicals, SRF
European Union, Singapore and
ADD Revoked (Oct 21) Phenol ADD Revoked Deepak Nitrite, HOCL
Korea RP

Imposition of ADD (Oct 21) China PR Aceto Acetyl derivative - Arylides ADD imposed Laxmi Organics
Sunset review (Oct 21) China PR Tetrafluoroethane/ R-134a ADD recommended SRF
Final Finding (Sep 21) EU, Korea RP, Russia and Thailand Caprolactam ADD recommended GSFC
Hydrofluorocarbon (HFC)
Final Finding (Sep 21) China PR ADD recommended SRF
Component R-32
Investigation commenced for
Initiation (Sep 21) China PR Polytetrafluoroethylene (PTFE) Gujarat Fluorochemical, SRF
continuation of imposition of ADD
Final Finding (Sep 21) EU, China PR Rubber Chemicals PX-13 and MOR ADD imposed
National Peroxide and Chlor-Alkali
Sunset review (Sep 21) Bangladesh and Thailand Hydrogen Peroxide Investigation commenced
Players
Investigation commenced for
Sunset review (Sep 21) Thailand Flexible Slabstock Polyol Manali Petrochemicals
continuation of imposition of ADD
Sunset review (Sep 21) China PR, Japan and Korea RP Toluene Di-isocyanate (TDI) Investigation commenced GNFC
Gujarat Fluorochemicals, TGV
Final Finding (Jan 21) China Methylene Chloride Continuation of ADD
SRAAC, Gujarat Alkalies, Meghmani
Positive for GNFC, Negative for
importers (users) such as NOCIL,
Final Finding (Jan 21) China Aniline ADD Imposed
Aarti Industries, Bodal, Bhageria
Chemicals
Final Finding (Jan 21) Turkey Soda Ash ADD Imposed GHCL, Tata Chemical, DCW
Final Finding (Jan 21) China PR, Saudi Arabia Dimethyl Formamide (DMF) ADD Imposed Balaji Amines
Sunset Review (Jan 21) Russia Phthalic Anhydride ADD Imposed IG Petrochem., Thirumalai Chemicals
Source: India Government

Key RMs and Products for Chemical Companies

Key RMs and Products for Chemical Companies
Chemical Raw Material Product
Acetic Acid Jubilant Ingrevia, Laxmi Organics Ashok Alco-Chem ,GNFC
Acetone Deepak Nitrite, HOCL
Acrylic Acid Rossari Biotech
Acrylonitrile Reliance Industries
ABS Bhansali Engineering , Styrenix Performance Materials
Caprolactam SRF GSFC
Caustic Soda DCM Shriram, DCW, Epigral , GACL, Grasim, TGV SRAAC
EDC Chemplast Sanmar
Ethyl Acetate Ashok Alco-Chem , GNFC, Jubilant Ingrevia, Laxmi Organics
Fluorspar Gujarat Fluorochemicals, Navin Fluorine, SRF
MDI BASF
Methanol Alkyl Amines, Balaji Amines GNFC
Palm Kernel Oil (PKO) Galaxy Surfactants (Lauryl Alcohol derivative of PKO)
Phenol Clean Science, Vinati Organics Deepak Nitrite, HOCL
Phthalic Anhydride IG Petrochemicals, Thirumalai Chemicals
Chemplast Sanmar, DCM Shriram, DCW, Reliance
PVC
Industries
Soda Ash DCW, GHCL, Tata Chemicals
TDI GNFC
VCM Chemplast Sanmar
Spreads/ Margins (USD/MT)

Caprolactam-Benzene GSFC
Phenol/Acetone-Benz./Propylene Deepak Nitrite, HOCL
Ethyl Acetate-Acetic Acid/ Ethanol Ashok Alco-Chem , GNFC, Jubilant Ingrevia, Laxmi Organics
PVC-EDC Chemplast Sanmar
PVC-VCM Chemplast Sanmar
TDI-Toluene GNFC
Source: Company

Summer Crops Sowing Data

Summer Crops sowing up ~5% YoY supported by Rice sowing
Rabi – Crop (Lakh ha.) Area sown
Abs. YoY inc./(dec.) % Chg. YoY 22-23
As on 26/4/2024 2023-24 2022-23
Rice 29.9 27.4 2.4 8.9
Urad 2.9 3.0 (0.2) (5.3)
Moong 13.3 12.9 0.4 3.3
Total pulses 16.4 16.2 0.2 1.2
Maize 0.4 0.2 0.2 72.7
Total coarse cereals 4.6 4.5 0.2 4.3
Groundnut 6.8 6.2 0.5 8.7
Seasum 11.9 11.1 0.9 7.8
Oilseeds 4.6 4.6 0.0 0.9
Total 4.8 4.6 0.2 5.2
Source: Centrum Broking, Government Data
Final Rabi Sowing Data 2023-24

Flattish Rabi sowing till date, Rice and Pulses lag
Rabi – Crop (Lakh ha.) Area sown Abs. YoY Area sown
% Chg. YoY 22-23 % Chg. YoY 21-22
As on 2/2/2024 2023-24 2022-23 inc./(dec.) 2021-22
Wheat 341.6 339.2 2.4 0.7 341.8 (0.8)
Rice 39.3 40.4 (1.1) (2.7) 35.1 15.2
Gram 104.7 110.7 (6.0) (5.4) 114.2 (3.0)
Lentil 19.6 18.5 1.1 5.7 17.7 4.8
Total pulses 160.1 166.2 (6.1) (3.7) 167.3 (0.7)
Jowar 25.2 22.4 2.8 12.5 24.5 (8.7)
Maize 23.1 22.6 0.5 2.0 19.5 16.1
Total coarse cereals 57.4 53.6 3.8 7.1 51.4 4.2
Oilseeds 111.0 109.8 1.2 1.1 102.4 7.2
Total 709.3 709.1 0.2 0.0 698.0 1.6
Source: Centrum Broking, Government Data

Rainfall & Water reservoir levels

Water reservoir levels
As on 14 March 2024 Live Cap. Live Storage Storage as % of Capacity
No. of Res.
Region (BCM) Current Year Prev. Year 10 yr. avg. Current Year Prev. Year 10 yr. avg.
Northern Region 10 19.7 6.7 7.7 6.8 34.3 39.4 34.7
Eastern Region 23 20.4 10.4 9.1 10.5 50.7 44.8 51.4
Western Region 49 37.1 17.8 21.2 16.1 48.0 57.0 43.4
Central Region 26 48.2 22.8 23.8 21.0 47.2 49.3 43.6
Southern Region 42 53.3 13.1 22.3 18.4 24.5 41.8 34.5
Country as a whole 150 178.8 70.7 84.1 72.9 39.6 47.1 40.8
Source: Department of Agriculture and Farmers welfare
Post Season Rainfall summary – 6% shortfall till 13 March

07 Mar to 13 Mar 24 1 Mar to 13 Mar 24
Category of rainfall Number of
Number of Sub- Sub-divisional % Area of Sub-divisional % Area of
Sub-
divisions Country Country
divisions
LARGE EXCESS(LE) (+60% or more) 0 0% 8 26%
EXCESS (E) (+20% to +59%) 0 0% 4 9%
NORMAL (N) (+19% to -19%) 0 0% 2 10%
DEFICIENT (D) (-20% to -59%) 1 5% 2 8%
LARGE DEFICIENT (LD) (-60% to -99%) 16 46% 14 35%
NO RAIN (NR) (-100%) 19 49% 6 12%
Cumulative rainfall (mm) Actual (mm) Normal (mm) Departure (%) Actual (mm) Normal (mm) Departure (%)
EAST & NORTH-EAST INDIA 1.7 11.2 -85% 7.1 19.5 -64%
NORTH-WEST INDIA 0.5 11.2 -96% 30.6 21.7 41%
CENTRAL INDIA 0.5 2.4 -79% 3.4 4.3 -21%
SOUTH PENINSULA 0.2 3.9 -95% 0.2 6.5 -97%
Country as a whole 0.6 6.8 -91% 11.7 12.5 -6%
Source: Department of Agriculture and Farmers welfare

1,000
1,200
1,400
1,600
1,800
2,000
1,000
200
400
600
800
200
300
400
500
600
700
900
800
1,200
1,600
2,000
2,400
2,800
3,200
800
Jan-18 Jan-18 Jan-18
Apr-18 Apr-18 Apr-18
Jul-18 Jul-18 Jul-18
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Chemical Pulse
Oct-18 Oct-18 Oct-18

Centrum Institutional Research

China Acetone (USD/ MT)

Jan-22
Caustic Soda SEA (USD/ MT)
Jan-22 Jan-22
China Caprolactam (USD/MT)

Chemical Price Trends

Jul-23 Jul-23
Oct-23 Jul-23
Jan-24 Oct-23 Oct-23
Apr-24 Jan-24 Jan-24
Apr-24 Apr-24
495
1,759
1,201
Index
1,100
1,400
1,700
2,000
2,300
2,600
2,900
800
1,000
1,200
1,600
1,400
200
400
600
800
1,000
1,200
1,400
1,600
1,800
600
800
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg

China Acetic Acid (USD/MT)

China Acrylonitrile (USD/MT)
China Ethyl Acetate (USD/MT)

831
435
1,504
13
30 April 2024
300
350
400
450
500
550
600
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1,000
1,200
1,400
1,600
1,800
2,000
600
800
Jan-18
Jan-18 Jan-18 Apr-18
Apr-18 Apr-18 Jul-18
Jul-18 Jul-18 Oct-18
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Chemical Pulse
Oct-18 Oct-18 Jan-19

Oct-19 Oct-19
…continued
Jan-20

Oct-20 Oct-20
Jan-21 Jan-21
China TDI (USD/ MT)

Jan-21 Apr-21
China Phenol (USD/ MT)

China Fluorspar (USD/MT)
Oct-21 Oct-21
Jan-22 Jan-22
Jan-22 Apr-22
Apr-22 Apr-22
Jul-22 Jul-22
Jul-22 Oct-22
Oct-22 Oct-22
Jan-23 Jan-23
Jan-23 Apr-23
Apr-23 Apr-23
Jul-23 Jul-23
Jul-23 Oct-23
Oct-23 Oct-23
Jan-24 Jan-24
Jan-24 Apr-24
Apr-24
501
Apr-24
2,139
1,138
Index
100
200
300
400
500
700
600
1,400
2,400
2,900
1,900
400
900
1,000
2,000
3,000
4,000
5,000
6,000
Jan-20
Jan-18
Apr-18 Apr-20 Jan-18
Jul-18 Apr-18
Jul-20
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Oct-18 Jul-18
Apr-19 Jan-19
Jan-21 Apr-19
Jul-19 Jul-19
Oct-19 Apr-21
Oct-19
Jan-20 Jul-21 Jan-20
Apr-20 Apr-20
Jul-20 Oct-21 Jul-20
Oct-20 Oct-20
Jan-22
Jan-21 Jan-21
China MDI (USD/MT)

Jul-21 Jul-21
Oct-21 Jul-22
China Soda Ash (USD/ MT)
Oct-21
Jan-22 Oct-22 Jan-22
Apr-22 Apr-22
Jul-22 Jan-23
Jul-22
Oct-22 Apr-23 Oct-22
Jan-23 Jan-23
Apr-23 Jul-23 Apr-23
Oct-23 Oct-23
Jan-24
Malaysia/ Indonesia Palm Kernel Oil Rotterdam (USD/ MT)
Jan-24 Jan-24
2,266

1,250
245
14
30 April 2024
1,400
2,400
3,400
4,400
5,400
6,400
7,400
1,400
1,900
2,400
2,900
3,400
3,900
4,400
4,900
400
400
900
2,400
4,400
6,400
8,400
10,400
12,400
400
Apr-18 Apr-18
Jul-18 Jul-18 Apr-18
Jul-18
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Chemical Pulse
Oct-18 Oct-18
Jan-19 Jan-19 Oct-18
Oct-19 Oct-19 Jul-19
Jul-20

Oct-20 Oct-20
Jan-21
China MDI (USD/ MT)

Apr-21 Apr-21
Jul-21
China Bromine (USD/ MT)
Oct-21 Oct-21
Apr-22
China Polycarbonate (USD/ MT)

Jul-22 Jul-22
2242
Jan-24
2,317
Apr-24 Apr-24
Apr-24
2,718
Index
0
1,000
1,200
1,400
1,600
1,400
1,900
2,900
3,400
3,900
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,400
200
400
600
800
400
900
400
600
800

Source: Bloomberg
Source: Bloomberg
Source: Bloomberg

China PVC (USD/ MT)

Jan-22 Jan-22
China Acetic Acid (USD/ MT)

Jan-22
Oct-22 Oct-22
Jul-23
China Titanium Dioxide (TiO2) (USD/ MT)
Oct-23 Oct-23
Oct-23
469
Jan-24 Jan-24
2,365
768
Apr-24
15
30 April 2024
1,000
1,200
1,400
200
400
600
800
1,100
1,300
100
300
500
700
900
1,400
1,800
2,200
1,000
200
600
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Chemical Pulse


Jan-21 Jan-21
Apr-21 Jan-21
Apr-21 Apr-21
Jul-21 Jul-21
Oct-21 Jul-21
Naphtha Japan (USD/ MT)
Ethylene Korea (USD/ MT)

Oct-21 Oct-21
Jan-22 Jan-22
Apr-22 Jan-22
Apr-22 Apr-22
Benzene Rotterdam (USD/ MT)
Jul-22 Jul-22
Oct-22 Jul-22
Oct-22 Oct-22
Jan-23 Jan-23
Apr-23 Jan-23
Apr-23 Apr-23
Jul-23 Jul-23
Oct-23 Jul-23
Petrochemical Price Trends
Oct-23 Oct-23
Jan-24 Jan-24
885
Jan-24
710
Apr-24 Apr-24
Apr-24
1,175
Index
1,000
1,400
1,800
200
600
1,000
1,200
1,400
1,800
1,600
400
600
800
1,000
1,400
1,800
2,200
200
600

Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Apr-20 Apr-20
Jul-20 Apr-20
Jul-20 Jul-20
Oct-20 Oct-20
Jan-21 Oct-20
Jan-21 Jan-21
Apr-21 Apr-21
Jul-21 Apr-21
Jul-21
Ethylene NWE (USD/ MT)
Oct-21 Jul-21
Oct-21
Propylene NWE (USD/ MT)

Jan-22 Oct-21
Jan-22 Jan-22
Apr-22
Toluene Rotterdam (USD/ MT)
Apr-22 Apr-22
Jul-22 Jul-22
Oct-22 Jul-22
Oct-22 Oct-22
Jan-23 Jan-23
Apr-23 Jan-23
Apr-23 Apr-23
Jul-23
Jul-23 Jul-23
Oct-23
Apr-24 1091 Jan-24 Jan-24
Apr-24
845
1,200
Apr-24
16
30 April 2024
1,100
1,300
1,500
1,700
1,900
2,100
2,300
2,500
1,100
1,300
1,500
1,100
1,500
1,900
2,300
2,700
3,100
500
700
900
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Chemical Pulse

…continued


PP Europe (USD/ MT)

LDPE Europe (USD/ MT)

Propylene Korea (USD/ MT)

Apr-23 Apr-23
Jul-23 Apr-23
Jul-23 Jul-23
Oct-23 Oct-23
Jan-24 Oct-23
Jan-24 Jan-24
Apr-24
2,005
Apr-24
825
Apr-24
1,674
Index
1,000
1,400
1,800
2,200
2,600
1,150
150
350
550
750
950
1,000
1,400
2,200
2,600
1,800
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg

EDC SEA (USD/ MT)

HDPE Europe (USD/ MT)
Jul-21
LLDPE Europe (USD/ MT)
Jul-21 Jul-21
Jul-23 Jul-23
Oct-23 Jul-23
Oct-23 Oct-23
Jan-24
Jan-24 Jan-24
325
1,781
Apr-24
1,642
Apr-24 Apr-24
17
30 April 2024
1,000
1,400
1,800
2,200
200
600
1,100
300
500
700
900
1,000
1,400
1,800
200
600
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Chemical Pulse

Oct-19 Oct-19
…continued
Oct-19

MEG SEA (USD/ MT)

VCM SEA (USD/ MT)

Apr-21 Apr-21
Apr-21 Jul-21
PX Rotterdam (USD/ MT)

Jul-21 Jul-21
Oct-21
Oct-21 Jan-22 Oct-21
Jan-22 Apr-22 Jan-22
520
Jan-24
665
Jan-24 Apr-24
1,145
Apr-24 Apr-24
Index
1,000
1,400
1,800
2,200
2,600
3,000
1,000
1,200
1,400
1,600
1,800
2,000
1,300
1,100
600
800
300
500
700
900
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg

Jul-20 Jul-20
Oct-20 Jul-20
Oct-20 Oct-20
PTA SEA (USD/ MT)
ABS SEA (USD/ MT)

PVC SEA (USD/ MT)
Jan-21
800

790
1,480
Apr-24 Apr-24
18
30 April 2024
1,000
1,500
2,000
2,500
3,000
0
500
1,100
1,300
1,500
700
900
500
Jan-17 Jan-18
Apr-17 Apr-18
Jul-17 Jul-18
Source: Bloomberg
Source: Bloomberg
Oct-17
Chemical Pulse
Jan-18 Oct-18
Apr-18 Jan-19
Jul-18 Apr-19
Oct-18 Jul-19
Jan-19 Oct-19
…continued
Apr-19 Jan-20
Jul-19 Apr-20
Oct-19 Jul-20
Jan-20

Apr-20 Oct-20
Jul-20 Jan-21
Oct-20 Apr-21
Jan-21 Jul-21
Apr-21 Oct-21
Jul-21 Jan-22
Oct-21 Apr-22
Jan-22 Jul-22
Apr-22
Jul-22 Oct-22
Oct-22 Jan-23
Phthalic Anhydride China (USD/ MT)
Jan-23 Apr-23
Apr-23 Jul-23
Vinyl Acetate Monomer China (USD/ MT)

Jul-23 Oct-23
Oct-23 Jan-24
Jan-24
1,049
Apr-24
Apr-24
1,051
Index
1,300
1,800
2,300
2,800
3,300
800
Jan-18
Apr-18
Jul-18
Source: Bloomberg
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
ACN SEA (USD/ MT)
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
1,300
19
Apr-24
30 April 2024
10.0
30.0
50.0
70.0
90.0
110.0
130.0
150.0
20.0
40.0
60.0
80.0
100.0
140.0
120.0
Jan-18 Jan-18
Apr-18 Apr-…
Jul-18 Jul-18
Source: Bloomberg
Source: Bloomberg
Chemical Pulse
Oct-18 Oct-…
Jan-19 Jan-19
Apr-19 Apr-…
Jul-19 Jul-19
Oct-19 Oct-…
Crude Prices
Jan-20 Jan-20
Apr-20 Apr-…
Brent (USD/ bbl)
Jul-20 Jul-20

Oct-20 Oct-…
Jan-21 Jan-21
Apr-21 Apr-…
Dubai-Oman (USD/ bbl)

Jul-21 Jul-21
Oct-21 Oct-…
Jan-22 Jan-22
Apr-22 Apr-…
Jul-22 Jul-22
Oct-22 Oct-…
Jan-23 Jan-23
Apr-23
Jul-23 Apr-…
Oct-23 Jul-23
Jan-24 Oct-…
Apr-24 Jan-24
Apr-…
89.4
89.34
Index
20.0
40.0
60.0
80.0
100.0
120.0
0.0
Jan-18
Apr-18
Jul-18
Source: Bloomberg
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
WTI (USD/ bbl)
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
83.9
Apr-24
20
30 April 2024
1,000
1,300
1,100
300
400
500
600
700
800
900
300
500
700
900
0
1,000
1,200
1,400
1,600
1,800
2,000
50
100
350
600
800
150
200
250
300
Jan-18 Jan-18 Jan-18 Jan-18
Apr-18 Apr-18 Apr-18 Apr-18
Jul-18 Jul-18 Jul-18 Jul-18
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
Chemical Pulse
Oct-18 Oct-18 Oct-18 Oct-18


PVC-EDC (USD/ MT)

PP-Propylene (USD/ MT)

ETAC- Acetic Acid/ Ethanol

Jul-22 Jul-22
Caprolactam-Benzene (USD/ MT)
Jul-22 Jul-22
545
126
465
583
Index
0
100
200
300
400
500
600
700
800
50
150
200
250
300
350
400
100
0
1,000
1,200
1,400
200
400
600
800

Source: Bloomberg
Source: Bloomberg
Source: Bloomberg

Jan-21 PVC-VCM (USD/ MT) Jan-21 Jan-21
Chemicals and Petrochemicals Spreads/Margins

Ethylene-Naphtha (USD/ MT)

483

135

Phenol/Acetone-Benzene/Propylene(USD/ MT)
21
125
30 April 2024
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
6.0
85
88
90
93
95
98
100
103
105
108
110
115
113
Jan-18 Jan-18
Apr-18 Apr-18
Jul-18 Jul-18
Oct-18 Oct-18
Source: Bloomberg
Source: Bloomberg
Chemical Pulse
Jan-19 Jan-19
Apr-19 Apr-19
Jul-19 Jul-19
USDCNY
Oct-19
Oct-19
Jan-20
Dollar Index
Apr-20 Jan-20
Jul-20 Apr-20
Oct-20 Jul-20

Jan-21 Oct-20
Apr-21 Jan-21
Jul-21 Apr-21
Oct-21 Jul-21
Jan-22 Oct-21
Currency Movement
Apr-22 Jan-22
Jul-22 Apr-22
Oct-22 Jul-22
Jan-23 Oct-22
Apr-23 Jan-23
Jul-23 Apr-23
Oct-23 Jul-23
Jan-24 Oct-23
Apr-24 Jan-24
7.25
105.94
Apr-24
Index
95.0
90.0
85.0
75.0
70.0
65.0
80.0
87.0
82.0
72.0
67.0
62.0
77.0
Jan-18 Jan-18
Apr-18 Apr-18
Jul-18 Jul-18
Source: Bloomberg
Source: Bloomberg
Oct-18 Oct-18
Jan-19 Jan-19
Apr-19 Apr-19
EURINR
USDINR
Jul-19 Jul-19
Oct-19 Oct-19
Jan-20 Jan-20
Apr-20 Apr-20
Jul-20 Jul-20
Oct-20 Oct-20
Jan-21 Jan-21
Apr-21 Apr-21
Jul-21 Jul-21
Oct-21 Oct-21
Jan-22 Jan-22
Apr-22 Apr-22
Jul-22 Jul-22
Oct-22 Oct-22
Jan-23 Jan-23
Apr-23 Apr-23
Jul-23 Jul-23
Oct-23 Oct-23
Jan-24 Jan-24
Apr-24 Apr-24
89.49
83.35
22
30 April 2024
Key Chemical prices India (imported) vs Benchmark/ China

Caustic Soda Acetic Acid
1,520.0
800.0
1,020.0
600.0
520.0
400.0
200.0 20.0
Jul-21
Oct-21
Jul-18
Oct-18
Jul-19
Oct-19
Jul-20
Oct-20
Jul-22
Oct-22
Jul-23
Oct-23
Apr-18
Apr-19
Apr-20
Apr-21
Apr-22
Apr-23
Apr-24
Jan-22
Jan-18
Jan-19
Jan-20
Jan-21
Jan-23
Jan-24
Jul-18
Oct-18
Jul-19
Oct-19
Jul-20
Oct-20
Jul-21
Oct-21
Jul-22
Oct-22
Jul-23
Oct-23
Apr-18
Apr-19
Apr-20
Apr-21
Apr-22
Apr-23
Apr-24
Jan-20
Jan-22
Jan-18
Jan-19
Jan-21
Jan-23
Jan-24
SE Asia caustic soda India caustic soda China Acetic Acid India Acetic Acid
Source: Bloomberg, Ministry of Commerce and Industry India Source: Bloomberg, Ministry of Commerce and Industry India
Phenol Soda Ash

2,020.0 620.0
520.0
1,520.0
420.0
1,020.0 320.0
220.0
520.0
120.0
20.0 20.0
Jun-20
Jun-21
Jun-22
Jun-23
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Sep-20
Sep-21
Sep-22
Sep-23
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
Jul-20
Oct-20
Jul-18
Oct-18
Jul-19
Oct-19
Jul-21
Oct-21
Jul-22
Oct-22
Jul-23
Oct-23
Apr-24
Apr-18
Apr-19
Apr-20
Apr-21
Apr-22
Apr-23
Jan-18
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Jan-24
China Phenol India Phenol Soda Ash China Soda Ash India
Source: Bloomberg, Ministry of Commerce and Industry India Source: Bloomberg, Ministry of Commerce and Industry India

China Key Chemicals Monthly Production Trend

Phosphate Ore ('000MT) Sulfuric Acid ('000MT)
2019 2020 2021 2019 2020 2021
2022 2023 2024 2022 2023 2024
14000 10000
12000 9000 8,900

9,446
10000 8000
8000
7000
6000
4000 6000
2000 5000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: China Government, *data till Mar 2024 Source: China Government, *data till Mar 2024
Caustic Soda ('000MT) Soda Ash ('000MT)

2019 2020 2021 2022 2019 2020 2021
2023 2024 2019 2020
2022 2023 2024
2021 2022 2023 2024 3500
4000
3,684
3500 3000
3,229
3000 2500
2500 2000
Ethylene ('000MT) Chemical Fertilizers ('000MT)

2019 2020 2021 2019 2020 2021
2022 2023 2024 2022 2023 2024
3000 6000
2,773
5500
2500
5000 5,422
2000
4500
1500
4000
1000 3500

…continued
Pesticides ('000MT) Synthetic Rubber ('000MT)
2019 2020 2021 2019 2020 2021
2022 2023 2024 2022 2023 2024
350 900
800 736
300
334
700
250
600
200
500
150 400
100 300
Syn. Detergents ('000MT) Syn. Fibre ('000MT)

2019 2020 2021 2019 2020 2021
2022 2023 2024
2022 2023 2024
1300 7100
6,382
6100
1100
5100
900 1,048
4100
700
3100
500 2100

India Imports – February 2024

Acetic Acid (MT) Caustic Soda (MT)
FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24
50,000
1,60,000
1,41,834
1,40,000 40,000
1,20,000
30,000
1,00,000
80,000 20,000
60,000 14,931
10,000
40,000
20,000 0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Source: Ministry of Commerce and Industry, India Source: Ministry of Commerce and Industry, India
Phenol (MT) Soda Ash (MT)

50,000 1,40,000
40,000 1,20,000
1,00,000
30,000
80,000
20,000 60,000
12,802 40,000 43,144
10,000
20,000
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Source: Ministry of Commerce and Industry, India
Epichlorohydrin (MT) PTFE (MT)

600
10,000
500 511
8,000
400
6,000
300
4,000 4,974 200
2,000 100
0
0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Aniline (MT) Fluorspar (MT)
25,000 60,000
21,659
20,000 50,000
40,000
15,000
30,000
10,000 20,000 22,596
5,000 10,000
0
VAM (MT)
FY20 FY21 FY22 FY23 FY24
FY20 FY21 FY22 FY23 FY24
30,000
20,000 17,988
10,000
0

India Organic Chemicals Imports/Exports – February 2024

Imports (MT) Exports (MT)
FY20 FY21 FY22 FY23 FY20 FY21 FY22
FY24 FY20 FY21 FY22 FY23 FY24
18,00,000 12,00,000
16,00,000 14,77,166 10,00,000
14,00,000 8,00,000
12,00,000 6,00,000
10,00,000 4,00,000
8,00,000 2,00,000
3,61,441
6,00,000 0
Imports (USD mn) Exports (USD mn)

FY23 FY24
FY23 FY24 2,500
3,500 1,964
3,000 2,000
2,500 1,500
2,000 2,047
1,000
1,500
500
1,000
0
Import Realisation (USD/Kg) Export Realisation (USD/Kg)

FY23 FY24 FY23 FY24
2.4 6.0
2.2 5.4
5.0
2.0
1.8 4.0
1.6
3.0
1.4 1.4
2.0
1.2
1.0 1.0

India Inorganic Chemicals Imports/Exports – February 2024

FY23 FY24 FY23 FY24
16,00,000 7,00,000
14,00,000 6,00,000
4,84,128
5,00,000
12,00,000
4,00,000
10,00,000 3,00,000
2,00,000
8,00,000
1,00,000
7,71,143
6,00,000 0

FY23 FY24 FY23 FY24
2,000 400
1,500 300
284
1,000 200
500 100
643
0 0
Import Realisation (USD/Kg) Export Realisation (USD/Kg)

FY23 FY24 FY23 FY24
1.4 1.0
1.2
0.8
1.0
0.8 0.8 0.6 0.6
0.6 0.4
0.4
0.2
0.2
0.0 0.0

India Agrochemicals Imports/Exports – January 2024

25,000 80,006
20,000 60,006
52,894
15,000 40,006
10,000 20,006
5,000 5,808
6

350 606
300 506
250
406
200
306 342
150
100 206
73
50 106
0 6
Import average realization (USD/ kg) Export average realization (USD/ kg)
26 10.0
21 9.0
8.0
16
12.6 7.0
11 6.5
6.0
6 5.0

Freight Rate and Index

Shanghai Containerized Freight Index
Shanghai Containerized Freight Index
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
8-May-22
4-Dec-20
22-Jun-21
29-Nov-21
8-Jan-22
17-Jun-22
24-Nov-22
3-Jan-23
3-May-23
12-Jun-23
19-Nov-23
29-Dec-23
27-Jul-22
22-Jul-23
22-Feb-21
10-Sep-21
20-Oct-21
17-Feb-22
15-Oct-22
12-Feb-23
10-Oct-23
29-Mar-22
5-Sep-22
31-Aug-23
7-Feb-24
27-Apr-24
13-Jan-21
3-Apr-21
13-May-21
1-Aug-21
24-Mar-23
18-Mar-24
Source: Shanghai Shipping Exchange
Container Availability Index (Shanghai 40TEU)

2019 2020 2021 2023 2024
1.0
Shanghai Container Availability Index (CAx, Weekly) - 40TEU
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
23-Apr
4-Jun
2-Jul
13-Aug
27-Aug
8-Oct
12-Mar
26-Mar
9-Apr
21-May
29-Jan
12-Feb
26-Feb
10-Sep
24-Sep
7-May
17-Dec
31-Dec
15-Jan
18-Jun
16-Jul
30-Jul
19-Nov
3-Dec
1-Jan
22-Oct
5-Nov
Source: Container Exchange
Note: A CAx value of 0.5 means that the same amount of containers leave and enter a port in the same week. CAx values of > 0.5
means that more containers enter and CAx values of < 0.5 means more containers leave a specific port. At very low CAx values the
safety stock at a specific port is nearly empty. As a result, the CAx values turn positive again as only the containers that enter a port
can leave again. At very high equipment levels, CAx values are likely to decrease again as a port has to reduce its safety stock first
before they can accept new incoming containers. Low CAx values over a time period of multiple weeks indicate a deficit of
containers, high values over a time period of multiple weeks indicate a surplus of equipment at a specific ports
World container index, Freight rates

Composite Index Shanghai to Los Angeles
Shanghai to Rotterdam Shanghai to New York
18,000
Accelerated Surge due to Red
16,000 Sea issue
decline
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Nov-19
Nov-20
Nov-21
Nov-22
Nov-23
Jul-19
Jul-20
Jul-21
Jul-22
Jul-23
Sep-19
Sep-20
Sep-21
Sep-22
Sep-23
Jan-19
Mar-19
May-19
Jan-20
Mar-20
May-20
Jan-21
Mar-21
May-21
Jan-22
Mar-22
May-22
Jan-23
Mar-23
May-23
Jan-24
Mar-24
Source: Bloomberg

Chemical, Petrochemical, and Crude Prices – Monthly

Chemicals
Chemicals (USD/MT) Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Caustic Soda SEA 431 429 403 375 391 444 480 423 418 407 420 476 499
China Acetic Acid 439 420 387 416 481 644 510 428 447 436 439 416 435
China Acetone 949 874 750 839 951 1,029 1,029 954 971 1,024 1,025 1,027 1,085
China Acrylic Acid 1,143 1,044 954 873 997 1,042 1,042 1,037 985 972 970 949 949
China Acrylonitrile 1,376 1,314 1,070 1,105 1,168 1,304 1,334 1,387 1,380 1,300 1,285 1,344 1,442
China Caprolactam 1,861 1,746 1,680 1,705 1,776 1,851 1,743 1,800 1,857 1,906 1,914 1,775 1,776
China Ethanol 966 949 927 1,001 1,028 1,049 1,062 1,061 1,073 931 903 947 819
China Ethyl Acetate 946 933 887 918 953 1,053 988 918 934 910 896 858 838
China Fluorspar 449 469 443 438 432 465 518 513 489 452 445 458 493
China Methanol 351 321 277 309 328 328 322 319 334 324 325 319 329
China Phenol 1,171 1,084 940 1,037 1,131 1,291 1,209 1,142 1,104 1,041 1,076 1,060 1,082
China Phthalic Anhydride 1,184 1,105 1,035 1,093 1,159 1,167 1,096 1,005 1,031 1,033 1,035 1,032 1,052
China Soda Ash 346 306 241 244 282 369 346 285 347 311 283 247 237
China TDI 2,748 2,611 2,398 2,481 2,569 2,444 2,487 2,329 2,335 2,334 2,380 2,293 2,148
China VAM 929 919 861 804 911 1,042 1,042 865 907 1,013 1,023 1,051 1,051
Malaysia/ Indonesia Palm Kernel Oil 970 979 941 939 1,028 946 905 969 950 979 1,031 1,205 1,283
MDI 2,302 2,147 2,089 2,232 2,250 2,330 2,260 2,148 2,216 2,187 2,165 2,266 2,266
Source: Bloomberg, Industry
China chemical prices

China chemical prices (USD/MT) Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Bromine 3,758 3,351 2,522 2,712 3,354 3,320 3,305 3,443 3,521 3,281 3,118 2,906 2,553
PVC 869 807 769 797 846 847 805 805 796 780 775 780 767
Polycarbonate 2,273 2,200 2,062 2,146 2,278 2,334 2,271 2,219 2,193 2,205 2,215 2,240 2,237
Titanium Dioxide (TiO2) 2,463 2,390 2,242 2,188 2,255 2,341 2,369 2,379 2,315 2,297 2,321 2,378 2,379
MDI 2,256 2,192 2,322 2,280 2,412 2,309 2,184 2,219 2,221 2,212 2,314 2,330 2,295
Acetic Acid 473 465 416 437 521 660 563 441 469 452 450 426 452

Petrochemicals
Petrochemicals (USD/MT) Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Benzene Rotterdam 1,078 958 901 876 920 1,099 1,040 912 889 1,034 1,220 1,306 1,211
Benzene Korea 998 879 775 829 911 996 921 887 876 958 1,038 1,041 1,075
Benzene China 1,075 968 875 939 1,071 1,156 1,086 1,062 975 1,088 1,122 1,185 1,210
Toluene Rotterdam 1,141 1,040 1,090 1,166 1,272 1,219 1,006 955 930 987 1,109 1,184 1,225
Naphtha Japan 673 589 539 597 660 710 662 646 667 663 688 714 701
Ethylene NWE 985 811 706 633 684 791 721 769 735 751 919 868 854
Ethylene Korea 910 845 733 745 807 848 875 856 846 874 923 905 898
Propylene NWE 1,006 777 574 574 732 710 847 913 860 1,030 1,119 1,152 1,112
Propylene Korea 906 835 719 739 781 816 819 817 815 809 820 819 825
Butadiene Korea 1,060 829 608 665 787 1,010 1,033 991 940 1,067 1,215 1,408 1,433
Styrene Korea 1,099 995 909 973 1,040 1,131 1,060 1,046 1,018 1,052 1,109 1,145 1,168
HDPE Europe 1,746 1,655 1,554 1,531 1,486 1,498 1,552 1,593 1,546 1,529 1,554 1,644 1,644
LDPE Europe 2,143 2,046 1,875 1,841 1,791 1,803 1,862 1,900 1,835 1,813 1,854 1,994 2,008
LLDPE Europe 1,839 1,764 1,663 1,641 1,595 1,603 1,650 1,694 1,643 1,627 1,665 1,777 1,783
PP Europe 1,716 1,650 1,538 1,489 1,442 1,443 1,511 1,528 1,457 1,451 1,563 1,657 1,670
Polystyrene SEA 1,305 1,254 1,178 1,150 1,200 1,250 1,270 1,268 1,220 1,232 1,270 1,305 1,368
EDC SEA 325 347 363 274 265 298 318 329 355 359 370 350 335
VCM SEA 695 681 640 658 716 726 658 631 640 633 665 679 676
PVC SEA 860 830 785 800 892 880 803 782 775 766 795 803 798
MEG SEA 521 504 471 486 478 491 479 492 510 551 554 544 529
PTA SEA 883 782 780 810 803 831 781 779 766 786 786 780 804
OX China 1,238 1,145 1,101 1,126 1,197 1,212 1,156 1,056 1,031 1,070 1,088 1,096 1,112
PX Rotterdam 1,336 1,139 1,098 1,139 1,189 1,228 1,189 1,081 1,039 1,091 1,143 1,173 1,153
ABS SEA 1,445 1,364 1,258 1,290 1,318 1,375 1,380 1,332 1,280 1,304 1,348 1,443 1,478
Crude
Crude (USD/bbl) Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Brent 84.1 75.8 75.2 80.8 87.1 94.5 91.3 82.7 77.8 80.4 85.4 85.1 91.0
WTI 79.5 71.5 70.4 76.7 82.7 90.1 86.2 76.9 71.9 74.0 78.4 80.8 84.9
Dubai-Oman 82.8 74.2 75.0 81.6 87.0 93.7 89.9 82.5 77.1 79.5 82.1 85.2 89.9
Spreads/ Margins
Spreads/ Margins (USD/MT) Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Caprolactam-Benzene 786 778 805 766 706 696 656 738 883 818 792 590 566
Phenol/Acetone-Benz./Propylene 390 400 333 425 491 603 588 507 490 389 347 329 353
Ethyl Acetate-Acetic Acid/ Ethanol 145 154 142 115 91 70 89 75 72 129 128 83 117
PP-Propylene 710 873 965 915 710 734 664 615 595 421 445 505 558
Ethylene-Naphtha 312 222 167 35 24 82 60 123 67 88 231 153 153
PVC-EDC 535 483 423 526 627 583 485 453 425 407 425 453 463
PVC-VCM 165 149 145 143 176 154 145 151 140 133 130 124 121
Polystyrene-Styrene 206 259 269 178 160 119 210 222 203 180 161 160 200
TDI-Toluene 1,607 1,571 1,308 1,315 1,297 1,244 1,481 1,374 1,403 1,347 1,271 1,109 923
Currency
Currency Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Dollar Index 101.8 103.1 102.9 101.2 103.3 105.5 106.4 104.3 102.4 103.1 104.0 103.8 105.6
USDINR 81.9 82.3 82.1 82.3 82.8 83.0 83.2 83.3 83.2 83.0 83.0 83.1 83.4
USDCNY 6.89 7.01 7.17 7.18 7.25 7.31 7.31 7.21 7.13 7.18 7.20 7.21 7.24
EURINR 89.9 89.3 89.1 90.9 90.2 88.5 87.9 90.0 91.1 90.6 89.6 90.2 89.4

Chemical, Petrochemical, and Crude Prices – Quarterly

Chemicals
Chemicals (USD/MT) 1QCY2022 2QCY2022 3QCY2022 4QCY2022 1QCY2023 2QCY2023 3QCY2023 4QCY2023 1QCY2024
Caustic Soda SEA 701 776 677 693 565 421 403 440 434
China Acetic Acid 799 677 484 448 440 416 514 461 430
China Acetone 918 885 746 851 821 857 940 985 1,025
China Acrylic Acid 2,269 2,103 1,558 1,126 1,111 1,047 971 1,018 968
China Acrylonitrile 1,788 1,707 1,370 1,458 1,502 1,253 1,192 1,367 1,310
China Caprolactam 2,194 2,163 1,827 1,673 1,807 1,762 1,778 1,800 1,865
China Ethanol 1,143 1,184 1,085 1,064 1,133 947 1,026 1,065 927
China Ethyl Acetate 1,313 1,234 1,019 961 974 922 975 946 888
China Fluorspar 436 416 432 474 458 454 445 507 452
China Methanol 414 402 358 363 362 316 322 325 323
China Phenol 1,733 1,592 1,399 1,288 1,158 1,065 1,153 1,151 1,059
China Phthalic Anhydride 1,274 1,216 1,222 1,254 1,190 1,108 1,140 1,044 1,033
China Soda Ash 335 369 354 329 353 298 299 326 280
China TDI 2,969 2,627 2,547 2,792 2,794 2,586 2,498 2,384 2,336
China VAM 2,069 2,352 1,657 1,174 1,135 994 919 921 1,029
Malaysia/ Indonesia Palm Kernel Oil 2,446 1,815 1,278 1,060 1,056 940 971 972 1,072
MDI 3,211 2,810 2,420 2,156 2,510 2,179 2,271 2,208 2,206
Source: Bloomberg, Industry (Note: # YTD average)

Chemicals (USD/MT) 1QCY2022 2QCY2022 3QCY2022 4QCY2022 1QCY2023 2QCY2023 3QCY2023 4QCY2023 1QCY2024
Bromine 8,960 8,579 7,532 6,590 5,178 3,210 3,129 3,327 3,102
PVC 1,367 1,278 947 856 907 815 830 795 778
Polycarbonate 3,519 3,173 2,513 2,536 2,469 2,178 2,253 2,227 2,220
Titanium Dioxide (TiO2) 3,290 3,136 2,588 2,244 2,403 2,365 2,262 2,343 2,332
MDI 3,301 3,301 3,301 3,228 2,330 2,256 2,334 2,222 2,285
Acetic Acid 836 719 489 469 463 452 539 493 442
Source: Bloomberg, Industry (Note: # YTD average)

Petrochemicals
Petrochemicals (USD/MT) 1QCY2022 2QCY2022 3QCY2022 4QCY2022 1QCY2023 2QCY2023 3QCY2023 4QCY2023 1QCY2024
Benzene Rotterdam 1,129 1,453 991 833 973 979 965 1,005 1,187
Benzene Korea 1,076 1,245 973 841 933 884 912 924 1,012
Benzene China 1,257 1,378 1,212 998 1,025 973 1,055 1,055 1,132
Toluene Rotterdam 1,042 1,491 1,257 1,096 1,056 1,090 1,219 998 1,093
Naphtha Japan 873 885 709 681 704 600 656 668 688
Ethylene NWE 1,399 1,422 917 832 943 834 703 756 846
Ethylene Korea 1,131 1,145 879 849 864 829 800 868 901
Propylene NWE 1,517 1,467 670 856 973 785 672 911 1,100
Propylene Korea 1,140 1,103 890 855 909 820 779 817 816
Butadiene Korea 1,063 1,465 1,064 778 1,063 832 821 1,046 1,230
Styrene Korea 1,258 1,385 1,162 1,009 1,102 1,001 1,048 1,055 1,102
HDPE Europe 2,110 2,290 1,884 1,748 1,731 1,652 1,505 1,560 1,576
LDPE Europe 2,596 2,734 2,239 2,117 2,126 2,021 1,812 1,864 1,887
LLDPE Europe 2,186 2,385 1,898 1,766 1,769 1,755 1,613 1,663 1,690
PP Europe 2,158 2,203 1,746 1,685 1,664 1,635 1,458 1,506 1,557
Polystyrene SEA 1,584 1,644 1,445 1,297 1,294 1,246 1,200 1,255 1,269
EDC SEA 837 673 403 271 298 345 279 341 360
VCM SEA 1,218 1,169 772 658 775 672 700 650 659
PVC SEA 1,396 1,378 985 827 899 825 857 788 788
MEG SEA 692 633 527 480 527 499 485 506 550
PTA SEA 857 987 874 825 804 815 815 777 784
OX China 1,182 1,266 1,197 1,216 1,134 1,161 1,178 1,087 1,085
PX Rotterdam 1,165 1,476 1,245 1,180 1,230 1,191 1,185 1,113 1,135
ABS SEA 1,983 1,966 1,585 1,417 1,424 1,356 1,328 1,340 1,365
Crude
Crude (USD/bbl) 1QCY2022 2QCY2022 3QCY2022 4QCY2022 1QCY2023 2QCY2023 3QCY2023 4QCY2023 1QCY2024
Brent 99.6 113.7 98.9 89.1 81.6 78.3 87.4 83.9 83.6
WTI 95.0 109.6 91.5 83.4 76.2 73.8 83.1 78.3 77.7
Dubai-Oman 96.3 109.2 97.1 85.3 80.3 77.3 87.4 83.1 82.3
Spreads/ Margins
Spreads/ Margins (USD/MT) 1QCY2022 2QCY2022 3QCY2022 4QCY2022 1QCY2023 2QCY2023 3QCY2023 4QCY2023 1QCY2024
Caprolactam-Benzene 937 785 615 675 783 790 722 768 733
Phenol/Acetone-Benz./Propylene 746 451 526 615 356 374 507 498 355
Ethyl Acetate-Acetic Acid/ Ethanol 175 158 126 103 86 147 92 86 113
PP-Propylene 641 736 1,076 828 691 849 786 593 457
Ethylene-Naphtha 525 537 208 151 239 234 47 86 157
PVC-EDC 559 706 582 556 601 480 579 445 428
PVC-VCM 178 210 213 169 125 153 157 138 129
Polystyrene-Styrene 326 260 283 288 192 245 152 200 167
TDI-Toluene 1,927 1,136 1,290 1,696 1,738 1,495 1,279 1,397 1,242
Currency
Currency 1QCY2022 2QCY2022 3QCY2022 4QCY2022 1QCY2023 2QCY2023 3QCY2023 4QCY2023 1QCY2024
Dollar Index 96.9 102.8 108.3 108.0 103.4 102.6 103.4 104.4 103.6
USDINR 75.1 77.3 79.8 82.2 82.14 82.11 82.7 83.2 83.0
USDCNY 6.35 6.62 6.85 7.11 6.8 7.0 7.24 7.22 7.19
EURINR 84.4 82.2 80.4 83.8 88 89 89.9 89.6 90.1

Chemical, Petrochemical, and Crude Prices – Yearly

Chemicals
Chemicals (USD/MT) CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024# Apr-24
Caustic Soda SEA 503 357 282 425 712 457 451 495
China Acetic Acid 684 438 384 1,017 602 458 431 435
China Acetone 796 568 1,038 1,033 850 901 1,040 1,201
China Acrylic Acid 1,376 1,171 1,103 1,943 1,764 1,037 963 949
China Acrylonitrile 2,385 1,786 1,297 2,245 1,581 1,329 1,343 1,504
China Caprolactam 2,446 1,812 1,441 2,147 1,964 1,787 1,843 1,759
China Ethanol 894 803 926 1,122 1,119 1,043 900 787
China Ethyl Acetate 1,085 846 872 1,434 1,132 954 876 831
China Fluorspar 443 445 398 410 440 466 462 501
China Methanol 417 303 252 393 384 331 324 344
China Phenol 1,574 1,189 928 1,382 1,503 1,132 1,064 1,138
China Phthalic Anhydride 1,115 927 789 1,018 1,242 1,120 1,038 1,049
China Soda Ash - - 195 340 347 319 270 245
China TDI 4,370 1,936 1,789 2,247 2,734 2,565 2,289 2,139
China VAM 1,250 967 815 2,077 1,812 962 1,034 1,051
Malaysia/ Indonesia Palm Kernel Oil 923 657 812 1,608 1,656 990 1,124 1,250
MDI 2,598 2,635 2,555 3,095 2,663 2,292 2,221 2,266
Source: Bloomberg, Industry. #Note – YTD average

Chemicals (USD/MT) CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024# Apr-24
Bromine 4,533 4,757 4,353 7,168 7,915 3,720 2,965 2,650
PVC 1,006 966 966 1,419 1,112 837 775 768
Polycarbonate 3,974 2,694 2,219 3,845 2,935 2,282 2,224 2,242
Titanium Dioxide (TiO2) 2,625 2,299 2,160 3,141 2,814 2,342 2,344 2,365
MDI 3,532 3,301 3,301 3,301 3,283 2,284 2,287 2,317
Acetic Acid 696 428 393 1,034 628 487 445 469

Petrochemicals
Petrochemicals (USD/MT) CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024# Apr-24
Benzene Rotterdam 831 695 497 1,040 1,102 979 1,193 1,175
Benzene Korea 819 640 485 918 1,033 912 1,028 1,070
Benzene China 982 729 574 1,107 1,211 1,025 1,151 1,214
Toluene Rotterdam 758 716 442 775 1,221 1,088 1,126 1,200
Naphtha Japan 615 526 383 657 787 657 692 710
Ethylene NWE 1,158 956 678 1,204 1,142 808 848 845
Ethylene Korea 1,214 849 728 1,022 1,001 840 900 885
Propylene NWE 1,184 960 788 1,341 1,127 834 1,103 1,091
Propylene Korea 1,036 881 796 1,022 997 831 818 825
Butadiene Korea 1,416 1,051 702 998 1,092 936 1,281 1,425
Styrene Korea 1,300 979 728 1,160 1,202 1,050 1,118 1,170
HDPE Europe 1,609 1,440 1,291 2,075 2,008 1,611 1,593 1,642
LDPE Europe 1,692 1,491 1,376 2,495 2,422 1,954 1,917 2,005
LLDPE Europe 1,613 1,403 1,272 2,159 2,059 1,699 1,713 1,781
PP Europe 1,664 1,480 1,302 2,092 1,948 1,564 1,585 1,674
Polystyrene SEA 1,510 1,218 1,045 1,497 1,492 1,247 1,294 1,380
EDC SEA 310 349 312 759 546 316 354 325
VCM SEA 751 733 737 1,231 954 699 663 665
PVC SEA 921 860 883 1,455 1,146 842 790 790
MEG SEA 918 579 472 678 583 504 544 520
PTA SEA 870 743 475 714 886 802 789 800
OX China 1,006 887 663 935 1,215 1,139 1,091 1,118
PX Rotterdam 981 806 504 880 1,266 1,179 1,140 1,145
ABS SEA 1,907 1,469 1,517 2,384 1,738 1,360 1,393 1,480
Crude
Crude (USD/bbl.) CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024# Apr-24
Brent 70.3 64.7 42.8 70.3 100.3 82.8 85.5 89.4
WTI 64.8 57.0 39.7 68.1 94.9 77.9 79.5 83.9
Dubai-Oman 69.1 63.6 42.7 68.9 97.0 82.0 84.2 89.3
Spreads/ Margins
Spreads/ Margins (USD/MT) CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024# Apr-24
Caprolactam-Benzene 1,459 1,075 873 1,041 753 766 691 545
Phenol/Acetone-Benz./Propylene 646 429 637 681 585 434 354 483
Ethyl Acetate-Acetic Acid/ Ethanol 154 130 128 167 140 103 114 126
PP-Propylene 479 521 511 751 820 730 482 583
Ethylene-Naphtha 539 427 303 547 355 152 156 135
PVC-EDC 607 512 574 696 601 526 437 465
PVC-VCM 169 126 147 224 192 143 127 125
Polystyrene-Styrene 213 237 323 337 290 197 175 210
TDI-Toluene 3,534 1,210 1,355 1,499 1,512 1,477 1,163 939
Currency
Currency CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024# Apr-24
Dollar Index 93.6 97.4 95.9 92.5 104.0 103.4 104.1 105.9
USDINR 68.4 70.4 74.1 73.9 78.61 82.6 83.1 83.4
USDCNY 6.62 6.91 6.90 6.45 6.7 7.08 7.21 7.25
EURINR 80.6 78.8 84.5 87.4 83 89.3 89.9 89.5

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Monthly Report

Chemical Pulse NIFTY 50: 22,605

BSE Sensex: 74,483

Crude/Petrochem – Crude up ~5-7% MoM Dhanuka Agritech ADD 1,397 1,153

 PVC – down 0.6% MoM Rossari Biotech BUY 749 936

 Benzene Rotterdam – down 7.3% MoM SRF SELL 2,621 2,161

+91-022 4215 9645

Centrum Institutional Research 2

Chemical, Petrochemical Price Trends – April 24 .............................................................. 4

China Key Chemicals Monthly Production Trend – Mar-2024 ........................................... 6

Global Chemicals Production and Outlook ....................................................................... 7

Anti-dumping (ADD) Impositions/ Investigations ............................................................. 8

Key RMs and Products for Chemical Companies ............................................................. 10

Summer Crops Sowing Data ........................................................................................... 11

Final Rabi Sowing Data 2023-24 ..................................................................................... 11

Rainfall & Water reservoir levels .................................................................................... 12

Chemical Price Trends .................................................................................................... 13

China Chemical Prices .................................................................................................... 15

Petrochemical Price Trends ............................................................................................ 16

Crude Prices ................................................................................................................... 20

Chemicals and Petrochemicals Spreads/Margins ........................................................... 21

Currency Movement ...................................................................................................... 22

Key Chemical prices India (imported) vs Benchmark/ China ........................................... 23

China Key Chemicals Monthly Production Trend ............................................................ 24

India Imports – February 2024 ....................................................................................... 26

India Organic Chemicals Imports/Exports – February 2024 ............................................ 28

India Inorganic Chemicals Imports/Exports – February 2024 .......................................... 29

India Agrochemicals Imports/Exports – January 2024 .................................................... 30

Freight Rate and Index ................................................................................................... 31

Chemical, Petrochemical, and Crude Prices – Monthly ................................................... 32

Chemical, Petrochemical, and Crude Prices – Quarterly ...................................................... 34

Chemical, Petrochemical, and Crude Prices – Yearly ........................................................... 36

Centrum Institutional Research 3

Chemical, Petrochemical Price Trends – April 24

China Chemical Prices

Centrum Institutional Research 4

Centrum Institutional Research 5

China Key Chemicals Monthly Production Trend – Mar-2024

China Key Chemicals Yearly Production

China Key Chemicals Yearly Production Growth

Centrum Institutional Research 6

Global Chemicals Production and Outlook

110.0 2015 - 100 (Index) 110.0 2015 - 100 (Index)

EU27 Capacity Utilisation (Quarterly) EU27 Capacity Utilisation (Yearly)

Source: CEFIC Source: CEFIC

Chemicals Production Trend Across Countries Global Chemicals Production Outlook

Centrum Institutional Research 7

Anti-dumping (ADD) Impositions/ Investigations

Centrum Institutional Research 8

Centrum Institutional Research 9

Key RMs and Products for Chemical Companies

Spreads/ Margins (USD/MT)

Centrum Institutional Research 10

Summer Crops Sowing Data

Final Rabi Sowing Data 2023-24

Centrum Institutional Research 11

Rainfall & Water reservoir levels

Post Season Rainfall summary – 6% shortfall till 13 March