NEWS
Petrochemical  

Indian polymers grind to standstill after lockdown

Polymer trade in India are slowing to a stop after the government on 24 March announced a countrywide lockdown for 21 days to stem the spread of the coronavirus.

Deliveries of polymers across the country are expected to be significantly impacted.

At least three India-based petrochemical producers either declared, or intend to declare, force majeure on supplies following the announcement of the lockdown.

Local administrations have instructed converters to stop operations, except for the production of necessities.

This will reduce resin demand for polymers from local converters.

Producers may soon face accumulating inventories as goods cannot be delivered to converters as transportation is paralysed.

Some ports and warehouses remain open today, but may face significantly reduced manpower and goods unloaded may not reach converter warehouses because of land travel restrictions.

Argus data showed that LLDPE film prices in India were at $800-840/t cfr and PP raffia prices at $890-930/t cfr on 19 March.

Indian converters have turned to locally produced polymers in recent weeks as the pandemic triggered a sharp drop in the rupee. The rupee was at 76 against the US dollar on 25 March.

Port closures could also delay shipments of Indian-origin polymers to export markets.

Deals of Indian-origin LLDPE film were heard done this week at $690-700/t cfr China for May shipment. An Indian producer active in China has not announced if April offers will be delayed as a result of the blockade.

By Muhamad Fadhil, Yee Ying Ang and China staff

News No: 8861
Date: 2020/03/25 - 18:25
News Source: Argus Media

Indian  polymer  trade  coronavirus  LLDPE 

Comments:

Leave a Comment:

   
   
   
 

US start trade investigation towards import of aluminium sheet from 18 countries

The U.S. International Trade Commission (ITC) has started a preliminary anti-dumping investigation in regards to the imports of common alloy aluminium sheet from 18 countries, including Germany, Oman, Bahrain, Serbia, Croatia, Romania, Turkey and Slovenia.
 

Coronavirus uncertainty delays Japan copper asset sales

Japanese metals producers Mitsubishi Materials (MMC) and Kobe Steel (Kobelco) have agreed to delay their plan to transfer copper tube production assets to an investment fund, citing uncertainty caused by the coronavirus epidemic.
 

Vietnam industries to remain open amid curbs

Several coal-consuming industries are likely to remain operational in Vietnam along with the power stations even as the government intensifies efforts to contain the coronavirus outbreak. But health-related precautions may result in labour challenges.
 

Indonesian coal producers consider output cuts

A number of Indonesian coal mining firms are considering cutting production amid expectations that Asia-Pacific demand will be heavily affected by the coronavirus pandemic.
 

Floating storage bookings continue to rise globally

As many as 25 very large crude carriers (VLCCs) were booked for floating storage during 1 February-30 March, according to shipping data obtained by Argus, as crude demand and prices plummet from a combination of the Opec+ battle for market share and the coronavirus pandemic.
 

Petrobras cuts Brazil oil production by 9pc

Brazil's state-controlled Petrobras has doubled production cuts to 200,000 b/d in response to the oil price collapse.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners