Platts PVC 23 Sept 2015

This Weeks Highlights:
Asian EDC/VCM: Flat to $10/mt lower

Asian PVC: Prices mixed as market stirs on emergence of Oct offers
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INDEX:
Platts International Prices
Polymerupdate Indian Domestic Producer Price
Platts Polymer Shipping Costs (USD/MT)
Polymerupdate CIF India Prices
Polymerupdate Indian Open Market Price Table
Polymerupdate Indian Producer Posting Price Comparison
Heard in PVC Market
Platts International Market Commentary & Analysis
Polymerupdate - PVC Market Supply Scenario
Platts Price Analysis Of PVC Chain Processing Margins
Currency Rates
Crisil Research Macroeconomics & Currency Monthly Analysis
Point of Contact
Polymerupdate - About us & Copyright
Platts - About us & Copyright
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Week 38 September 23, 2015

POLYMERUPDATE
PLATTS INTERNATIONAL PRICES (USD/MT)

Product
India Crude basket:
Naphtha:
(USD/b)
(MOP West India)
Sept 16
(WK 37)
Sept 23
(WK 38)
44.83
46.01
+1.18
419.80
428.99
+9.19
INDIA DOMESTIC PRODUCER PRICE - RIL (Ex Hazira)
Price Change
on Week
Product
Suspension
CFR Far East Asia
229-231
219-221
- 10
CFR South East Asia
289-291
289-291
CFR Far East Asia
688-690
688-690
CFR South East Asia
704-706
704-706
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PVC :
MU
- 05
789-791
- 10
849-851
+ 10
PVC Suspension CFR China
799-801
794-796
PVC Suspension CFR SEA
799-801
PVC Suspension CFR India
839-841
Specifications:
Cargoes of 100-500mt delivered 15-30 days forward from date of publication with up to 30 days credit, basis
CFR Far East Asia: China main ports (Shanghai, Shenzhen, Ningbo, Shantou, Hong Kong); CFR South East Asia: Indonesia (Jakarta,
Surabaya), Singapore, Philippines (Manila Bay), Malaysia (Port Kelang), Thailand (Bangkok, LaemChabang, Map Ta Phut), Vietnam (Ho
Chi Minh). Platts prices reflect spot market values on the day of publication.
India Crude Import Basket Calculation: ( (Dubai + Oman) / 2 * 65.2% ) + (Dated Brent * 34.8%)
MOP West India : Mean of Platts FOB West India naphtha export price
China Domestic
(YUAN/MT EX-WORK)
Ethylene Based
5690-5710
5690-5710
Carbide Based
5340-5360
5340-5360
INR/KG
USD/MT
INR/KG
USD/MT
63.50
860
64.50
875
Price Change on Week

INR/KG
+01
*Domestic Indian producer prices are quoted in INR/kg basic (Nett of all taxes) ; equivalent USD/MT price is
calculated at current US/INR rate. *Lot Size:
1 Truck Load (10 to 16 MT)
- Price assessments are based on information gathered from a cross section of the industry that includes resin
producers, processors, traders and distributors.
- Standard repeatable orders (based on confirmed market deals) form the basis of the prices.
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VCM :
Sept 23 (WK 38)
PVC Grade
EDC :
Sept 16 (WK 37)
PLATTS Polymer shipping costs (USD/MT)

From:
To:
East China
South China
India
Southeast Asia
NW Europe
Turkey
US Gulf
Latin America
Middle East
25 100 MT
20 25
15 25
45 50
30 35
55 65
50 70
130 140
165 175
Middle East
> 100 MT
10 15
10 15
30 40
25 30
50 60
40 60
120 130
160 165
NOTES:
Polymers refer to polyethylene, polypropylene, polystyrene, ABS, and PVC.
1) Middle East loadings refer to products coming from Jebel Ali (Dubai), Khalifa (Abu Dhabi), Jubail (Saudi Arabia), Shuaiba (Kuwait),
Rabigh (Saudi Arabia), Mesaieed (Qatar), Assaluyeh and Bandar Imam Khomeini (Iran) ports. The assessments are normalized between
these ports.
2) East China deliveries refer to products coming into Zhangjiagang, Shanghai, Jiangyin, Nantong, Ningbo, Nanjing, Zhenjiang ports.
3) South China deliveries refer to products coming into Shenzhen, Shantou, Hong Kong, Xiamen, Zhuhai ports.
4) India deliveries refer to products coming into Kolkata, Mumbai and Chennai ports.
5) South East Asia deliveries refer to products coming into Indonesia (Jakarta, Surabaya), Singapore, Philippines (Manila Bay), Malaysia
(Port Kelang), Thailand (Bangkok), Vietnam (Ho Chi Minh) ports.
6) Northwest Europe deliveries refer to products coming into Antwerp port. Deliveries into Rotterdam and Amsterdam ports will be
normalized to Antwerp.
7) Turkey deliveries refer to products coming into Istanbul and Mersin ports.
8) US Gulf deliveries refer to products coming into Houston port. No deliveries from the Persian Gulf.
9) Latin America deliveries refer to products coming into mainports in Brazil, Chile, Uruguay.
Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email:info@polymerupdate.com | Tel: +91-22-61772000 (25lines) | Fax: +91-22-61772025

POLYMERUPDATE (CIF INDIA PRICES)
CIF INDIA BY ORIGIN (NhavaSheva Port)
South Korea
Thailand
WK 37
WK 38
Sep 16
Sep 23
Suspension
820
820
Emulsion
960
960
Price Change
on Week
Taiwan
WK 37
WK 38
Sep 16
Sep 23
820
820
--
--
--
--
WK 37
WK 38
Sep 16
Sep 23
830
850
+20
970
970
- All prices are in USD/MT CIF India (NhavaSheva)

- For South Korea, Singapore, Thailand and Saudi Arabia :
Cargo size of 50-100mt delivered within 30 days.
- Price assessments are based on information gathered from a cross section of the industry that includes resin producers, processors, traders and distributors.
- Standard repeatable orders (based on confirmed market deals) form the basis of the prices.
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POLYMERUPDATE - Indian Open Market Price Table

Product
Ethylene Based PVC
Mumbai
Delhi
73 - 73.5
78 - 78.5
UD
Kolkata
77 - 77.5
Note: All prices are in INR/kg levels.
Bangalore
Indore
74 - 74.5
76.5 - 77
Chennai
73 - 74
(Incl. of VAT)
Ahmedabad
Hyderabad
76 - 77
76 - 76.5
POLYMERUPDATE - INDIAN PRODUCER POSTING PRICE COMPARISON (GRADE WISE)

PVC SUSPENSION K-67w.e.f 18 Sept-2015
Producer
Grade No.
*INR/MT
USD/MT
RIL
67GER01 (Ex-Gandhar)
64500
875
RIL
67.01 (Ex-Hazira)
64500
875
RIL
57GER01 (Ex-Gandhar)
66500
903
RIL
57.11 (Ex-Hazira)
66500
903
*Domestic Indian producer prices are quoted in INR/MT basic (Nett of all taxes) ; equivalent USD/MT price is calculated at current US/INR rate. *Lot Size:
1 Truck Load(10 to 16 MT)
- USD Price calculation: INR/MT Aprox. Clearing and Forwarding Charges / Basic Duty / Exchange Rate = USD/MT (For example: 82330 2500 / 1.075 / 54.24 = 1396)

Currency rates equivalent to 1 US Dollar :
Countries
Currency Rates
Countries
Indian Rupees (INR)
65.95
Japan Yen (JPY)
Pakistan Rupees (PKR)
Currency Rates
120.08
104.31
Indonesia Rupiahs (IDR)
14,633.29
China Yuan Renminb (CNY)
6.37
Malaysia Ringgits (MYR)
4.30
Bangladesh Taka (BDT)
77.66
Singapore Dollars (SGD)
1.41
Sri Lanka Rupees (LKR)
140.73
South Korea Won (KRW)
1185.84
Thailand Baht (THB)
36.07
Saudi Arabia Riyals (SAR)
3.75
Taiwan New Dollars (TWD)
32.90
United Arab Emirates Dirhams (AED)
3.67
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Heard in PVC MARKET

Platts:
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Asian PVC: Oct heard traded at $850-855/mt CFR India, Korean origin
Polymerupdate:
22-9-2015: Taiwan producer offers PVC Suspension at $850/mt in India (CIF Nhava Sheva port)
MU
Asian PVC: Oct heard traded at $810-820/mt CFR China, Korean origin
Asian PVC: Oct heard traded at $790/mt CFR Southeast Asia, Korean origin
Asian PVC: Oct buying ideas heard at $780/mt CFR Southeast Asia

PLATTS INTERNATIONAL MARKET COMMENTARY & ANALYSIS
Asian EDC/VCM: Flat to $10/mt lower
Asian PVC: Prices mixed as market stirs on emergence of Oct offers
- EDC under pressure in FEA on higher deepsea supply
- Formosa raises Oct offers to Indian markets
- VCM flat ahead of Oct PVC discussions
- Ethylene feedstock costs spike $45/mt on week
EDC: CFR Far East Asia ethylene dichloride fell $10/mt week on week Thursday. The Asian EDC market
Asian spot prices for polyvinyl chloride were mixed Wednesday as activity picked up after Taiwan's
remained under pressure this week amid persisting deepsea supplies from the US. A market source said
Formosa released its offers for October-loading parcels on Tuesday. Its offers stood at $860/mt CFR
that US producers would continue to export EDC for the rest of this year to clear their stocks by the end
India, up $20/mt from September, $800/mt CFR China, unchanged on month, and $770/mt FOB
of December before account closing. Trading activity was rather limited as market participants held back
Taiwan, also flat from September. The flat to firmer offers for October were attributed to low PVC
ahead of the US Federal Reserve Bank's decision on interest rates. Also, upstream crude oil futures were
stocks, a source close to the company said. Also, ethylene feedstock costs were higher at $880/mt CFR
volatile. November ICE Brent futures rose $0.82/barrel week on week to be assessed at $49.50/b at 4:30
Northeast Asia Wednesday, a gain of $45/mt from $835/mt a week ago. Formosa expects to export
pm Singapore time (0830 GMT) Thursday.
less than 60,000 mt of PVC in October, down from about 65,000 mt in September, which is its typical
VCM: Asian vinyl chloride monomer was assessed unchanged Thursday from the previous week. Most
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market participants decided to take a wait-and-see stance this week as there were no fresh offers for
downstream PVC for October. On Wednesday, CFR China PVC was assessed at $800/mt, down $10/mt
DA
from a week earlier. PVC producers are likely to increase their offers for October from a month earlier
amid firmer demand, especially in India. Some market sources said, however, that it might be difficult,
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citing weak demand in China as well as ample supply in the region. Spot VCM was also reported to be
tight amid plant turnarounds, which limited trading activity in the Asian market.
monthly export volume. Following the offers from Formosa, other PVC producers followed suit. South
Korean PVC was heard offered at over $845-$855/mt CFR India, depending on volume. One South
Korean PVC producer plans to shut its plant about mid-October for about 10 days of planned
maintenance. A China-based trader said Formosa was trying to place more volumes in India through
its representatives. Although trades were heard concluded, buyers in India were holding back,
awaiting offers from Japan, which was shut Monday-Wednesday for public holidays. In other news,
China imported 53,655 mt of PVC in August, up 6% from 49,463 mt in July.
RATIONALE:
RATIONALE:
The CFR India PVC marker was assessed at $850/mt, up $10/mt on week. Offers for October-loading
EDC: The CFR Far East Asia EDC price fell $10/mt week on week to be assessed at $220/mt Thursday.
parcels emerged at $860/mt CFR India for Taiwan-origin material. PVC from South Korea was heard
Some deals were reported to have been done at $210-220/mt CFR FEA. A buying idea was reported at
traded at $850-$855/mt CFR India. The CFR China marker was assessed $5/mt lower on week at
$200/mt CFR FEA. CFR Southeast Asia EDC was assessed unchanged at $290/mt during the same period,
$795/mt. Offers stood at $800/mt CFR China for Taiwan cargoes. Over in Southeast Asia, assessments
with no bids and offers heard.
fell $10/mt to $790/mt CFR SEA. A trade was heard concluded at $790/mt CFR SEA.
VCM: CFR Far East Asia VCM was assessed at $689/mt Thursday, unchanged from a week earlier. An
offer was heard at $700/mt CFR FEA, while no bids were reported. Meanwhile, CFR Southeast Asia VCM
was also assessed unchanged at $705/mt. Deals were heard done in a range of $690-710/mt CFR SEA
this week.

POLYMERUPDATE - PVC MARKET SUPPLY SCENARIO
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PVC plant to be restarted by Suzhou Huasu Plastics

Suzhou Huasu Plastics is likely to resume production at its polyvinyl chloride (PVC) plant. The plant was shut was taken off-stream in mid-September 2015 for a maintenance turnaround. The company is expected to
restart operations at its PVC plant by this weekend. Located in Jiangsu province, China, the plant has a production capacity of 130,000 mt/year.
PVC plant ilkely to be shut by Formosa
Formosa Plastics Corp (FPC) is in plans to shut its polyvinyl chloride (PVC) plant for a maintenance turnaround. The plant is expected to be taken off-stream in end-October 2015. It is planned to remain shut for
around 7 days Located at Ningbo in Zhejiang province of China, the plant has a production capacity of 400,000 mt/year.

PLATTSPrice Analysis of PVC Chain Processing Margins
Naphtha to Ethylene
Naphtha to PVC
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Typical North East Asian $/mt margin for producing ethylene

from naphtha using a conversion cost of $350/mt
Ethylene to PVC
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Premium or discount of CFR FE Asia PVC prices compared to ethylene
Premium or discount of CFR FE Asia PVC prices over naphtha
PVC : VCM Ratio
CFR FE Asia PVC prices as a ratio to VCM

CRISIL ResearchMacroeconomics & Currency Monthly Analysis
Overview: The commodity blessing

The global downturn, particularly the sharp slowdown in the resource-intensive Chinese economy, has depressed the prices of many
commodities. The decline is broad-based, including metals, oil and agricultural commodities. Although there are pockets of stress
within India due to low commodity prices, the overall economy stands to gain as the country is a net importer of a majority of these
commodities. The recent depreciation of currency has pared some gains from the drop in commodity prices. Yet, decline in commodity
prices has been much sharper than currency depreciation. Net-net, imports are cheaper. The fall in international commodity prices,
especially of crude oil, has helped improve India's key macroeconomic parameters, such as fiscal deficit, current account deficit and
inflation. Low crude prices have also provided an opportunity to reform the fuel subsidy regime. Industries dependent on oil, such as
auto, also get a boost from lower fuel prices. Lower international prices of edible oil have proved a blessing this year. However, weak
monsoons are expected to take a toll on acreage, yields and output of oilseeds. A drop in international non-coking coal prices will
reduce input costs for sectors such as power. India is a significant exporter of agricultural products and is trade surplus in the
segment. The exports include 11.6% of total rice production, 4% of total wheat production and also cotton. The slump in global prices
hurts the export income of farmers already reeling under consecutive monsoon failure. Metal companies also stand to lose, particularly
given a drop in aluminum and steel prices.
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IIP splutters in July as factory wheels jam

Industrial production growth moderated to 4.2% in July from 4.4% in June. On a month-on-month basis also growth remained weak.
The picture for manufacturing was also less positive with growth slowing to 4.7% in July. That said, the numbers did throw up a
bright spot - for one, the capital goods sub-index rose 10.6%. It was disappointing to see the consumer-oriented sectors lose
momentum seen in July (1.3%), signalling that consumption demand remains fragile. Unseasonal rains early this year and the weak
progress of monsoon so far are telling on demand. As a result, low capacity utilisation is a key challenge faced by most industrial
sectors.

Inflation resists a drop in August
Consumer price inflation (CPI) stood at 3.7% in August, unchanged from the previous month. July inflation was revised down from 3.8% released
earlier. In August, core inflation continued to ease, but a further fall in overall inflation was contained by a pick-up in the food and fuel related
inflation. Food inflation, at 2.2%, was 10 basis points (bps) higher than in July, whereas fuel inflation (fuel and light), at 5.7%, was up 30 bps.
Wholesale price index data continued to be in the negative zone, but the extent of decline slowed. Meanwhile, with rising rainfall deficiency, food
inflation in some commodities is firming up, and if not contained, can lower some gains from falling fuel prices. Core inflation (CPI excluding food
price index, fuel and light, and petrol and diesel) fell to 5.2% in August, down 10 bps over July - its second consecutive monthly decline. Much of
this fall came from lower inflation in health, personal care effects and education. The continued decline in core reflects sluggish demand conditions
in the economy.
FII outflows drag rupee under

The rupee lost ground against most major currencies in August as foreign institutional investors made a beeline out of the emerging markets following a
devaluation of the yuan. China devalued the yuan by 4%, announcing a change to its peg against the US dollar. The move, coming at a time when the
Chinese economy is in the throes of a slowdown, pulled down commodity prices and created jitters in currency and stock markets worldwide. The rupee hit a
low of 66.7/$ on August 25 before recovering a tad (it has depreciated 3% since the announcement of the Chinese devaluation). It averaged 65.1/$ for the
month, weaker than 63.6/$ in July. Against the euro and the pound, it dropped on average 3.5% and 2.4%, respectively.
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About CRISIL Research
CRISIL Research is India's largest independent and integrated research house. We provide insights, opinions, and analysis on the Indian economy, industries, capital markets and companies. We are India's most credible
provider of economy and industry research. Our industry research covers 70 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our network of more than 4,500 primary
sources, including industry experts, industry associations, and trade channels. We play a key role in India's fixed income markets. We are India's largest provider of valuations of fixed income securities, serving the mutual
fund, insurance, and banking industries. We are the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. We pioneered independent equity research in India, and are today India's largest
independent equity research house. Our defining trait is the ability to convert information and data into expert judgements and forecasts with complete objectivity. We leverage our deep understanding of the macroeconomy
and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. We deliver our research through an innovative web-based research platform. Our talent pool comprises economists,
sector experts, company analysts, and information management specialists.

POLYMERUPDATE
PLATTS
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Director, Editorial: JwalantOza
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MaithreyiRamdas, Pamela Sumayao, Jennifer Lee
Sales Contact:
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Tokyo Editors:FumikoDobashi, Anton Ferkov
About Polymerupdate: Polymerupdate is a destination for global players seeking plastics and petrochemical intelligence. We are a world renowned provider of real time news and price alerts spanning a whole spectrum of
products including Crude oil, Naphtha, Aromatics, Olefins, Polyolefins and Petrochemical Intermediates.
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Credible, neutral and regular reporting has attracted over a thousand subscribers who include most of the regions leading resin producers, processors, distributors, traders, consultant firms, investment bankers, credit rating
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publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed without prior written authorization from Polymerupdate.com. Polymerupdate.com is a TRADEMARK of Shalimar
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Platts PVC 23 Sept 2015

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Formatos disponibles

This Weeks Highlights:

Asian EDC/VCM: Flat to $10/mt lower

Platts International Prices

Polymerupdate Indian Domestic Producer Price

Platts Polymer Shipping Costs (USD/MT)

Polymerupdate CIF India Prices

Polymerupdate Indian Open Market Price Table

Polymerupdate Indian Producer Posting Price Comparison

Heard in PVC Market

Platts International Market Commentary & Analysis

Polymerupdate - PVC Market Supply Scenario

Platts Price Analysis Of PVC Chain Processing Margins

Crisil Research Macroeconomics & Currency Monthly Analysis

Polymerupdate - About us & Copyright

Platts - About us & Copyright

Week 38 September 23, 2015

PLATTS INTERNATIONAL PRICES (USD/MT)

(MOP West India)

INDIA DOMESTIC PRODUCER PRICE - RIL (Ex Hazira)

CFR Far East Asia

CFR South East Asia

CFR Far East Asia

CFR South East Asia

PVC Suspension CFR China

PVC Suspension CFR SEA

PVC Suspension CFR India

Price Change on Week

Sept 23 (WK 38)

Sept 16 (WK 37)

PLATTS Polymer shipping costs (USD/MT)

Week 38 September 23, 2015

Price Change on Week

Price Change on Week

- All prices are in USD/MT CIF India (NhavaSheva)

POLYMERUPDATE - Indian Open Market Price Table

Note: All prices are in INR/kg levels.

POLYMERUPDATE - INDIAN PRODUCER POSTING PRICE COMPARISON (GRADE WISE)

Week 38 September 23, 2015

Indian Rupees (INR)

Japan Yen (JPY)

Pakistan Rupees (PKR)

Indonesia Rupiahs (IDR)

China Yuan Renminb (CNY)

Malaysia Ringgits (MYR)

Bangladesh Taka (BDT)

Singapore Dollars (SGD)

Sri Lanka Rupees (LKR)

South Korea Won (KRW)

Thailand Baht (THB)

Saudi Arabia Riyals (SAR)

Taiwan New Dollars (TWD)

United Arab Emirates Dirhams (AED)

Heard in PVC MARKET

Week 38 September 23, 2015

Asian PVC: Prices mixed as market stirs on emergence of Oct offers

- EDC under pressure in FEA on higher deepsea supply

- Formosa raises Oct offers to Indian markets

- VCM flat ahead of Oct PVC discussions

- Ethylene feedstock costs spike $45/mt on week

pm Singapore time (0830 GMT) Thursday.

with no bids and offers heard.

Week 38 September 23, 2015

PVC plant to be restarted by Suzhou Huasu Plastics

Week 38 September 23, 2015