Firming demand and spike in consumer durables sales as the nation gets closer to the Diwali festival, has pushed up the Indian polymer offers since the first week of November.

Market players are eyeing to regain the momentum lost due to strict COVID-led lockdowns starting March this year by ramping up operations in their manufacturing units to leverage great benefits on the fresh demand pick-up.

Indian low-density polyethylene (LDPE) Liquid Packaging grade prices were assessed at USD 1,300-1,335/t while Adhesive Film grade prices were settled around USD 1,250/t Ex-Depot Bhiwandi w.e.f.

While linear low-density polyethylene (LLDPE) film grade was assessed at USD 1,090/t Ex-Depot Bhiwandi, Ex-Depot prices for high-density polyethylene (HDPE) Blown film grade were recorded at USD 1,095/t and PP raffia at USD 1,150-1,170/t, according to ChemAnalyst data.Get more info : https://www.chemanalyst.com/NewsAndDeals/NewsDetails/indian-polymer-makers-get-a-festive-push-ahead-of-diwali-season-prices-soar-3402Realizations for LDPE, LLDPE and PP raffia rose almost by 2% while HDPE film rose by 1.4%, against the previous week.

Polyethylene (PE) and Polypropylene (PP) import prices from the Middle East were higher by USD 20-30/t than last week in accord with bullish sentiments.

As per our market sources, the country’s largest refiner Reliance Industries Ltd. (RIL) turned operational on 28 October after 3 days of maintenance turnaround.

On Sunday, 15 countries gathered to solidify their participation in Regional Comprehensive Economic Partnership (RCEP) by signing a free-trade agreement (FTA) to strengthen their trade ties and ensure easier availability of goods and services across the countries.

Analysts anticipate that the most immediate impact of RCEP could be the regionalization of polyethylene (PE) and polypropylene (PP) trades within the Association of Southeast Asian Nations (Asean) region, northeast Asia and Oceania.Get more info : https://www.chemanalyst.com/NewsAndDeals/DealsDetails/regional-comprehensive-economic-partnership-rcep-deal--78The silver lining could be the gradual reduction of import tariffs for PE and PP stocks from northeast Asia-origin to southeast Asian countries such as Thailand, Malaysia, the Philippines and Indonesia from 5-10% to not more than 5% over the next 10-20 years.

Lower freight rates and shorter transit times would also attract buyers in RCEP nations.

The FTA was signed by China, Japan, South Korea, Australia, New Zealand and the 10 members of Asean.

According to data from the International Monetary Fund, RCEP nations hold nearly a third share in the global economy and their combined gross domestic product stands at around USD 26 trillion.

However, on November 4, 2019, India backed out from the discussions over “significant outstanding issues”.

Finland based oil refining and marketing company Neste, Oyj has entered into a pact with the South Korean chemical giant LG Chem, aiming to produce the biopolymers and biochemicals globally.

As per the pact, LG Chem will replace the fossil feedstocks used for manufacturing polymers and chemicals with ‘Neste Renewable Hydrocarbons’ in the near term, thereby lending its significant contribution towards transforming the world into a circular bioeconomy.Get more info : https://www.chemanalyst.com/NewsAndDeals/DealsDetails/lg-chem-and-neste-collaborate-to-produce-bio-based-polymer-resins-77The partnership would enable the Korean chemical company to produce eco-friendly resins from Neste’s biomaterials, and hence would enable the company to achieve its required sustainability standards.

With this strategic move, LG Chem plans to start the production of bio-based Polyolefin (PO), Polycarbonate (PC), Super Absorbent Polymer (SAP) and Polyvinyl Chloride (PVC) by the second half of 2021 (H2-2021) at its home market Korea.

The two parties are eyeing on huge impact over the global chemical industry through this supreme combination of LG Chem’s proprietary technology and diverse chemical portfolio with Neste’s environment sustainability solutions based on renewable hydrocarbons.About UsChemAnalyst is a ‘one stop’ digital platform that offers comprehensive market intelligence data and in-depth analysis of the Indian chemical and petrochemical industry.

ChemAnalyst’s team of 100+ analysts are engaged in tracking chemical prices daily, production capacity, demand and supply outlook, manufacturing plant locations, foreign trade data and news/deals for more than 400 major chemicals produced in India.

ChemAnalyst is promoted by TechSci Research which is an award winning research based management consulting firm providing market research and advisory solutions to the customers worldwide, spanning a range of industries including Chemicals & Material, Automotive, Consumer & Retail, ICT, Energy & Power, Aerospace & Defense, Water and Waste Management, BFSI and moreFor more information, please visit us at www.chemanalyst.comContact Us:Nilesh VishwakarmaB-44 Sector-57 Noida,National Capital RegionTel: 0120-4523948Mob: +91-8882336899Email: [email protected]: ChemAnalyst