- SPL hikes GPPS and HIPS prices by INR 3/kg amid mixed domestic polymer trends
- Crude prices ease on Russian diesel supply prospects; shipping risks persist
Global feedstock markets softened on 12 October as oil prices eased amid expectations of additional Russian diesel supplies and an announced Russia-Ukraine energy ceasefire. However, continuing geopolitical tensions and tanker attacks around the Middle East kept shipping risks elevated, limiting the relief for petrochemical supply chains.
Brent crude fell 0.36% to $104.32/barrel, while West Texas Intermediate (WTI) declined 0.20% to $91.49/barrel. Naphtha CFR Japan slipped 0.61% to $972/t, and natural gas fell 2.52% to $3.14/MMBtu.
Domestic market overview
India’s domestic polymer market recorded selective regional price movements on 12 October. Reliance Industries Ltd (RIL) revised select polyethylene (PE) grades, while Supreme Petrochem Ltd (SPL) increased general-purpose polystyrene (GPPS) and high-impact polystyrene (HIPS) prices by INR 3/kg, effective 12 October. Polypropylene (PP) prices moved in opposite directions across key markets, reflecting a mixed domestic trend.
The Indian rupee strengthened 0.79% against the US dollar to INR 96/$.
PP film prices in Delhi increased by INR 0.5/kg to INR 163.5/kg, while PP injection prices in Mumbai declined by INR 1/kg to INR 152/kg. High-density polyethylene (HDPE) blow moulding prices rose to INR 139/kg in Delhi, whereas low-density polyethylene (LDPE) film prices eased to INR 169/kg in Ahmedabad. Other reported grades remained largely stable.
RIL revised PE prices effective 10 October, increasing LDPE extrusion coating (EC) and injection moulding (IM) grades by INR 3,000/t, while keeping other LDPE grades unchanged. HDPE pipe grades also increased by INR 3,000/t, with prices for other HDPE grades rolled over. Linear low-density polyethylene (LLDPE) prices remained unchanged across all grades.
Separately, SPL raised GPPS and HIPS prices by INR 3/kg, effective 12 October. The extent to which these increases hold will depend on buying interest, inventory levels, and replacement costs.
Other Updates
Oil prices ease on Russian diesel supply prospects
Oil prices declined on 12 October amid expectations of additional Russian diesel supplies and an announced Russia-Ukraine energy ceasefire. Brent crude fell 0.2% to $104.50/barrel, while WTI declined 0.4% to $91.45/barrel during early trading. However, uncertainty over implementation and continuing geopolitical tensions limited the scope for a sustained easing in energy markets.
Tanker attacks keep Middle East supply risks elevated
Recent attacks on tankers near Oman’s Sohar coast and in the Strait of Hormuz have raised concerns over regional shipping safety. Further disruptions could increase freight and insurance costs and affect feedstock availability for Indian petrochemical and polymer importers.
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