India: rPET market remains largely stable as bottle-bale prices soften

• PET bottle-bale prices decline in Mumbai and Delhi, processed rPET grades stable
• Higher virgin PET prices and improved export sentiment provide support

India’s rPET market remained largely stable during the week, with regular PET bottle-bale prices declining in Mumbai and Delhi while Ahmedabad remained unchanged. Market participants reported daily bale-price declines of around INR 0.5/kg, reflecting cautious buying and limited inventory accumulation. Delhi’s recycled polymer prices remained relatively higher than those in other regions for several processed grades.

Processed rPET prices were mostly unchanged, indicating limited movement in the flakes and pellet market. Meanwhile, Reliance Industries Ltd (RIL) raised its purified terephthalic acid (PTA) price to INR 111/kg, while monoethylene glycol (MEG) remained at INR 78.70/kg. RIL and IVL Dhunseri also increased virgin PET prices by INR 2/kg effective 14 October, providing some support to market sentiment. Export enquiries improved as freight costs eased, although export price indications remained stable.

Mumbai Market

Mumbai saw the some correction in regular PET bottle bales, while clear flakes and food-grade pellets held steady. The decline in bale prices contrasted with the recent increase in virgin PET prices, keeping buyers cautious about building recycled-material inventories. Market activity remained largely stable, with purchases focused on immediate requirements.

Delhi-NCR Market

Delhi bottle-bale prices eased further, while most processed grades remained unchanged. The <100 ppm flake category recorded a marginal increase, making Delhi relatively firm compared with other markets for selected recycled grades. However, continued cautious procurement limited broader price movement.

Ahmedabad-Gujarat market

Ahmedabad remained largely stable, with regular bottle bales, clear flakes and food-grade pellets holding their previous levels. Only flakes below 200 ppm recorded a marginal decline. Market sentiment remained steady, with no broad-based change in processed-grade prices despite fluctuations in crude and naphtha costs.

Export market

India’s rPET export sentiment improved as lower freight costs supported business enquiries and trading activity. However, export indications remained largely unchanged, suggesting that the improvement in sentiment had yet to translate into higher assessed prices. Further activity will depend on freight economics and overseas buying interest.

Market outlook

The domestic rPET market is expected to remain largely stable in the near term, with bottle-bale prices facing some pressure while most processed grades hold their levels. The INR 2/kg increase in virgin PET prices may improve the relative competitiveness of recycled material, although cautious converter buying could limit immediate gains. Export activity may receive further support if freight costs remain favourable.