Platts PE 23 Sept 2015

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This Weeks Highlights:
Asian Ethylene - Prices flat amid thin activity, firm feedstock costs
Asian HDPE - Rises on demand-supply fundamentals
Asian LDPE - Rises on firm demand despite bearish macroeconomics
Asian LLDPE - Flat to $20/mt higher on futures, demand
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Platts International Prices
Polymerupdate Indian Domestic Producer Price
Polymerupdate CIF India Prices
Polymerupdate Indian Producer Posting Price Comparison
Polymerupdate Indian Open Market Price Table
Heard in PVC Market
Currency Rates
Platts International Market Commentary & Analysis
Polymerupdate - PE Market Supply Scenario
Platts Price Analysis Of PE Chain Processing Margins
Platts Polymer Shipping Costs (USD/MT)
Crisil Research Macroeconomics & Currency Monthly Analysis
Point of Contact
10
Polymerupdate - About us & Copyright
10
Platts - About us & Copyright
10
Week 38 September 23, 2015

POLYMERUPDATE INDIAN DOMESTIC PRODUCER PRICE RIL (Ex-Hazira)
PLATTS INTERNATIONAL PRICES (USD/MT)

Product
India Crude basket:
Naphtha:
(USD/b)
(MOP West India)
Sept 16
(WK 37)
Sept 23
(WK 38)
Price Change
on Week
44.83
46.01
+1.18
419.80
428.99
+9.19
INDIA DOMESTIC PRODUCER PRICE - RIL (Ex Hazira)

Product
834-836
879-881
+ 45
804-806
849-851
+ 45
HDPE Inj CFR South Asia
1189-1191
1199-1201
+ 10
HDPE Inj CFR Far East Asia
1149-1151
1169-1171
+ 20
HDPE Inj CFR South East Asia
1169-1171
1184-1186
+ 15
HDPE Blow CFR South Asia
1194-1196
1204-1206
+ 10
HDPE Blow CFR Far East Asia
1154-1156
1174-1176
+ 20
HDPE Blow CFR South East Asia
1174-1176
1189-1191
HDPE Film CFR South Asia
1174-1176
1184-1186
HDPE Film CFR Far East Asia
1134-1136
1154-1156
HDPE Film CFR South East Asia
1154-1156
1169-1171
+ 15
LLDPE GP CFR South Asia
1159-1161
1179-1181
+ 20
CFR South East Asia
Polyethylene :
+ 15
+ 10
+ 20
LLDPE GP CFR Far East Asia
1119-1121
1119-1121
LLDPE GP CFR South East Asia
1139-1141
1159-1161
+ 20
LDPE CFR Far East Asia
1154-1156
1159-1161
+ 05
LDPE CFR South East Asia
1174-1176
1199-1201
+ 25
HDPE Film
9930-9970
9480-9520
- 450
LLDPE
9130-9170
8680-8720
- 450
LDPE
10080-10120
9780-9820
- 300
China Domestic (YUAN/MT EX-WORK) :
Price Change on Week
INR/KG
USD/MT
Raffia
89.44
1226
90.44
1240
+ 01
Film
87.96
1205
88.96
1220
+ 01
Injection
89.43
1226
90.43
1240
+ 01
Blow Moulding
89.29
1224
90.29
1238
+ 01
Pipe
LLDPE Grade
90.03
1235
91.03
1249
+ 01
Film
87.26
1196
88.26
1210
+ 01
Rotomoulding
86.25
1181
87.25
1195
+ 01
Injection
89.76
1231
90.76
1245
+ 01
Extrusion Coating
LDPE Grade
89.04
1221
90.04
1235
+ 01
General
99.54
1369
101.79
1400
+ 2.25
Heavyduty
103.89
1430
106.14
1462
+ 2.25
Milk Pouch
104.77
1443
107.02
1474
+ 2.25
Injection
106.19
1463
108.44
1494
+ 2.25
Lamination
107.56
1482
109.81
1514
+ 2.25
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UD
Sept 23 (WK 38)
USD/MT
INR/KG
HDPE Grade
Ethylene :
CFR North East Asia
Sept 16 (WK 37)

INR/KG
*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.
PLATTS INTERNATIONAL PRICES

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,
Laem Chabang, 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
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 (25 lines) | Fax: +91-22-61772025

POLYMERUPDATE (CIF INDIA PRICES)
CIF INDIA BY ORIGIN (Nhava Sheva Port)
South Korea
Singapore
WK 37
WK 38
Sep 16
Sep 23
Raffia
1200
1200
Film
1210
1210
Injection
1210
1210
Blow Moulding
1230
1230
HDPE Grade
Price Change
on Week
Pipe
1260
1260
HMHD
1270
1270
LDPE Grade
1230
+ 20
Heavyduty
1230
1250
+ 20
Milk Pouch
1240
1260
+ 20
Injection
1250
1270
+ 20
--
--
--
LLDPE Grade
Sep 16
Sep 23
--
--
--
1170
1170
1160
1160
1170
1170
1220
1220
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--
WK 38
Sep 16
Sep 23
--
1220
1220
1220
1220
1230
1230
--
--
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Price Change
on Week
--
--
1190
1190
--
--
--
--
--
--
--
--
--
--
--
--
1260
1260
--
--
--
--
Thailand
Qatar
1270
+ 20
1260
1280
+ 20
+ 20
1270
1290
--
--
--
--
1260
+ 20
1270
--
--
Price Change
on Week
--
1250
1250
Sep 23
1200
+ 20
1240
Sep 16
--
1240
+ 20
WK 38
1200
1220
1250
WK 37
+ 20
1230
Saudi Arabia
WK 37
Price Change
on Week
1220
1200
South Korea
Singapore
1200
1220
+ 20
1180
1200
+ 20
1190
1210
+ 20
+ 20
--
--
--
--
1370
1390
+ 20
Thailand
Saudi Arabia
1180
1180
1210
1210
1190
1190
--
--
--
--
1210
1210
1260
1220
1220
1230
1230
1210
1210
--
--
--
1290
1290
--
--
--
--
--
--
--
--
Film
1230
1230
Rotomoulding
1250
1250
1260
--
Metallocene
WK 38
Singapore
1210
Injection
WK 37
South Korea
General
Lamination
Thailand
- All prices are in USD/MT CIF India (Nhava Sheva)

- 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.

POLYMERUPDATE - INDIAN PORDUCER POSTING PRICE COMPARISON (GRADE WISE)
LDPE Ex-Mumbai (Panvel Depot) w.e.f 18-Sept-2015
HDPE w.e.f 18-Sept-2015

Grade
BLOW MOULDING
INJECTION MOULDING
( MFI - 18 )
Producer (Ex Works)
Grade No.
INR/MT
USD/MT
RIL (BC/NC)
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
GAIL (M/B/T)
54GB012
B56003
B6401
B52A003A
B63A003A
90540
90290
91500
85510
85510
1242
1238
1255
1171
1171
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
50MA180
89140
91400
85200
1222
1254
1166
1240
1277
1206
1220
M5018L
I50A180A
INJECTION MOULDING
( MFI - 7 ) UV
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
I60U080A
90430
93050
87970
HDPE FILM
RIL (Hazira)
F56003
88960
HDPE PIPE
HMHDPE FILM
RAFFIA
RIL (BC/NC)
HALDIA (HC)
GAIL (M/B/T)
RIL (Hazira)
HALDIA (Works)
GAIL (M/B/T)
RIL (Hazira)
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
L60075
M6007LU
46GP009
P-5300
P54A001A
52GF004
F5400
F55HM003A
53EA010
E52009
R5801
W50A009A
Producer
RIL
Grade No.
1070LA17
*INR/MT
109811.25
USD/MT
1514
LDPE IM
RIL
16MA400
108438.75
1494
LDPE GP
RIL
24FS040
101790.00
1400
LDPE MP
RIL
1005FY20
107021.25
1474
LDPE HEAVY DUTY
RIL
RIL
22FA002
1020FA20
106143.75
100833.75
1462
1387
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* Prices are in INR/MT (inclusive of excise duty)
Grade
LDPE EC
91030
100200
94030
1249
1378
1291
89950
92450
87070
1233
1269
1193
89560
90440
95850
85560
1228
1240
1317
1172
Grade
LLDPE EXTRUSION
COATING
LLDPE w.e.f 18-Sept-2015

Producer (Ex Works)
Grade No.
INR/MT
USD/MT
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
E24065
72307E
E36A060
90040
92450
86870
1235
1269
1190
RIL (Hazira)
M26500
90760
1245
HALDIA (HC)
71501-S
--
--
LLDPE FILM
RIL (BC/NC)
RIL (BC/NC)
RIL (Hazira)
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
20FS010
20FS020
F18010
F19010
71601S
F20S009A
87460
88470
88250
88260
91400
84830
1198
1213
1210
1210
1254
1161
LLDPE ROTOMOULDING
RIL (BC/NC)
RIL (Hazira)
HALDIA (HC)
HALDIA (HC)
GAIL (M/B/T)
36RA045
R35042
73005T
73204T
R35A042A
90380
87250
93750
93750
86420
1240
1195
1287
1287
1184
LLDPE INJECTION
MOULDING
*Domestic Indian producer prices are quoted in INR/MT basic (Nett of all taxes) ; equivalent USD/MT price is at current US/INR rate. *Lot Size:
1 Truck Load (10 to 16 MT)
- Ex Works: BC/NC = Ex Works Baroda Complex / Nagothane Complex | Ex Works: HC = Halidia Complex | Ex Works: M/B/T = Mumbai / Bhiwandi / Thane
- Product Key: EC = Extrusion Coating, IM = Injection Moulding, GP = General Purpose, MP = Milk Pouch, MFI = Melt Flow Index, UV = Ultra Violet, HM = Heavy Molecule
- 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)

POLYMERUPDATE - Indian Open Market Price Table
Note: All prices are in INR/kg levels.
Mumbai
Delhi
Kolkatta
Bangalore
Indore
Chennai
Ahmedabad
Rajasthan
Kanpur
Hyderabad
Punjab
Kerala
HMHDPE
106 - 107
107 - 107.5
106 -107
108.5 - 109
108 - 109
105 - 106
108 - 109
105 - 106
107 - 107.5
110 - 111.5
110 - 111
108 - 108.5
HDPE Raffia
104 - 105
105 - 106
104 - 105
105 - 105.5
Product
103 - 103.5
103 - 104
104 - 105
104 - 104.5
105 - 106
102 - 103
105 - 106
103 - 104
104 - 104.5
106 - 106.5
107 - 108
104 - 104.5
HDPE Blow
Moulding
106 - 107
105 - 106
105 - 106
108 - 108.5
105 - 106
106.5 - 107.5
106 - 107
103 - 104
104 - 104.5
110 - 110.5
108 - 109
105 - 105.5
LLDPE Film
104 - 104.5
106 - 107
107 - 108
106 - 106.5
105 - 106
103.5 - 104.5
105 - 106
102 - 103
105 - 105.5
108 - 108.5
108 - 109
100 - 100.5
LDPE FILM
111 - 112
112 - 113
117 - 118
112 - 112.5
113 - 114
109 - 110
111 -112
113 - 114
118 -118.5
114 - 114.5
116 - 117
108 - 108.5
HDPE Injection
Currency rates equivalent to 1 US Dollar :

Countries
Currency Rates
UD
Indian Rupees (INR)

Pakistan Rupees (PKR)
China Yuan Renminb (CNY)
AS
65.95
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Countries
Currency Rates
Japan Yen (JPY)
120.08
104.31
Indonesia Rupiahs (IDR)
14,633.29
6.37
Malaysia Ringgits (MYR)
4.30
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
Bangladesh Taka (BDT)

Heard in PE MARKET
Polymerupdate :
Platts :
N.A.
HDPE Film: Oct notional buying ideas heard around $1,150/mt CFR China, 100-500mt
HDPE Film: Oct offers heard at $1,180-1,200/mt CFR China, 200-500mt, LC 90 days, Middle East origin
HDPE Film: Oct motional buying heard at $1,160-1,170/mt CFR SE Asia (Vietnam), LC at sight, 100-500mt, Middle East origin
HDPE Film: Oct selling idea heard at $1,180/mt CFR SE Asia (Vietnam), LC at sight, 100-500mt, Middle East origin
HDPE Film: Oct tradable level heard at $1,180-1,190/mt CFR South Asia (India), LC at sight, Middle East origin
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LLDPE Film: Oct selling idea heard at $1,170/mt CFR SE Asia (Vietnam), LC at sight, 100-500mt, Middle East origin
LLDPE Film: Oct notional buying idea heard around 1,150/mt CFR SE Asia (Vietnam), LC at sight, 100-500mt, Middle East
origin
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LLDPE Film: Oct tradable level heard at $1,180-1,190/mt CFR South Asia (India), LC at sight, Middle East origin
MU

PLATTS INTERNATIONAL MARKET COMMENTARY & ANALYSIS
Asian Ethylene: Prices flat amid thin activity, firm feedstock costs
Asian HDPE: Rises on demand-supply fundamentals
- Market bullish ahead of turnaround season
- Plant turnarounds prop up prices
- China's August ethylene imports up on year
- China HDPE imports rise year on year in Aug
Ethylene spot prices were assessed unchanged on day amid thin trading and firmer
Asian high density polyethylene film grade prices rose week on week even though domestic market prices in China fell
feedstock costs. Nevertheless, producers were optimistic that prices were stable to higher
during the same period. Purchasing activity in China remains muted as buyers have already covered their demand
ahead of a turnaround season in the region. In Southeast Asia, a buy tender seeking
ahead of the upcoming Golden Week holidays over October 1-7, a producer in China said. Domestic tradable levels for
3,000-4,000 mt ethylene for second-half October closed Wednesday, with price
HDPE film in China were heard to be around Yuan 9,500/mt, which works out to $1,195/mt CFR China on an import
discussions heard at $850-$860/mt CFR SEA. A market participant said Indonesia's
parity basis. Expectations of tightening supplies propped up the Asian market, participants said. According to data
Chandra Asri was expected to shut its naphtha-fed steam cracker in the next two days for
released by the General Administration of Customs Tuesday, China's HDPE imports rose on a percentage and tonnage
about 100 days to complete an expansion program. The cracker is able to produce
basis, increasing 19.30% or almost 64,000 mt in August compared with the same month last year. In plant news,
600,000 mt/year of ethylene, rising to 860,000 mt/year when the program is completed.
Saudi Arabia's Petro Rabigh will shut its Rabigh 1 plant on the Red Sea coast for 40-45 days from mid-October, in
Support emerged from firmer naphtha feedstock costs which stood at $454.37/mt CFR
preparation for the startup of Rabigh 2. China's Zhongyuan Petrochemical was also heard taking its 260,000 mt/year
Japan. In China, ethylene imports rose 3.6% on year to 118,647 mt, data released
LLDPE unit in Henan offline in October for 45 days of maintenance.
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UD
Tuesday by the General Administration of Customs showed. But the August ethylene
imports were 10.2% lower from 132,065 mt posted in July.
RATIONALE:
RATIONALE:
HDPE film was assessed at $1,155/mt CFR Far East Asia Wednesday, up $20/mt week on week on the back of robust
overseas demand. The assessment reflects buying ideas of around $1,150/mt and offers of around $1,180-1,200/mt.
CFR Southeast Asia was assessed at $1,170/mt, based on selling ideas of around $1,180/mt and notional buying levels
The CFR Southeast Asia marker was assessed at $850/mt Wednesday. Notional price
heard at $1,160/mt. The CFR South Asia marker was assessed at $1,185/mt, up $10/mt, based on workable deal
discussions for H2 October cargoes were around $850-$860/mt CFR SEA. In line with SEA
levels.
prices, the CFR Northeast Asia marker was kept unchanged at $880/mt.

PLATTS INTERNATIONAL MARKET COMMENTARY & ANALYSIS
Asian LLDPE: Flat to $20/mt higher on futures, demand
Asian LDPE: Rises on firm demand despite bearish macroeconomics
- Buyers take positions ahead of China holidays
- Demand in India picks up ahead of festival
- Strong demand for agri-film ahead of winter
- HDPE, LLDPE prices also support LDPE
Asian linear low density polyethylene prices rose this week reflecting higher futures on the Dalian Commodity
Exchange. The actively traded January 2016 polyethylene futures contract on the Dalian Commodity Exchange
rose Yuan 105/mt day on day to settle at Yuan 8,455/mt ex-warehouse by Wednesday's close. The volume of
contracts at over 990,000 lots on the futures exchange was seen as much higher than typical, with many
participants trading in the futures market and taking positions ahead of China's Golden Week holiday October
1-7. Demand for agricultural films was also heard to be robust ahead of winter in many Asian countries.
LLDPE was assessed at $1,120/mt CFR Far East Asia Wednesday, unchanged week on week. The CFR
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markets. Although domestic trading activity in China remained subdued ahead of the upcoming
long holiday in October, demand was heard to be rising in India. "Demand is quite good because
of the upcoming Diwali festive season and the draw down of inventories," a buyer in India said.
"The market seems to be reasonably stable now," said a Southeast Asian trader, shrugging off
AR
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RATIONALE:
Asian low density polyethylene rose this week, reflecting the strength in HDPE and LLDPE
the bearish macroeconomic data released this week. The preliminary Caixin China manufacturing
PMI dropped to a 6 1/2-year low of 47 in September, signaling a significant contraction. The
Asian Development Bank on Tuesday trimmed its growth forecast for some of the region's biggest
economies including India and China.
Southeast Asia marker was assessed at $1,160/mt, up $20/mt week on week, based on selling ideas of
$1,170/mt and buying ideas of around $1,150/mt. The CFR South Asia marker was assessed at $1,180/mt, up
$20/mt on week, based on workable deal levels.
RATIONALE:
Asian LDPE was assessed up $5/mt on week at $1,160/mt CFR Far East Asia Wednesday. Buying
indications were heard at $1,100-$1,150/mt while selling ideas were heard closer to the
$1,170/mt level for October-delivery cargoes this week. The CFR Southeast Asia marker was
assessed up $25/mt over the same period at $1,200/mt, based on workable deal levels by
Vietnamese buyers.

POLYMERUPDATE - PE MARKET SUPPLY SCENARIO
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Osaka cracker operated by Mitsui at full rates

Mitsui Chemicals is running its cracker at full capacity levels. The company is currently running its cracker at 100% production capacity rate following a brief maintenance turnaround in last week. The cracker at
Osaka has an ethylene capacity of 450,000 mt/year.
Trial runs at new EVA/LDPE swing plant started by Jiangmen
Shandong Haoda Chemicals has started the trial operations at its new ethylene vinyl acetate (EVA) / low density LDPE) swing plant. The company has commenced trial operations at its swing plant in early-September
2015. The company is likely to begin commercial production by next month. Located in Tengzhou city of Shandong province, China, the plant has an EVA capacity of 100,000 mt/year and LDPE capacity of 120,000
mt/year.

PLATTS Price Analysis of PE Chain Processing Margins
Naphtha to Ethylene
Polyethylene to Naphtha
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Typical North East Asian $/mt margin for producing ethylene

from naphtha using a conversion cost of $350/mt.
Ethylene to Polyethylene
Typical $/mt margin for producing LLDPE in Far East Asia

from ethylene using a conversion cost of $150/mt
UD
CFR FE Asia LLDPE price as a ratio to naphtha
Intra-Asian LDPE Premiums
Premium or discount of weekly LDPE Southeast Asian price over weekly Far East Asian LDPE

PLATTS Polymer shipping costs (USD/MT)
From:
Middle East
Middle East
To:
East China
South China
India
Southeast Asia
NW Europe
Turkey
US Gulf
Latin America
25 100 MT
20 25
15 25
45 50
30 35
55 65
50 70
130 140
165 175
> 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.
CRISIL Research Macroeconomics & Currency Monthly Analysis
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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
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economy.
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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.
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.
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POLYMERUPDATE
PLATTS
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Director, Editorial: Jwalant Oza
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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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Copyright (C) 2014 Shalimar Infotech Pvt. Ltd. ALL RIGHTS RESERVED: Shalimar Infotech Pvt. Ltd. makes no warranties as to the accuracy of information, or results to be obtained from use. No portion of this
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This Weeks Highlights:

Platts International Prices

Polymerupdate Indian Domestic Producer Price

Polymerupdate CIF India Prices

Polymerupdate Indian Producer Posting Price Comparison

Polymerupdate Indian Open Market Price Table

Heard in PVC Market

Platts International Market Commentary & Analysis

Polymerupdate - PE Market Supply Scenario

Platts Price Analysis Of PE Chain Processing Margins

Platts Polymer Shipping Costs (USD/MT)

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)

HDPE Inj CFR South Asia

HDPE Inj CFR Far East Asia

HDPE Inj CFR South East Asia

HDPE Blow CFR South Asia

HDPE Blow CFR Far East Asia

HDPE Blow CFR South East Asia

HDPE Film CFR South Asia

HDPE Film CFR Far East Asia

HDPE Film CFR South East Asia

LLDPE GP CFR South Asia

CFR South East Asia

LLDPE GP CFR Far East Asia

LLDPE GP CFR South East Asia

LDPE CFR Far East Asia

LDPE CFR South East Asia

China Domestic (YUAN/MT EX-WORK) :

Price Change on Week

Sept 23 (WK 38)

Sept 16 (WK 37)

PLATTS INTERNATIONAL PRICES

Week 38 September 23, 2015

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

Week 38 September 23, 2015

HDPE w.e.f 18-Sept-2015

Producer (Ex Works)

LDPE HEAVY DUTY

* Prices are in INR/MT (inclusive of excise duty)

LLDPE w.e.f 18-Sept-2015

Week 38 September 23, 2015

Note: All prices are in INR/kg levels.

Currency rates equivalent to 1 US Dollar :

Indian Rupees (INR)

Japan Yen (JPY)

Indonesia Rupiahs (IDR)

Malaysia Ringgits (MYR)

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)

Bangladesh Taka (BDT)

Week 38 September 23, 2015

Week 38 September 23, 2015