SRF: R-22 price rises to Rs 335/23 Q3 production declined by 15.3% YoY (12.0% YoY), but volume declined by 15.3% YoY to 2.6kte.In the packaging film segment, SRF packaging film margins are under pressure due to the narrowing price differential between BOPET and BOPP

Gujarat Fluorochemicals: PTFE prices rose 5.8% MoM / 24.0% YoY, with Rs 1.023% sales up 11.4% YoY to 3.1 kte

While prices of other fluoropolymers declined by 0.8% MoM, sales volumes soared 308% YoY to 1,100 units

Swire Pacific: Bromine prices were flat month-over-month, but volume fell 41.0% year-over-year to 2 kte, and SOP prices were down 35.7% month-over-year

Clean Science: Clean Science's Q3 FY23 profit may benefit from a 0.5% YoY increase in Guaiacol prices to Rs 384 and a 15.9% YoY decline in Phenol prices to Rs 103

Galaxy Surfactants: 2023 Lauryl alcohol prices fell to Rs 148 in Q3 FY, down 22.6% YoY

This will help Galaxy to increase production, thereby easing cost pressure on FMCG companies

Rossari Biotech: Prices of four key raw materials have started declining, helping to improve margins

EPL: Margin pressure is expected to ease due to lower polymer prices (-9.3% YoY)

Sudarshan Chemical: Pigment prices down 3.4% YoY, sales down 37.3% YoY to 20.2k units

/pPCBL: Carbon black export prices fell 9.7% YoY to Rs 125 and export volumes fell 10.3% YoY

(Note: All prices are in Rs/kg)

pSRF Ltd: Packaging film spreads fall

Q3 FY2023 R-222 Prices rose 12.0% (30.2%) YoY to Rs 335%

Fluorspar (acid crystalline stone) prices rose 2.1% YoY and 34.5% to Rs 38

In Q2 2023, the R-22 spread (fluorite and chloroform) stood at Rs 213 against Rs 177

On December 22, 2020, R-price rose 3.5% YoY to Rs 341 crore

Exports of 2,600 units were down 15.3% YoY

We are getting worried about the sharp decline in R-2222 exports, which could be structural

Similar trends are likely in the domestic market as well (essentially, HFCs are transitioning faster than expected)

Methylene dichloride (MDC) prices fell 24.6% YoY and 28.4% YoY to Rs 41%, while chlorine prices rose

Our analysis suggests that SRF's MDC spreads/margins should decrease sequentially

MDC imports were down 29.2% YoY at 1.44 lakh units

On December 22, MDC prices rose 44.8% YoY to Rs 55

Q3 FY2023 NTCFF Prices fell 6.3% YoY / 7.0% YOY to Rs 124

Autolactam prices declined 17.7% YoY/ 11.1% YoY to Rs 146%

The NTCF-lactam spread was negative at Rs 22 as against Rs 45 in Q2 FY2023

In particular, NTCF imports declined by 41.8% year-on-year to 1.08 lakh units, indicating a decline in demand

BOPET prices fell 15.1% YoY/ 8.0% YoY to Rs 138%

PTA prices fell 15.3% YoY/ 11.7% YoY to Rs 69%, while MEG prices fell 7.7% YoY/ 29.9% YoY to Rs 40%

The BOPET-PTA/MEG spread declined by 16.3% YoY and 16.1% YoY to Rs 64% (Rs 77 in FY2023-2)

YoY, December 2022 spreads declined by 2.0% to Rs 63

BOPP prices declined 9.4% YoY/9.4% Y-o-Y to Rs

166%, while polypropylene (PP) prices declined 6.5% YoY/25.4% Y-o-Y to Rs

Rs 81

The BOPP-PP spread declined by 12.0% YoY and 14.0% YoY to Rs

85 (Rs

97 in FY20232)

Fluorochemicals PTFE prices continue to strengthen in Gujarat

p PTFE prices rose 5.8% YoY and 24.0% YoY to Rs

1023% (Rs

967 in Q2 FY2023)

PTFE (up to R-22) spread declined by 5.7% YoY but increased by 12.2% YoY to Rs

321 (Rs

340 in Q2 FY2023)

PTFE exports declined 11.4% YoY to 3,100 units

Prices of other fluoropolymers declined by 0.8% YoY and rose by 35.1% YoY to Rs

2,382 (Rs

2,402 in Q2 FY2023)

Exports were 1,100 units, up 307.5% YoY

R-22 prices rose 12.0% YoY and 30.2% YoY to Rs 335%

Fluorite (acid crystal) prices rose 2.1% YoY and 34.5% YoY to Rs 38%

The R-22 spread (Fluorite and Chloroform) stood at Rs 213 against Rs 177 in Q2 2023

Caustic soda prices increased by 3.9% YoY and 16.0% YoY to Rs 59% (Rs 57 in Q2 FY2023)

pMDC (Methylene Chloride) prices declined by 24.6% YoY and 28.4% YoY to Rs 41, while methanol and chlorine prices increased

Our analysis suggests that MDC spreads are likely to fall sequentially

Archean Chemical Bromine prices are firming

Bromine prices rose 26.1% YoY to Rs 431, unchanged from the previous quarter (Rs 431 in Q2 2023)

Exports of 2,000 units were down 41.0% year-on-year

SOP prices declined 35.7% YoY and rose 47.7% YoY to Rs

47% (Rs

73 in Q2 FY2023)

Exports declined by 73.2% to 727te

Clean Science-Decline in Phenol Prices Favors Profits

Guaiacol prices rose 0.5% YoY and 12.8% YoY to Rs 384% (Rs 382 in FY20232)

Phenol prices declined by 15.9% YoY and 3.4% YoY to Rs

103% (Rs

122 in FY2023-2)

Methanol prices increased by 6.1% YoY and declined by 26.4% YoY to Rs 1 million

Acetic anhydride prices declined 4.0%/9.4% YoY to Rs

106

Galaxy Surfactants (GSL): lauryl alcohol prices continue to decline

Lauryl Alcohol prices declined by 22.6% YoY and 5.7% YoY to Rs

148% as compared to Rs

191 in Q2 2023

In December 2022, prices fell 2.3% YoY to Rs 144 crore

Petroleum-based surfactant LAB (straight chain alkyl benzene) prices declined 7.3% YoY but rose 17.3% to Rs

153

Rosari Biotech: Investment price inflation slowing down

Rosari uses four main ingredients: surfactants, acetic acid, acrylic acid and silicone oil

Prices of the main ingredient, lauryl surfactant, declined 22.6% YoY and 5.7% YoY to Rs 148% compared to Rs 191 in Q2 2023

Acetic acid prices declined by 18.7%/47.1% YoY to Rs

41 in Q3 FY2023 (Rs

50 in Q2 FY2023) and by 2.6% in December 2022 to Rs

40

Acrylic prices declined 33.9% YoY and 33.7% YoY to Rs

110% (Rs

167 in FY2023)

December 2022, down 6.5% YoY to Rs

Silicone Oil prices declined 7.0% YoY to Rs

442 in Q3 FY2023 up 5.2% YoY (Rs

475 in Q2 FY2023)

pEPL Ltd: Polymer prices decline

LLDPE (main raw material for laminates) prices declined by 9.3% YoY and 9.1% YoY to Rs 89 compared to Rs 98 in Q2 2023

In December 2022, prices were at Rs 87, down 4.1% YoY

Chemplast Sanmar: S-PVC imports decline in Q3 FY2023

Paste PVC prices rose 5.2% YoY and 40.1% YoY to Rs 174%

Chemplast purchased EDC for Paste PVC, which declined 24.3% YoY/47.7% YoY to Rs 36%

The paste PVC-EDC spread stood at Rs 114 in Q3FY2023 as compared to Rs 87 in Q2FY2023

On December 22, EDC prices reached Rs 55, up 85.2% YoY

Polyvinyl chloride (S-PVC) prices fell 23.1% YoY and 32.6% YoY to Rs 76

VCM prices fell 14.4% YoY/43.1% YoY to Rs 61

S-PVC-VCM spread stood at Rs 15 in Q3 FY2023 as against Rs 27 in Q2 FY2023

VCM prices declined 15.0% YoY to Rs 55%

MDC (Methylene Chloride) prices were at Rs

41, down 24.6% YoY and 28.4% VCM, while Methanol and Chlorine prices increased

Our analysis suggests that MDC spreads are likely to decline sequentially

Caustic soda prices rose 3.9% YoY and 16.0% YoY to Rs 59% (Rs 57 in FY2023 FY2)

Paste PVC imports rose 30.6% YoY to 4,300 units and S-PVC sales fell 5.9% YoY to 118,000 units

Sudarshan Chemical (SCIL): organic pigments exports shrink

Organic pigments prices declined by 8.8% YoY and 3.4% YoY to Cr640 in Q3 FY2023 as compared to Cr663 in Q2 FY2023.Organic pigments comprise of all colors including CPC.Exports declined by 37.3% YoY to 20.2kte

The slowdown in demand for pigments (especially in the plastics industry) led to the decline in exports

Prices of azo pigment mixtures declined 4.8% YoY/9.0% YoY to Rs

519 and exports declined 24.0% YoY to 11.1kte

Inorganic pigments prices rose 6.9% YoY/9.4% YoY to Rs 121% as compared to Rs 113 in Q2 2023

PCBL: Carbon Black Exports 22 Dec Price Decline

Carbon black prices declined by 9.7% YoY but rose by 42.8% YoY to Rs 125% (Rs 139 in Q2 FY2023)

Exports were down 10.3% year-on-year to 48.2.2%kte

In December 2022, prices were down 6.1% YoY to Rs 120 crore

Atul Ltd

2,4-D prices up 0.3%/5.1% YoY to Rs 265%

Exports of 11,200 units were up 39.2% YoY

Cresol prices rose 2.7% MoM and 19.9% YoY to Rs 304%

Exports of 0.6 lakh units were down 83.4% YoY

Epoxy resin prices fell 20.4% YoY and 29.3% YoY to Rs 253%

Exports were up 10.6% YoY to 7,100 units

Resorcinol prices rose 0.7% YoY and 30.8% YoY to Rs 839%

Exports were down 84.5% year-on-year at 73 te

Vinati Organics

Prices of Ibuprofen increased by 31.5% YoY to Rs

1,504 up 26.5% (Rs

1,504 in FY2023) 2)

IBB prices rose 0.9% (7.8%) YoY to Rs 2,000%