SRF: Q4 2023 R-22 Prices rose to Rs 346/kg TD (+3.4% YoY) and volumes grew by 179.5% YoY to 0.91 kte

In the packaging film segment, SRF packaging film margins are expected to come under pressure as the price differential between BOPET and BOPP narrows down

Gujarat Fluorochemicals:PTFE prices rose 6.5% MoM/15.8% YoY to Rs 1090 and sales grew 28.6% YoY to 0.94 kte

While other fluoropolymers prices remained flat, sales reached 314 te, up 3.1 times YoY

Swire Pacific: Bromine price down 1.1% YoY, volume down 37.6% YoY to 0.85% kte, SOP price down 17.4% YoY

/pClean Science: FY2023 4Q-TD margins may continue to decline by 10.8% to 343 partly driven by INR, partly offset by sequential decline in phenol prices by 11.3% to INR91

Galaxy Surfactants: Quarterly price of lauryl alcohol declined 8.6% sequentially to Rs 135% in Q4 FY2023

This will help Galaxy to increase revenues by reducing 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 (-7.7% YoY)

Sudarshan Chemical: Pigment prices declined 4.4% YoY and sales declined 35.1% YoY to 66,000 units

Sudarshan Chemical: Pigment price down 4.4% YoY, sales volume down 35.1% YoY to 66,000 units

pPCBL: Carbon black export prices fell 11.5% YoY to Rs 111 and export volumes fell 19.3% YoY

(Note: TD data is available only for the period 20233 Q4 to 2023 20233 Jan 23rd

All prices are in Rs/kg)

SRF Ltd: Packaging Film Spreads Decline

R-22 prices rose 3.4% YoY (42.8% YoY) in Q4 FY2023 by Rs

100 million-TD

Fluorspar (acid crystalline stone) prices rose 0.3% YoY and 25.2% YoY to Rs

39 million

In Q3 2023, the R-22 spread (fluorite and chloroform) stood at Rs 233 and Rs 213 respectively

In January 2023, R-price increased to Rs

346, up 1.6% per month

Exports of 0.9 lakh units increased by 180% YoY

after the sharp decline in CY22, R-22 exports started increasing again

It remains to be seen whether the growth in sales of a high-margin product like R-can be sustained

Methylene Dichloride (MDC) prices increased by 14.4% YoY and declined by 30.1% YoY to Rs

47% on the back of higher chlorine prices

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

MDC imports were down 83.1% YoY at 1,500 units

In January 2023, MDC prices fell 13.6% YoY to Rs 47

Q4 2023 NTCF Prices declined 13.5% YoY and 44.5% YoY to TD Rs 107

Caprolactam prices declined by 6.6% YoY and 13.9% YoY to Rs 136%

NTCF-lactam spread was negative Rs 29 as against negative Rs 222 in Q3 FY2023

Notably, NTCF imports grew 97.9% YoY to 3.5 kte off a low base (imports on January 23 were down 42.5% YoY)

BOPET prices fell 4.3% YoY / 16.2% YoY to Rs 132%

PTA prices fell 8.9% YoY/ 10.6% YoY to Rs 63%, while MEG prices rose 8.0% YoY/ 10.8% YoY to Rs 44%

The BOPET-PTA/MEG spread declined by 2.6% MoM and 31.5% YoY to Rs 63% (Rs 64 in Q3 FY2023)

On a month-on-month basis, the spread for January 2023 increased by 0.5% to Rs 63 crore

BOPP prices declined by 11.9% MoM/ 22.1% YoY to Rs 147%, while Polypropylene (PP) prices rose by 2.1% MoM/ 11.3% YoY to Rs 83%

The BOPP-PP spread declined 25.1% YoY/32.8% YoY to Rs 64% (Rs 85 in Q3 FY23)

Fluorochemicals PTFE prices continue to strengthen in Gujarat

PTFE prices rose by 6.5% YoY and 15.8% YoY to Rs

1090 (Rs

1,023 in Q3 FY2023)

PTFE (up to R-22) spreads increased by 13.5% YoY but declined by 15.8% YoY to Rs 364 (Rs 321 in Q3 FY2023)

PTFE exports declined 28.6% YoY to 094 k units

Prices of other fluoropolymers rose 0.1% YoY and 48.5% YoY to Rs

2385% (Rs

2,382 in Q3 FY2023)

Exports increased by 3.1 times to 314 te compared to the same period last year

R-22 prices rose 3.4% YoY and 42.8% YoY to Rs 346%

Fluorite (acid crystal) prices rose 0.3% YoY and 25.2% YoY to Rs 39%

R-22 transmission (Fluorite and Chloroform) at Rs

233) as compared to Rs

213 in Q3 FY2023

Caustic soda prices declined by 4.5% YoY and increased by 7.0% YoY to Rs

56% (Rs

59 in Q3 FY2023)

MDC (Methylene Chloride) prices rose 14.4% YoY and fell 30.1% YoY to Rs 47, while methanol and chlorine prices rose

Our analysis suggests that MDC spreads could fall sequentially

MDC prices were at Rs 47 on January 23, down 13.6% YoY

Archean Chemical Bromine prices are stable

Bromine prices declined by 1.1% YoY but rose by 19.4% YoY to Rs

426% (Rs

431 in Q3 FY2023)

Exports of 0.855 million units were down 37.6% YoY

SOP prices declined 17.4% YoY and 81.3% YoY to Rs 39% (Rs 47 in Q3 FY23)

Exports declined by 21.2% to 123te

Clean Science-Lignol Prices Decline on Lower Phenol Prices

Guaiacol prices declined by 10.8% YoY but rose by 7.2% YoY to Rs 343% (Rs 384 in Q3 FY23)

Phenol prices declined 11.3% YoY and 15.5% YoY to Rs 91% (Rs 103 in Q3 FY23)

Methanol prices up 2.3% YoY / down 14.2% YoY to Rs

Acetic anhydride prices fell 13.5% YoY/23.0% to Rs 92

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

Lauryl Alcohol prices declined by 8.6% MoM and 29.0% YoY to Rs 135% as compared to Rs 148 in Q3 2023

In January 2023, prices fell by 6.1% YoY to Rs 135

LAB (straight chain alkyl benzene) petroleum surfactant prices declined by 3.0% YoY but traded at Rs 148, up 13.3% YoY

Rosari Biotech: Investment Price Inflation Slows Down

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

The price of lauryl alcohol, the main raw material for surfactants, was pegged at Rs 135 in Q3 2023, down 8.6% from Rs 148 in Q3 2023 and 29.0% YoY

Acetic acid prices declined by 6.6% YoY / 45.2% QoQ in Q4 FY2023.-TD declined by Rs

38 (Rs

41 in Q3 FY2023) YoY and by 5.0% to Rs

38% YoY in Jan 2023

Acrylic prices declined 47.3% YoY to Rs 92% (Rs 41 cr in Q3 FY2023) 110 cr) in Q3 FY2023

In January 2023, it declined 10.7% YoY to Rs

Q4 FY2023-TD Silicon Oil prices declined 19.4% YoY and 24.3% YoY to Rs

356% (Rs

442 cr in Q3 FY2023)

EPL Ltd: Polymer Prices Fall

LLDPE (the main raw material for laminates) prices stood at Rs

82, down 7.7% from Rs

89 in 2019 and down 16.8% YoY

2023 Q3

In January 2023, the price stood at Rs

82, down 5.2% YoY

Chemplast Sanmar: Time difference is distorted Q4FY23-TD PVC spreads

Paste PVC prices declined 23.5% YoY and 9.0% YoY to Rs 133%

Chemplast purchased EDC for Paste PVC, which declined 45.0% YoY/68.5% YoY to Rs 20%

TD's paste PVC-EDC spread was Rs 100 in Q4FY2023 as compared to Rs 114 in Q3FY2023

On January 23, EDC prices were down 63.7% YoY to Rs 20 crore

Polyvinyl Chloride (S-PVC) prices fell 11.1% YoY and 41.4% YoY to Rs 67

VCM prices were at Rs

59, down 4.2%/39.7% QoQ

The S-PVC-VCM spread for Q4-FY2023-TD was Rs 9 as compared to Rs 15 in Q3-FY2023

VCM prices increased by 6.6% YoY to Rs 59%

MDC (Methylene Chloride) prices were up 14.4% YoY and down 30.1% YoY to Rs

47, while Methanol and Chlorine prices were up

Our analysis suggests that MDC spreads are likely to fall sequentially

Caustic soda prices declined 4.5% YoY and rose 7.0% YoY to Rs 56% (Rs 59 in Q3 FY2023)

Paste PVC imports declined 2.7% YoY to 1,300 units and S-PVC sales increased 35.4% YoY to 3,660 units

Sudarshan Chemical (SCIL) : Exports of organic pigments shrink

Organic Pigments Price Cut in 2023 TD prices rose 4.4% YoY and 2.4% YoY to Rs 612% in Q4 FY compared to Rs 640 in Q3 FY 2023

Organic pigments include all colors including CPC

exports declined by 35.1% YoY to 6.6kte

slowdown in demand for pigments (especially in the plastics sector) led to the decline

Prices of azo pigment mixtures declined by 3.4%/4.3% YoY to Rs 501 and exports declined by 23.0% YoY to 3.6kte

Inorganic pigments prices declined by 9.2% YoY/ 4.1% YoY to Rs 110% as compared to Rs 121 in Q3 2023

PCBL: Carbon black export prices fall in Jan'23

Carbon black prices declined by 11.5% YoY but rose by 14.9% YoY to Rs 111% (Rs 125% in Q3 FY2023)

Exports of 17.4 lakh units were down 19.3% YoY

For the month of January 2023, prices fell 7.4% YoY to Rs 11%

Atul Ltd

2,4-D prices declined by 9.3% YoY and 19.3% YoY to Rs 240%

Exports increased by 5.9% YoY to 3,400 units

Cresol prices declined 12.8% YoY and 1.9% YoY to Rs 265%

Exports were down 94.3% year-on-year at 55 te

Epoxy resin prices fell 5.8% YoY and 26.2% YoY to Rs 238%

Exports were down 12.3% YoY to 0.2m units

Resorcinol prices declined 11.1% MoM and rose 6.9% YoY to Rs 746%

Exports were down 78.1% YoY at 60 te

Vinati Organics

Prices of Ibuprofen declined by 36.1% YoY and Rs

2.9 YoY to Rs

961 (Rs

1,504 in Q3 FY23)

IBB prices rose 0.6% YoY (16.8% YoY) to Rs 201