R-22 prices increased to Rs 244/kg (down 5.0%). Q4 FY2022-TD was up 37.5% YoY but production was down 81% YoY to just 325te. this could be partly due to Gujaratte. Fluorochemicals due to plant closure but we are not worried as the company has already sold its entire quota for the year.

In the packaging film segment, all spreads widened for BOPET and BOPP. Spreads are expected to decline due to expansion of new capacity, but margin improvement is expected to continue in SRF's favor. Cinnamon prices rose again in January 2022 and are now at Rs 167, up 6.3% YoY. Inflation in the four major raw materials of Rosari Biotech will put pressure on the company's margins. While prices have come down, this is unlikely to continue in the short term.

Pigment prices rose YoY (in favor of Sudarshan Chemical) but fell slightly YoY, masking expectations of further inflation. The Premier League will continue to be challenging due to higher polymer prices. PTFE prices rose 13.7% YoY to Rs 939%, in line with higher GFL prices, with PTFE sales up 20% YoY on January 22nd. Carbon black exports are expected to grow 62% over last year, increasing the share of PCBL exports (lower spreads compared to domestic demand).

(Note: All prices listed below are in Rs/kg. Q4 2022) Prices include data for January 2022) only.

SRF Ltd: R-22 prices stable but higher; packaging film spreads strong;

TD's R-22 prices declined by 5.0% (37.5%) YoY to Rs 244% in Q4 FY2022. Fluorite (acid crystalline stone) prices increased by 8.2% YoY and 8.7% YoY to Rs 31%. R-22 price spread (fluorite and chloroform) stood at Rs 126 against Rs 150 in Q3 2022. R-22 prices fell 15.5% YoY to Rs 244 on January 21st. Exports in January 2022 were recorded at 325 tons, down 81% YoY. MDC (methylene chloride) prices rose 25.2% YoY and 84.3% YoY to Rs 72, while chlorine prices also rose. Our analysis suggests that SRF's MDC spread/profit should be higher. Q4 2022 NTCF Prices are up 50.0% YoY/ 13.6% Ratio to Rs 199%. Autolactam prices were down 2.0% YoY/up 40.9% priced at Rs. 2022 NTCF-NTCF-39-39-39-39-39-Rs. against Rs. 31. Imports of NTCF declined by 37.5% to 3,000 units compared to the same period last year. BOPET prices rose 3.3% YoY and 29.8% YoY to Rs 155%. PTA prices declined 5.1% YoY/40.3% YoY to Rs 59% and MEG prices declined 16.9% YoY/8.5% YoY to Rs 48%. The BOPET-PTA/MEG spread increased by 14.3% MoM and 28.9% YoY to Rs 88% (Rs 77 in Q22). On a monthly basis, the spread widened by 9.8% to Rs 88 on January 22nd. BOPP price inflation rose by 1.3% YoY/24.1% YoY to Rs 186%, while polypropylene (PP) prices fell by 15.3% YoY/2.9% YoY to Rs 92%. The BOPP-PP spread increased by 25.6% YoY and 55.7% YoY to Rs 94%. Navin Fluoride (NFIL): Higher spreads for R-22

R-22 prices declined by 5.0% YoY and rose by 37.5% YoY to Rs 244%. Fluorite (acid crystal) prices rose 8.2% YoY and 8.7% YoY to Rs 31%. The R-22 spread (Fluorite and Chloroform) is Rs. 126 against Rs. 150 in Q3 2022. NFIL will subsequently be negatively impacted by higher chloroform prices. Chemplast Sanmar: PVC Spreads Improve

PVC paste prices rose 8.2% YoY and 19.6% YoY to Rs 135. Chemplast bought EDC for paste PVC at Rs 70, up 1.6% YoY and 71.3% on a year-on-year basis. Paste PVC-EDC spread was Rs 19 in Q4 FY2022 to TD as against Rs 10 in Q3 FY2022. Suspended Polyvinyl Chloride (S-PVC) prices increased by 5.1% YoY and 62.0% YoY to Rs 118%. VCM inflation increased by 1.7% YoY and 32.1% YoY to Rs. 110%. S-PVC-VCM 4QFY2022-TD spread was at Rs 9 as compared to Rs 5 in 3QFY2022. MDC (methylene chloride) prices rose by 25.2% YoY and 84.8% YoY to Rs 72, while chlorine prices also rose. Our analysis shows that Chemplast's MDC spread has increased quarter-on-quarter. Caustic soda prices declined by 4.4% q-o-q and 101.2% y-o-y to Rs 49% (Rs 51 in Q22 Q3). In January 2022, PVC slurry imports declined 21% YoY to 13,000 units and S-PVC sales declined 48% YoY to 27,000 units. Sudarshan Chemical (SCIL) : Organic Pigments Achieves 21.3% YoY Growth

Organic pigments prices grew by 4.8% YoY and 21.3% YoY with TD of Rs. 617 crore in Q4 FY2022 as compared to Rs. 589 crore in Q3 FY2022. Organic pigments include all colors, including CPC. Exports on January 22 were at 10,000 units, unchanged from last year. January 2022, however, declined by 0.7% YoY. 2022 In Q3 2008, prices of azo pigment mixtures rose by 5.0% MoM and 22.3% YoY to Rs. 499% (Rs. 4,766) in the same period last year.) 2022 Inorganic pigment prices rose 8.3% YoY and 19.8% YoY to Rs 119% in Q3 (Rs 1,100 in the same period last year). Galaxy Surfactants (GSL): lauryl alcohol prices firm in Jan'22

Lauryl Alcohol prices stood at Rs. 167 up 6.3% YoY and 36.5% up 36.5% Y-o-Y as compared to Rs. 157 in Q3 2022. In January 2022, it increased by 4.0% YoY to Rs 167. Petroleum based surfactants LAB (straight chain alkyl benzene) rose by 0.5%/48.8% to Rs. 131 as compared to the previous quarter. Rossari Biotech: Investment Material Prices Continue to Rise

Rossari uses four key raw materials: surfactants, acetic acid, acrylic acid and silicone oil.  Acetic acid prices in Q4 FY22 rose by 3.0% MoM and 73.2% YoY to Rs 79% (Rs 77 in Q3 FY2022). On January 22, prices were at Rs 79, down 8.4% YoY. Acrylic prices rose 7.6% YoY and 90.8% YoY to Rs 179% (Rs 1,666) in the same period last year). In January 2022, Acrylic prices were down 0.1% YoY at Rs. 179 (Rs. 1,666) Silicone oil prices rose 13.9% YoY and 101.4% YoY to Rs 478% in Q4 FY2022 (Rs 420 in Q3 FY2022). EPL Ltd: Stable polymer pricesPrices of LLDPE, a key raw material for laminates, rose by 3.7% YoY/36.5% YoY to Rs 101 in Jan'22 as compared to Rs 98 in Q3FY2022.EPL Ltd: Polymer prices stabilized. Prices for the month of January FY22 increased by 0.1% YoY to Rs 101. Vinati Organics.

Ibuprofen prices declined 28.1% YoY and 60.6% YoY to Rs 855 (Rs 1,1899 in Q3 FY22). IBB prices rose 1.3% YoY (36.8% YoY) to Rs 172. Atul Ltd.

Prices of 2,4-D rose 12.0% MoM and 71.2% YoY to Rs 282. 3,200 units were exported in January 2022, up 27.4% YoY.

Cresol prices rose to Rs 276, up 8.8 percent sequentially and 86.2 percent year-on-year. Exports in January 2022 stood at 961 te, down 8.4% from a year ago.

Epoxy resin prices declined 4.3% YoY and rose 40.9% YoY to Rs 343. Exports in January 2022 stood at 2,300 units, up 10% from last year.

Resorcinol prices declined 3.0% YoY to Rs 661, unchanged from a year ago. Exports in January 2022 were recorded at 272 te, down 143% from the same month last year.

Gujarat Fluorochemicals PTFE Prices Rise Sharply

As of January 2020, PTFE prices have risen by 13.7% YoY and 35.4% YoY. Rs 939 (Rs 826 in Q3 2022). PTFE (fluorspar) spreads widened by 14.3% YoY and 38.6% YoY to Rs 858% (Rs 751 in Q3 FY22). PTFE exports on January 22 stood at 1,300 units, up 20% YoY (12% YoY). R-22 prices were down 5.0% YoY and up 37.5% YoY to Rs 244%. Fluorite (acid crystalline stone) prices rose 8.2% YoY and 8.7% YoY to Rs 31. The R-22 spread (Fluorspar and Chloroform) stands at Rs. 126 against Rs. 150 in Q3 2022. GFL will be negatively impacted by the continued rise in chloroform prices. Caustic soda prices declined by 4.4% YoY and increased by 101.2% YoY to Rs 49% (Rs 51 in Q22). PCBL.

Carbon Black prices rose 5.6% YoY and 31.3% YoY to Rs 93% (Rs 88 in Q3 FY22). Carbon black exports up 62% YoY to 22,000 units in Jan 2022