R-22 prices dipped slightly to Rs244/kg (down 5.0% QoQ / up 37.6%) in Q4FY22-TD, but volumes were down 47.6% YoY to just 1.9kte. This could be partially due to plant shutdown for Gujarat Fluorochemicals, but we are not worried as companies sell their entire quota allocated for full year. In packaging film segment, spread has increased for both BOPET and BOPP. This is despite anticipation of spreads dipping due to new capacity expansion, while higher margins will continue helping SRF. Lauryl alcohol prices rose again in Feb’22 and now stand at Rs181, up 15.2% QoQ. Inflation in Rossari Biotech’s four key raw materials will keep company margins under pressure. Pigment prices have increased (good for Sudarshan Chemical) on QoQ basis, but RM inflation looks far ahead. EPL will continue to face challenges due to elevated polymer prices. PTFE prices have risen 14.8% YoY to Rs948, in-line with GFL commentary on price increase; PTFE volumes grew 13.7% YoY in Q4FY22-TD. Carbon black...