Bromine price dipped 0.9% QoQ while SOP price dipped 6.7% QoQ
SRF: R-22 price rose to Rs345/kg (+3.1% QoQ) in Q4FY23-TD; volumes were up 4.2% YoY to 1.9kte. In packaging films segment, spreads contracted QoQ for both BOPET and BOPP, which will put pressure on SRF’s packaging films margin.
Gujarat Fluorochemicals: PTFE price jumped 2.7% QoQ / 11.6% YoY to Rs1,051 while volumes fell 23.7% YoY to 1.9kte. Other fluoropolymer price dipped 3.6% QoQ, and volumes surged 2.8x YoY to 626te.
Archean Chemical: Bromine price dipped 0.9% QoQ, volumes dipped 48.6% YoY to 1.3kte while SOP price dipped 6.7% QoQ.
Clean Science: Q4FY23-TD margin was likely affected by 6.3% QoQ dip in guaiacol price to Rs360, partly offset by 11.9% QoQ decline in phenol price to Rs90.
Galaxy Surfactants: Lauryl alcohol price dipped in Q4FY23-TD to Rs134, down 9.2% QoQ. This should help Galaxy improve its volumes led by reducing cost pressures on FMCG companies.
Rossari Biotech: Four key raw material prices have fallen steeply which will aid margin improvement. 7) EPL: Should see some relief in margin pressure due to fall in polymer price (down 6.5% QoQ).
Sudarshan Chemical: Pigment prices were down 7.0% QoQ and volumes were down 30.5% YoY to 14kte.
PCBL: Carbon black export price fell 13.4% QoQ to Rs108 but export volumes were up 2.2% YoY.
(Note: Data is for Q4FY23-TD, includes only Jan’23 & Feb’23. All prices are in Rs/kg)
SRF Ltd: Packaging films, particularly BOPP, spreads declined sharply
· R-22 price jumped 3.1% QoQ (42.4% YoY) to Rs345 in Q4FY23-TD. Fluorspar (acid spar) price inched up 2.0% QoQ / 27.3% YoY to Rs39. R-22 spread (to fluorspar and chloroform) was Rs232 vs Rs213 in Q3FY23. R-22 price dipped to Rs344, down 0.5% MoM, in Feb’23. Export volumes rose 4.2% YoY to 1.9kte. R-22 export volumes have started to grow again after a steep decline in CY22. We would wait to see sustainability in volume growth in R-22 which is among highly profitable products.
· MDC (methylene chloride) price rose 10.0% QoQ / down 32.8% YoY to Rs45; methanol and chlorine prices have increased. Our analysis suggests spread/margin in MDC for SRF should be lower QoQ. MDC import volumes rose 1.7% YoY to 10.1kte. MDC prices were down 4.6% MoM to Rs45 in Feb’23.
· NTCF price was down 14.9% QoQ / 45.4% YoY to Rs105 in Q4FY23-TD. Caprolactam price dipped 14.7% QoQ / 21.4% YoY to Rs124. NTCF-caprolactam spread was negative at Rs19 vs negative Rs22 in Q3FY23. Notably, NTCF import volumes rose 90% YoY to 6.3kte on a low base (volume dipped 3.7% MoM in Feb’23).
· BOPET price was down 4.8% QoQ / 16.7% YoY to Rs131. PTA price declined 9.5% QoQ / rose 9.9% YoY to Rs63, and MEG price was up 7.5% QoQ, but down 11.2% YoY at Rs43. BOPET-PTA/MEG spread contracted 3.1% QoQ and 31.8% YoY to Rs62 (vs Rs64 in Q3FY23). On MoM basis, spread declined 0.6% to Rs62 in Feb’23.
· BOPP price dipped 13.4% QoQ / 23.5% YoY to Rs144 while polypropylene (PP) price rose 2.1% QoQ / down 11.3% YoY to Rs83. BOPP-PP spread contracted 28.3% QoQ / 35.6% YoY to Rs61 (vs Rs85 in Q3FY23).
Gujarat Fluorochemicals – PTFE prices are stable
· PTFE price was up 2.7% QoQ / 11.6% YoY to Rs1,051 (vs Rs1,023 in Q3FY23). PTFE (to R-22) spread rose 1.8% QoQ, but dipped 24.5% YoY to Rs326 (vs Rs321 in Q3FY23). PTFE export volumes were down 23.7% YoY to 1.9kte.
· Other fluoropolymers price dipped 3.6% QoQ / but rose 42.9% YoY to Rs2,295 (vs Rs2,382 in Q3FY23). Export volumes surged 2.8x YoY to 626te.
· R-22 price increased 3.1% QoQ / 42.4% YoY to Rs345. Fluorspar (acid spar) price was up 2.0% QoQ / 27.3% YoY to Rs39. R-22 spread (to fluorspar and chloroform) was Rs232 vs Rs213 in Q3FY23.
· Caustic soda price dipped 6.8% QoQ / up 4.5% YoY to Rs55 (vs Rs59 in Q3FY23).
· MDC (methylene chloride) price rose 10.0% QoQ / down 32.8% YoY to Rs45 while methanol and chlorine prices have increased. Our analysis suggests spread for MDC is likely to be lower QoQ. MDC prices were down 4.6% MoM to Rs45 in Feb’23.
Archean Chemical – Bromine volumes affected by lower demand
· Bromine price dipped 0.9% QoQ but increased 19.6% YoY to Rs427 (vs Rs431 in Q3FY23). Export volumes were down 48.6% YoY to 1.3kte.
· SOP price dipped 6.7% QoQ / 78.9% YoY to Rs44 (vs Rs47 in Q3FY23). Export volumes were up 11.9% to 206te.
Clean Science – Guaiacol price slips on drop in phenol price
· Guaiacol price was down 6.3% QoQ, but up 12.6% YoY to Rs360 (vs Rs384 in Q3FY23).
· Phenol price dipped 11.9% QoQ / 16.1% YoY to Rs90 (vs Rs103 in Q3FY23).
· Methanol price rose 5.9% QoQ / fell 11.3% YoY to Rs27. Acetic anhydride price was down 13.6% / 23.1% YoY to Rs92.
Galaxy Surfactants (GSL): Lauryl alcohol price continues to decline
· Lauryl alcohol price stood at Rs134, down 9.2% QoQ / 29.6% YoY, vs Rs148 in Q3FY23. In Feb’23, price dipped 1.3% MoM to Rs134.
· Price of LAB (linear alkyl benzene), a petroleum-based surfactant, was down 8.5% QoQ, but up 6.9% YoY to Rs140.
Rossari Biotech: Input price inflation eases
· Rossari uses four key input materials – surfactants, acetic acid, acrylic acid and silicone oil.
· Price of lauryl alcohol, key raw material for surfactants, was Rs134, down 9.2% QoQ / 29.6% YoY, vs Rs148 in Q3FY23.
· Acetic acid price dipped 9.0% QoQ / 46.6% YoY to Rs37 in Q4FY23-TD (vs Rs41 in Q3FY23) and was down 4.5% MoM at Rs36 in Feb’23.
· Acrylic acid price fell 17.8% QoQ / 48.4% YoY to Rs91 (vs Rs110 in Q3FY23). It was down 3.2% MoM at Rs90 in Feb’23.
· Silicone oil price was down 18.3% QoQ / 23.4% YoY to Rs361 in Q4FY23-TD (vs Rs442 in Q3FY23).
EPL Ltd: Decline in polymer price
· Price of LLDPE, a key input for laminates, was Rs83, down 6.5% QoQ / 15.6% YoY, vs Rs89 in Q3FY23. It rose 2.6% MoM to Rs84 in Feb’23.
Chemplast Sanmar: S-PVC import volumes were high
· Paste PVC price dipped 30.0% QoQ / 16.8% YoY to Rs122. Chemplast buys EDC for paste PVC, price of which has plummeted 39.8% QoQ / 65.5% YoY to Rs22. Paste PVC-EDC spread stood at Rs86 in Q4FY23-TD vs Rs114 in Q3FY23. EDC prices rose 12.8% MoM to Rs23 in Feb’23.
· Suspension PVC (S-PVC) price was down 8.7% QoQ / 39.8% YoY to Rs69. VCM price rose 1.0% QoQ / down 36.4% YoY to Rs62. S-PVC-VCM spread was Rs7 in Q4FY23-TD vs Rs15 in Q3FY23. VCM price rose 11.1% MoM to Rs65.
· MDC (methylene chloride) price rose 10.0% QoQ / down 32.8% YoY to Rs45, while methanol and chlorine prices increased. Our analysis suggests spread for MDC is likely to be lower QoQ.
· Caustic soda price was down 6.8% QoQ / up 4.5% YoY to Rs55 (vs Rs59 in Q3FY23).
· Paste PVC import volumes rose 1.8% YoY to 2.4kte; S-PVC volumes were up 61.7% YoY to 95.5kte.
Sudarshan Chemical (SCIL): Organic pigment export volumes shrink
· Organic pigment price fell 7.0% QoQ / 5.0% YoY to Rs596 in Q4FY23-TD vs Rs640 in Q3FY23. Organic pigments are inclusive of all colours including CPC. Export volumes were down 30.5% YoY at 14.2kte. There has been a slowdown in demand for pigments (particularly for plastics segment), which has hurt export volumes.
· Azo pigment mixture price was down 1.7% QoQ / 2.6% YoY to Rs510 while its export volumes fell 18.0% YoY to 7kte.
· Inorganic pigment price was down 6.9% QoQ / 1.7% YoY to Rs112 vs Rs121 in Q3FY23.
PCBL: Carbon black export volumes rose in Q4FY23-TD
· Carbon black price was down 13.4% QoQ, but up 12.5% YoY to Rs108 (vs Rs125 in Q3FY23). Export volumes were up 2.2% YoY to 39kte. Price dipped 3.8% MoM to Rs106 in Feb’23.
· 2,4-D price dipped 12.4% QoQ / 22.1% YoY to Rs232. Export volumes rose 25.4% YoY to 7kte.
· Paracresol price dipped 12.6% QoQ / 1.7% YoY at Rs266. Export volumes were down 87.9% YoY to 233te.
· Epoxy price was down 1.6% QoQ / 22.9% YoY at Rs249. Export volumes dipped 14.2% YoY to 4.2kte.
· Resorcinol price dipped 5.7% QoQ / 10.2% YoY to Rs575. Import volumes rose 53.3% YoY to 690te.
· Ibuprofen price dipped 27.5% QoQ / up 10.2 YoY to Rs1,091 (vs Rs1,504 in Q3FY23).
· IBB price was up 0.7% QoQ (17.0% YoY) to Rs201.
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