Indian Chemical Prices Rise Amid Ongoing Conflict
Chemical prices in India saw a sequential increase in August, driven by the ongoing West Asia conflict and higher crude oil prices. According to a report by Dolat Capital, key chemicals such as benzene, toluene, methanol, propylene, and ethylene experienced price hikes due to these factors.
The report noted that bromine prices increased 28% month-on-month, while phenol and acetone prices rose 3% and 15%, respectively. IPA prices increased by 10%, and propylene and ethylene prices climbed 19% and 17%. Benzene and toluene prices also rose 9% and 6%, respectively.
Despite these price increases, demand for chemicals remains weak, with customers reluctant to maintain higher inventory levels. The report noted that overall demand has been subdued, while imports have not shown significant improvement.