According to distributors in India, domestic producers in the country announced price significant reductions on their PP and PE offers to the local market as per Chemorbis. Domestic producers lowered their offers for all PE grades by INR5000/ton (US$110/ton) while offers for all PP grades were reduced by INR3000/ton (US$66/ton). Distributors reported that major international producers had not yet announced new offer levels to the Indian market but added that traders from China, Pakistan and the Middle East are actively trying to re-export their excess stocks to the Indian market.
Haldia Petrochemicals has experienced an unexpected shutdown, which the company predicted will keep the facility out of operation for one to two weeks. The complex includes a naphtha cracker with an ethylene capacity of 670,000 tpa along with a 700,000 tpa PE plant and a 345,000 tpa PP plant. While the Asian market is witnessing weakness in the polymer markets currently, India has recently added new capacities. IOC is starting up its new petrochemical complex this month which has 600,000 tpa PP capacity, 300,000 tpa HDPE capacity and 350,000 tpa HDPE/LLDPE capacity. Haldia had also recently expanded its capacities at its various plants in February.