Chemicals
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Indian PE importers wary of duty deadline, forex
Indian PE importers wary of duty deadline, forex
Mumbai, 8 June (Argus) — India's polyethylene (PE) importers have turned cautious about booking new imports due to uncertainty over the fate of a temporary import duty waiver and volatility in the rupee. The south Asian country relies heavily on imports to satisfy domestic demand for several petrochemical products, including polymers. Supply chain disruptions caused by the Middle East conflict have led to a surge in petrochemical prices. New Delhi waived off import duties on 40 petrochemical products from April, including PE, polypropylene (PP), and polyvinyl chloride (PVC), to ensure that the supplies to end-users remained stable. The temporary relief is expected to expire on 30 June. India had imposed a 7.5pc duty on PE, PP, PVC imports. "People are not keen on booking imports due to uncertainty on whether the import duty will be extended or not," a key market participant said. The cut in import duties, as well as improved supplies, led to a moderation in PE prices. Argus -assessed linear-low density polyethylene prices at $1,250-1,330/t cfr India for the week to 5 June, compared with $1,430-1,500/t cfr India on 10 April. Low density polyethylene prices were assessed at $1,500-1,600/t cfr India for the week ended on 5 June, down from $1,700-1,800/t cfr India on 10 April. Volatility in the Indian rupee is also weighing on buying sentiment. The US dollar/rupee exchange rate stood at 95.38 on 29 May, moved to 94.89 on 1 June, and rose again to 95.40 on 5 June, according to Reserve Bank of India data. The rupee remains sensitive to oil price movements, which have been volatile due to uncertainty over US-Iran ceasefire talks. Domestic PE production has remained stable, with state-owned Gail partially restarting operations at its Pata petrochemical complex in May. Converters have also reduced operating rates because of high prices and labour shortages, leaving domestic supply broadly sufficient to meet near-term demand, according to market participants. PP booking stable PP import demand has been stronger compared to PE over the past few weeks, due to tightness in domestic material availability. While New Delhi issued an order in March to divert propane, butane and propylene in March, several market participants said feedstock diversion has since increased in the past few weeks. A key domestic producer has also cut operating rates, a source familiar with the matter told Argus , which has further tightened the market. Around 80pc of India's PP capacity has been affected by government curbs on feedstock. Domestic producers have raised prices by Rs6/kg so far in June, with further increases expected by some market participants. Some southeast Asian producers in Thailand and Vietnam offered competitive prices last week, encouraging buyers to import material on tight domestic supply. Argus -assessed PP raffia prices in India at $1,250–1,310/t cfr India on 5 June, down from $1,350-1,430/t cfr India on 10 April. By Sourasis Bose Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan’s petchem supply to last beyond fiscal year: PM
Japan’s petchem supply to last beyond fiscal year: PM
Tokyo, 3 June (Argus) — Japan can maintain supply of its petroleum products, including naphtha-derived chemical products, beyond the current fiscal year that ends in March 2027, prime minister Sanae Takaichi said on 2 June. Takaichi had already declared that Japan can secure stable oil supply beyond March 2027 , but supply of naphtha-derived products had previously been secured only through to the end of this year. Her latest statement extends that outlook. The outlook reflects the ongoing recovery in Japan's naphtha procurement, which has currently risen to around 85pc of normal levels, supported by both domestic refining and alternative imports from regions outside the Middle East. Japan has also boosted imports of intermediates, which has helped limit drawdowns of intermediate stocks in April, Takaichi said. Manufacturers of midstream products such as polyethylene, as well as downstream products — including paints and thinners, polyvinyl chloride (PVC) pipes and insulation materials — have reported that their supply performance up until April has been at the same level as or higher than in the previous year, Takaichi said, adding that they also expect to continue supply going forward. But inventories in the supply chain for paints and thinners remain relatively low. In response, in addition to petrochemical firms' supply and trading firms' imports, refiners will directly supply feedstocks such as toluene and xylene to paint and thinner manufacturers, enabling supply of up to 1.8 times the usual level of demand, according to the government. This arrangement follows domestic distribution bottlenecks for paints and thinners. Because of disruptions to shipments from the Middle East stemming from the US-Iran war, Japan's naphtha imports fell to 710,000t in April , down by 46pc from a year earlier, based on preliminary finance ministry data. Imports in May and June are expected to exceed the April level, supported by efforts to increase alternative imports from the US and other regions outside the Middle East. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Americas Styrenics idles California plant: Correction
Americas Styrenics idles California plant: Correction
Corrects how the company plans to use the plant in paragraph 2. Story originally published on 28 May. Houston, 2 June (Argus) — US polymer producer Americas Styrenics (AmSty) idled its 150,000 metric tonne/yr polystyrene (PS) plant in Torrance, California, in May, according to a source close to the company. The company said it plans to use the plant as a terminal to distribute PS produced at other AmSty sites. The pause in production comes as PS prices have risen by 34pc from a year ago, which another source said has made it difficult for some buyers to pass costs on to their customers. By Jake Caldwell Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US construction spending rises in April
US construction spending rises in April
Houston, 2 June (Argus) — US construction spending inched higher in April from the prior month, new US Census Bureau data show. Total US construction spending was at a seasonally-adjusted annual rate of $2.17 trillion in April, up 0.4pc from March and 0.9pc above year-prior levels. Private residential spending increased by 0.8pc to a seasonally-adjusted annual rate of $910bn in April from March and was up by 1.7pc from a year earlier. Single family residential spending rose by 1.4pc to a $416bn rate in April from the prior month and was down by 2.9pc from a year earlier. Multifamily construction fell by 0.3pc to a $116mn annual rate from the prior month. Private manufacturing spending fell by 1.2pc to $185bn in April from the prior month, continuing a 15-month slide and remaining 18pc below April 2025. The health of the construction sector, especially for residential building, is critical to polyvinyl chloride (PVC) producers who supply much of the pipes, windows, doors, and siding for new homes. Rising inflation and general economic uncertainty are driving would-be buyers away from new homes, especially as mortgage rates remain elevated and the US Federal Reserve may begin hiking its target interest rate by the end of the year, data from CME FedWatch show. Demand this year has remained lackluster, even as homebuilders look to the 21st Century ROAD to Housing Act to ignite demand. The legislation is currently working through Congress. Total construction spending rose in April. Growing year-to-year private residential spending outweighed shrinking nonresidential spending. Public construction spending rose, rising for a fourth consecutive month. Manufacturing spending continues its prolonged contraction. By Gordon Pollock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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