Platts Pe 24 June 2015

R
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This Weeks Highlights:
Asian Ethylene - Prices flat in stagnant market

Asian HDPE - Stays flat on thin trading
S
A
D
Asian LDPE - Drops $10/mt in FE Asia on weak demand

Asian LLDPE - Stays flat on week in thin trading
MU
Platts International Prices
Polymerupdate Indian Domestic Producer Price
Polymerupdate CIF India Prices
Polymerupdate Indian Producer Posting Price Comparison
Polymerupdate Indian Open Market Price Table
Heard in PVC Market
Currency Rates
Platts International Market Commentary & Analysis
Polymerupdate - PE Market Supply Scenario
Platts Price Analysis Of PE Chain Processing Margins
Platts Polymer Shipping Costs (USD/MT)
Crisil Research Macroeconomics & Currency Monthly Analysis
Point of Contact
10
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Platts - About us & Copyright
10
Week 25 June 24, 2015

POLYMERUPDATE INDIAN DOMESTIC PRODUCER PRICE RIL (Ex-Hazira)
PLATTS INTERNATIONAL PRICES (USD/MT)

June 17
(WK 24)
June 24
(WK 25)
India Crude basket: (USD/b)
61.72
62.37
+ 0.65
Naphtha:
537.43
536.98
- 0.45
Product
(MOP West India)
Price Change
on Week
INDIA DOMESTIC PRODUCER PRICE - RIL (Ex Hazira)

Product

1414-1416
1399-1401
- 15
1429-1431
1414-1416
- 15
HDPE Inj CFR South Asia
1329-1331
1329-1331
HDPE Inj CFR Far East Asia
1299-1301
1299-1301
HDPE Inj CFR South East Asia
1319-1321
1319-1321
HDPE Blow CFR South Asia
1339-1341
1339-1341
HDPE Blow CFR Far East Asia
1309-1311
1309-1311
CFR South East Asia

Polyethylene :
UD
HDPE Blow CFR South East Asia
1329-1331
1329-1331
HDPE Film CFR South Asia
1344-1346
1344-1346
HDPE Film CFR Far East Asia
1304-1306
1304-1306
HDPE Film CFR South East Asia
1324-1326
1324-1326
LLDPE GP CFR South Asia
1319-1321
1309-1311
- 10
0
0
LLDPE GP CFR Far East Asia
1269-1271
1269-1271
LLDPE GP CFR South East Asia
1289-1291
1289-1291
LDPE CFR Far East Asia
1349-1351
1339-1341
- 10
LDPE CFR South East Asia
1359-1361
1359-1361
10505-10545
10605-10645
LLDPE
9830-9870
9630-9670
- 200
LDPE
11005-11045
11030-11070
+ 25
+ 100
Raffia
101.94
1455
100.94
1440
- 01
Film
99.46
1418
98.46
1404
- 01
Injection
102.93
1469
101.93
1455
- 01
Blow Moulding
100.79
1438
99.79
1423
- 01
Pipe
102.53
1463
100.53
1434
- 02
99.76
1423
97.76
1394
- 02
Rotomoulding
98.75
1408
96.75
1379
- 02
Injection
102.26
1459
100.26
1430
- 02
Extrusion Coating
101.54
1449
99.54
1420
- 02
General
118.79
1701
116.54
1668
- 2.25
Heavyduty
123.14
1765
120.89
1732
- 2.25
Milk Pouch
123.96
1777
121.71
1744
- 2.25
Injection
125.44
1798
123.19
1766
- 2.25
Lamination
132.38
1900
130.13
1867
- 2.25
R
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INR/KG

LDPE Grade

*Domestic Indian producer prices are quoted in INR/kg basic (Nett of all taxes); equivalent USD/MT price is calculated at
current US/INR rate. *Lot Size:
1 Truck Load (10 to 16 MT)
- Price assessments are based on information gathered from a cross section of the industry that includes resin producers,
processors, traders and distributors.
- Standard repeatable orders (based on confirmed market deals) form the basis of the prices.
PLATTS INTERNATIONAL PRICES
China Domestic (YUAN/MT EX-WORK) :

HDPE Film
USD/MT
Film
Price Change on Week
INR/KG
LLDPE Grade
AS
0
June 24 (WK 25)
USD/MT
HDPE Grade
Ethylene :
CFR North East Asia
June 17 (WK 24)

INR/KG
Specifications:
Cargoes of 100-500mt delivered 15-30 days forward from date of publication with up to 30 days
credit, basis CFR Far East Asia: China main ports (Shanghai, Shenzhen, Ningbo, Shantou, Hong Kong); CFR South East
Asia: Indonesia (Jakarta, Surabaya), Singapore, Philippines (Manila Bay), Malaysia (Port Kelang), Thailand (Bangkok,
Laem Chabang, Map Ta Phut), Vietnam (Ho Chi Minh). Platts prices reflect spot market values on the day of publication.
India Crude Import Basket Calculation: ( (Dubai + Oman) / 2 * 65.2% ) + (Dated Brent * 34.8%)
MOP West India : Mean of Platts FOB West India naphtha export price

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(W),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025
Week 25 June 24, 2015

POLYMERUPDATE (CIF INDIA PRICES)
CIF INDIA BY ORIGIN (Nhava Sheva Port)
South Korea
Singapore
WK 24
WK 25
June 17
June 24
Raffia
1370
1370
Film
1400
1400
Injection
1410
1410
Blow Moulding
1420
1420
HDPE Grade
Price Change
on Week
Pipe
1460
1460
HMHD
1470
1470
LDPE Grade
1410
Heavyduty
1430
1430
Milk Pouch
1440
1440
Injection
1450
1450
--
--
--
LLDPE Grade
June 17
June 24
--
--
--
1350
1350
1340
1340
1360
1360
--
--
1400
1400
A
D
U
--
WK 25
June 17
June 24
--
1360
1360
1400
1400
1410
1410
--
--
--
AR
SS
--
--
1340
1340
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
1430
1430
--
--
--
--
Thailand
1430
1430
1440
1440
--
--
--
--
1450
--
--
1360
1350
--
--
1400
- 10

1390
--
--
--
1700
1370
- 10
Rotomoulding
1390
1380
- 10
1410
--
Qatar
1420
1440
1360
1360
1380
1380
1390
1390
--
--
--
--
--
--
1630
1630
Thailand
1390
1380
--
--
--
--
1380
- 10
1410
1700
--
- 10
Price Change
on Week
--
1420
1450
June 24
1360
1440
June 17
--
1390
WK 25
1360
1390
1430
WK 24
Singapore
1380
Price Change
on Week
1430
Saudi Arabia
WK 24
Price Change
on Week
1400
1400
South Korea
Film
Metallocene
WK 25
Singapore
1410
Injection
WK 24
South Korea
General
Lamination
Thailand
Saudi Arabia
1350
1340
- 10
--
--
1380
1370
- 10
1400
- 10
1400
1390
- 10

--
--
--
--
--
--
--
- 10
- All prices are in USD/MT CIF India (Nhava Sheva)

- For South Korea, Singapore, Thailand and Saudi Arabia :
Cargo size of 50-100mt delivered within 30 days.
- Price assessments are based on information gathered from a cross section of the industry that includes resin producers, processors, traders and distributors.
- Standard repeatable orders (based on confirmed market deals) form the basis of the prices.
Week 25 June 24, 2015

POLYMERUPDATE - INDIAN PORDUCER POSTING PRICE COMPARISON (GRADE WISE)
LDPE Ex-Mumbai (Panvel Depot) w.e.f 18-June-2015
HDPE w.e.f 18-June-2015

Grade
BLOW MOULDING
INJECTION MOULDING
( MFI - 18 )
Producer (Ex Works)
Grade No.
INR/MT
USD/MT
RIL (BC/NC)
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
GAIL (M/B/T)
54GB012
B56003
B6401
B52A003A
B63A003A
100040
99790
101000
95010
95010
1427
1423
1441
1353
1353
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
50MA180
98640
100900
94700
1406
1439
1349
1455
1464
1389
M5018L
I50A180A
I60U080A
101930
102550
97470
HDPE FILM
RIL (Hazira)
F56003
98460
1404
RIL (BC/NC)
HALDIA (HC)
GAIL (M/B/T)
46GP009
HDPE PIPE
P54A001A
100530
110200
105530
1434
1576
1507
RIL (Hazira)
52GF004
99450
1418
HALDIA (Works)
GAIL (M/B/T)
F5400
F55HM003A
101950
96570
1455
1376
1427
1440
1519
1361
HMHDPE FILM
RAFFIA
L60075
M6007LU
S
S
A
D
U
M
P-5300
RIL (Hazira)
RIL (Hazira)
HALDIA (HC)
53EA010
R5801
100060
100940
106350
GAIL (M/B/T)
W50A009A
95560
E52009
Producer
RIL
Grade No.
1070LA17
*INR/MT
130128.75
USD/MT
1867
LDPE IM
RIL
16MA400
123187.50
1765
LDPE GP
RIL
24FS040
116538.75
1668
LDPE MP
RIL
1005FY20
121713.75
1744
LDPE HEAVY DUTY
RIL
RIL
22FA002
1020FA20
120892.50
115526.25
1732
1653
AR
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
INJECTION MOULDING
( MFI - 7 ) UV
* Prices are in INR/MT (inclusive of excise duty)
Grade
LDPE EC
Grade
LLDPE w.e.f 18-June-2015

Producer (Ex Works)
Grade No.
INR/MT
USD/MT
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
E24065
72307E
E36A060
99540
102950
96370
1420
1469
1373
RIL (Hazira)
M26500
100260
1430
HALDIA (HC)
71501-S
--
--
LLDPE FILM
RIL (BC/NC)
RIL (BC/NC)
RIL (Hazira)
RIL (Hazira)
HALDIA (HC)
GAIL (M/B/T)
20FS010
20FS020
F18010
F19010
71601S
F20S009A
96960
97970
97750
97760
100900
94830
1382
1397
1393
1394
1439
1351
LLDPE ROTOMOULDING
RIL (BC/NC)
RIL (Hazira)
HALDIA (HC)
HALDIA (HC)
GAIL (M/B/T)
36RA045
R35042
73005T
73204T
R35A042A
99880
96750
104250
104250
97920
1425
1379
1488
1488
1396
LLDPE EXTRUSION
COATING
LLDPE INJECTION
MOULDING
*Domestic Indian producer prices are quoted in INR/MT basic (Nett of all taxes) ; equivalent USD/MT price is at current US/INR rate. *Lot Size:
1 Truck Load (10 to 16 MT)
- Ex Works: BC/NC = Ex Works Baroda Complex / Nagothane Complex | Ex Works: HC = Halidia Complex | Ex Works: M/B/T = Mumbai / Bhiwandi / Thane
- Product Key: EC = Extrusion Coating, IM = Injection Moulding, GP = General Purpose, MP = Milk Pouch, MFI = Melt Flow Index, UV = Ultra Violet, HM = Heavy Molecule
- USD Price calculation: INR/MT Aprox. Clearing and Forwarding charges / Basic Duty / Exchange Rate = USD/MT (For example: 82330 2500 / 1.075 / 54.24 = 1396)
Week 25 June 24, 2015

POLYMERUPDATE - Indian Open Market Price Table
Note: All prices are in INR/kg levels.
Mumbai
Delhi
Kolkatta
Bangalore
Indore
Chennai
Ahmedabad
Rajasthan
Kanpur
Hyderabad
Punjab
Kerala
108 - 109
114 - 115
116 -117
109 - 112
111 - 112
114.5 - 115
117 - 118
117 - 117.5
118 - 119
112.5 - 113.5
121 - 122
118 - 118.5
HDPE Raffia
111 - 111.5
112 - 113
115 - 116
112 - 113
115 - 116
121 - 122
108 - 109
HDPE Injection
110 - 110.5
114 - 115
115 - 116
109 - 111
117 - 118
113 - 114
118 - 119
116 - 116.5
116 - 116.5
105 - 106
119 - 120
HDPE Blow
Moulding
110 - 110.5
116 - 116.5
119 - 120
112 - 113
118 - 119
115.5 - 116
118 - 119
116 - 116.5
116.5 - 117
110 - 111
117 - 118
115.5 - 116
LLDPE Film
110 - 111
116 - 116.5
117 - 118
110 - 112
117 - 118
115.5 - 116
120 - 121
115.5 - 116
120 - 120.5
113 - 114
120 - 121
116.5 - 117
LDPE FILM
112.5 - 113
116 - 117
118 - 119
114 - 117
118 - 119
118 - 119
122 -123
120 - 120.5
120 - 120.5
116 - 117
120 - 121
120 - 120.5
Product
HMHDPE
R
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Currency rates equivalent to 1 US Dollar :

Countries
Currency Rates
Indian Rupees (INR)
AS
63.59
Countries
Currency Rates
Japan Yen (JPY)
123.95
UD
Indonesia Rupiahs (IDR)
13,274.94
Malaysia Ringgits (MYR)
3.74
77.78
Singapore Dollars (SGD)
1.34
133.96
South Korea Won (KRW)
1105.97
Thailand Baht (THB)
33.74
Saudi Arabia Riyals (SAR)
3.75
Taiwan New Dollars (TWD)
30.89
United Arab Emirates Dirhams (AED)
3.67
Pakistan Rupees (PKR)

China Yuan Renminb (CNY)
Bangladesh Taka (BDT)
Sri Lanka Rupees (LKR)
101.72
6.20
Heard in PE MARKET
Platts :
Polymerupdate :
HDPE film: July offer heard at $1,375/mt CFR China, 100-500mt, Thailand origin , LC90 days
LLDPE film: Prompt offer at $1,290/mt CFR China, 100-500mt, LC 90 days, Canadian origin
HDPE FILM: Domestic Chinese cargoes heard sold at Yuan 10,600-10,650/mt ex-works in east China, 100-500mt
LLDPE film: Prompt offer at $1,300/mt CFR China, 100-500mt, TT, Qatari origin
N.A.
Week 25 June 24, 2015
PLATTS INTERNATIONAL MARKET COMMENTARY & ANALYSIS
Asian Ethylene: Prices flat in stagnant market
Asian HDPE: Stays flat on thin trading
- Market balance seen to change from August
- India demand hit by monsoons
- Buyers/sellers stay on sidelines
- SEA requirements slow due to Ramadan
The Asian ethylene market was assessed unchanged Wednesday, with trading activity still
Asian high density polyethylene prices were steady this week, amid thin trading due to a seasonal slowdown and a
sluggish as buyers and sellers stuck to the sidelines. Buyers are reluctant to secure spot
standoff between buyers and sellers. Convertors were heard to have enough inventory and hence stayed away
cargoes as ethylene supplies are expected to rise from late July after steam cracker
from buying. Demand is typically low in the Middle East and Southeast Asia during Ramadan which began on June
turnaround season ends. In addition, deepsea supplies are available from the US and Europe
18. Manufacturers lower their operating rates during the month, while some factories also undergo maintenance
to Asia. "Deepsea supplies are increasing and buyers are also expecting supplies from regional
shutdowns and workers work shorter hours, market participants said. Demand from India is also sluggish during
producers to increase too after turnaround season," said a trader. Sellers are in no hurry to sell
this period due to the monsoons, which typically run from July-September. There was a standoff between buyers
spot cargoes as current supplies remain tight and spot availabilities were limited as steam
R
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cracker turnaround season continues. "Until discussions for July arrival cargoes finish, market
activities would remain sluggish," said the trader.
S
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RATIONALE:
MU
and sellers, as Middle East producers were heard to be keeping their offers high amid rising feedstock ethylene
costs, a firm European market, shipping delays to the Southeast and North Asian ports, and lower production
during the month of Ramadan.
RATIONALE:
The CFR Northeast Asia ethylene price was assessed unchanged day on day at $1,400/mt
HDPE film was assessed at $1,305/mt CFR Far East Asia Wednesday, flat week on week. China is the main market
Wednesday. A buying indication was heard at $1,300-$1,350/mt CFR NEA, while a sell idea
for HDPE film. Offers were heard mainly for July-arrival cargoes at $1,350-$1,375/mt CFR Far East Asia (China),
was reported at $1,430-$1,450/mt CFR NEA. The CFR Southeast Asia ethylene price was also
but there were no bids heard as most buyers had already purchased cargoes in the beginning of the month. The
assessed unchanged at $1,415/mt during the same period, with no bids or offers reported
CFR South Asia HDPE film price was assessed at $1,345/mt CFR, also flat week on week. Offers were heard at
amid sluggish trading.
$1,360-$1,370/mt CFR South Asia (India), but was met with thin buying interest.
Week 25 June 24, 2015
PLATTS INTERNATIONAL MARKET COMMENTARY & ANALYSIS

Asian LLDPE: Stays flat on week in thin trading
Asian LDPE: Drops $10/mt in FE Asia on weak demand
- Seasonal lull in Indian demand due to rains
- Demand declines on monsoon, low manufacturing
- PE offers still high on high feedstock costs
- Shipping slows during Ramadan
Asian linear low density polyethylene prices were flat week on weak. Trading activity was still sluggish as
buyers and sellers stuck to the sidelines. Buyers were reluctant to secure spot cargoes as demand was weak
Low density polyethylene prices fell in Far East Asia due to weak demand. Buyers were reluctant
following a slowdown in manufacturing activity ahead of the rainy season in India. There was a standoff
to purchase imported cargoes in anticipation of further price reductions. Demand usually takes a
between buyers and sellers, as Middle East producers were heard to be keeping their offers high amid rising
hit during the monsoon season in India, which runs from June-September, but this year it has
feedstock ethylene costs and a firm European market. The CFR Northeast Asia ethylene price was assessed
been delayed slightly. In addition, arbitrage opportunities to the US or Europe were also thin, as
June and July is typically the vacation period in Western countries, resulting in lower production
unchanged day on day at $1,400/mt Wednesday.
AR
activities, traders said. According to market participants, demand was expected to rebound from
RATIONALE:
August onwards, once current high stocks fall. Meanwhile, since the start of the Muslim holy
SS
LLDPE was assessed flat week on week at $1,270/mt CFR Far East Asia Wednesday. There were no July offers
month of Ramadan on June 18 there has been a slight lag in shipments and clearance procedures
heard, although prompt cargoes were offered by traders at $1,290/mt CFR FE Asia (China). No bids were
in key exporting countries such as Saudi Arabia, traders said.
A
D
U
heard. South Asia was assessed at $1,310/mt CFR, down $10/mt on weak demand. Traders said the typical
price spread between India and China was around $40/mt.
RATIONALE:
LDPE was assessed at $1,340/mt CFR Far East Asia Wednesday, down $10/mt week on week.
The CFR Southeast Asia marker was assessed at $1,360/mt, reflecting the $20/mt freight
differential between China and Southeast Asia. China domestic cargoes were priced around Yuan
11,050/mt ex-works, reflecting trades and current discussions.
Week 25 June 24, 2015
POLYMERUPDATE - PE MARKET SUPPLY SCENARIO
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MU
LDPE plant taken off-stream by

PCG
PETRONAS Chemical Group (PCG)
has taken off-stream its low density
polyethylene
(LDPE)
plant
unexpectedly. The plant was shut on
June 23 owing to a fire. The impact
of the fire on production levels could
not be ascertained. A restart date for
the plant has not been decided.
Located in Kertih, Malaysia, the plant
has a production capacity of 255,000
mt/year.
PE plant likely to be taken offstream by Hanwha Chemical
Hanwha Chemical is likely to take offstream its polyethylene (PE) plant for
maintenance turnaround. The plant
is planned to taken off-stream in
October 2015. It is expected to
remain off-stream for around 10
days. Located in Yeosu, South Korea,
the plant has a production capacity
of 327,000 mt/year.
PE plant planned to be shut by

Lotte Chemical
Lotte Chemical is in plans to shut its
polyethylene (PE) plant for maintenance turnaround. The plant is planned to be shut in October 2015. It is likely to remain off-stream for around one month. Located at Daesan in South Korea, the plant has a
production capacity of 135,000 mt/year.
LLDPE plant likely to be taken off-stream by Yangzi Petrochemical
Yangzi Petrochemical is in plans to shut a linear low density polyethylene (LLDPE) plant for maintenance turnaround. The plant is planned to be shut in end-July 2015. It is likely to remain off-stream for around one
month. Located at Nanjing in China, the plant has a production capacity of 200,000 mt/year.
Week 25 June 24, 2015

PLATTS Price Analysis of PE Chain Processing Margins
Naphtha to Ethylene
Polyethylene to Naphtha
R
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AS
Typical North East Asian $/mt margin for producing ethylene

from naphtha using a conversion cost of $350/mt.
UD
Ethylene to Polyethylene
CFR FE Asia LLDPE price as a ratio to naphtha
Intra-Asian LDPE Premiums
Typical $/mt margin for producing LLDPE in Far East Asia

from ethylene using a conversion cost of $150/mt
Premium or discount of weekly LDPE Southeast Asian price over weekly Far East Asian LDPE
Week 25 June 24, 2015
PLATTS Polymer shipping costs (USD/MT)

From:
Middle East
Middle East
To:
East China
South China
India
Southeast Asia
NW Europe
Turkey
US Gulf
Latin America
25 100 MT
20 25
15 25
45 50
30 35
55 65
50 70
130 140
165 175
> 100 MT
10 15
10 15
30 40
25 30
50 60
40 60
120 130
160 165
NOTES:
Polymers refer to Polyethylene, Polypropylene, Polystyrene, ABS, and PVC.
1) Middle East loadings refer to products coming from Jebel Ali (Dubai), Khalifa (Abu Dhabi), Jubail (Saudi Arabia), Shuaiba (Kuwait),
Rabigh (Saudi Arabia), Mesaieed (Qatar), Assaluyeh and Bandar Imam Khomeini (Iran) ports. The assessments are normalized
between these ports.
2) East China deliveries refer to products coming into Zhangjiagang, Shanghai, Jiangyin, Nantong, Ningbo, Nanjing, Zhenjiang ports.
3) South China deliveries refer to products coming into Shenzhen, Shantou, Hong Kong, Xiamen, Zhuhai ports.
4) India deliveries refer to products coming into Kolkata, Mumbai and Chennai ports.
5) South East Asia deliveries refer to products coming into Indonesia (Jakarta, Surabaya), Singapore, Philippines (Manila Bay),
Malaysia (Port Kelang), Thailand (Bangkok), Vietnam (Ho Chi Minh) ports.
6) Northwest Europe deliveries refer to products coming into Antwerp port. Deliveries into Rotterdam and Amsterdam ports will be
normalized to Antwerp.
7) Turkey deliveries refer to products coming into Istanbul and Mersin ports.
8) US Gulf deliveries refer to products coming into Houston port. No deliveries from the Persian Gulf.
9) Latin America deliveries refer to products coming into mainports in Brazil, Chile, Uruguay.
CRISIL Research Macroeconomics & Currency Monthly Analysis
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Overview: Where the rains must pour

Indias number one short-term worry is the prospect of a second straight year of deficient rains. The Indian Meteorological Department
(IMD), while lowering its monsoon forecast to 12% below the long period average, also predicted a 90% probability of an El -Nino
event playing out. This casts a shadow over agricultural production. Delayed start to the monsoons this year has lowered kharif sowing
by 9% as of June 12 compared with the same period last year. Though this per se is not much of a worry - the shortfall can be
covered if rains pick up - the next 2 months (July and August) will be crucial. Given the significant downside risk from the monsoon
anomaly predicted by IMD this year, we have cut our GDP growth forecast to 7.4% from 7.9% for fiscal 2016. We, however, expect
consumer price index-based inflation to be contained at 5.8%, a tad lower than 6% last year, for three reasons: 1) enough cushion
from food grain buffer stocks, 2) depressed global food prices facilitating imports, and 3) expectation of proactive food management
and anti-hoarding steps from the government.
Agriculture accounts for less than a fifth of Indias GDP today, and is not the key driver of growth it once was. All the same, even in
good times, the consumption sectors - particularly FMCG - look forward to normal rains for an extra kick to their sales. Today, when
consumption and investment demand are weak and rural distress is high due to poor rains last year followed by damage from
unseasonal rains this year, normal rains become all the more crucial.
Week 25 June 24, 2015

IIP indicates industry growth gaining traction
IIP grew by 4.1% in April as compared to 2.5% in March. Growth in IIP was supported by the manufacturing sector that grew by 5.1% versus
2.8% in March. In addition, according to use-based classification, capital goods rose by 11.1% y-o-y, followed by consumer goods (3.1%), and
basic goods (2.8%). Production in electricity, as indicated by the IIP sub-index, signalled a contraction in the sector in April (-0.2%), albeit this
was partly due to a high base in the previous year. The month-on-month seasonally-adjusted (SA) growth also rose to 3.4% in April as
compared to -1.0% in the previous month. Manufacturing index growth revived in the month led by higher growth in food product and
beverages (4.9%), wearing apparel (10.1%), wood products (16.2%), basic metals (7.3%) and machinery and equipment (20.6%). The monthon-month SA growth also picked up to 3.8% from -0.8% in March, signalling an uptick in momentum. On the other hand, core sector
(accounting for 38% of IIP) growth remained negative for the second consecutive month (-0.4%). This was as sectors such as electricity (1.1%), cement (-2.4%), fertiliser (-0.1%), refinery (-2.9%) recorded negative growth. On the other hand, only coal and steel sub-indices
signalled an expansion in volumes over the previous year.
Inflation rises in May

Inflation rose to 5.01%, up from 4.87% in April. Higher fuel-related inflation - led by an increase of Rs 7.42/litre in petrol and Rs 5.6/litre in diesel
prices during the month - was behind the inflation pick-up. In May, a combination of higher global oil prices (16% higher than March 2015 levels)
and weaker rupee (8% y-o-y) pushed up retail fuel prices. The combined fuel index (fuel & light and transport & communication) rose to 3% in May
from 1.9% in April. Food inflation provided relief, falling to 5.1% from 5.4% in May. Monsoon is the biggest risk hereon, but a lot will depend on
government action to keep a tab on food inflation.
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Rupee cedes more ground

The rupee slipped a notch to 63.8/$ by May-end from 63.6/$ in April, although on a monthly average basis, it rose to63.8/$ compared with 62.8/$
the previous month. The local currency also fell against the euro in May to 71.2/EUR from67.8/EUR in April. The decline was driven by net outflows
by foreign institutional investors (FIIs) from Indian markets; theUS dollar's continued strength against most global currencies; and month-end
demand from importers.FIIs moved out of the Indian market, with net FII outflows standing at $2.2 billion from net inflows of $2.4 billion in
April.Net equity outflows were at $0.9 billion in May and net outflows in the debt market came in at $1.3billion from net inflowsof $0.6 billion in
April.
About CRISIL Research
CRISIL Research is India's largest independent and integrated research house. We provide insights, opinions, and analysis on the Indian economy, industries, capital markets and companies. We are India's most credible
provider of economy and industry research. Our industry research covers 70 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our network of more than 4,500 primary
sources, including industry experts, industry associations, and trade channels. We play a key role in India's fixed income markets. We are India's largest provider of valuations of fixed income securities, serving the mutual
fund, insurance, and banking industries. We are the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. We pioneered independent equity research in India, and are today India's largest
independent equity research house. Our defining trait is the ability to convert information and data into expert judgements and forecasts with complete objectivity. We leverage our deep understanding of the macroeconomy
and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. We deliver our research through an innovative web-based research platform. Our talent pool comprises economists,
sector experts, company analysts, and information management specialists.
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Week 25 June 24, 2015
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This Weeks Highlights:

Asian Ethylene - Prices flat in stagnant market

Asian LDPE - Drops $10/mt in FE Asia on weak demand

Platts International Prices

Polymerupdate Indian Domestic Producer Price

Polymerupdate CIF India Prices

Polymerupdate Indian Producer Posting Price Comparison

Polymerupdate Indian Open Market Price Table

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Platts International Market Commentary & Analysis

Polymerupdate - PE Market Supply Scenario

Platts Price Analysis Of PE Chain Processing Margins

Platts Polymer Shipping Costs (USD/MT)

Crisil Research Macroeconomics & Currency Monthly Analysis

Polymerupdate - About us & Copyright

Platts - About us & Copyright

Week 25 June 24, 2015

PLATTS INTERNATIONAL PRICES (USD/MT)

India Crude basket: (USD/b)

(MOP West India)

INDIA DOMESTIC PRODUCER PRICE - RIL (Ex Hazira)

HDPE Inj CFR South Asia

HDPE Inj CFR Far East Asia

HDPE Inj CFR South East Asia

HDPE Blow CFR South Asia

HDPE Blow CFR Far East Asia

CFR South East Asia

HDPE Blow CFR South East Asia

HDPE Film CFR South Asia

HDPE Film CFR Far East Asia

HDPE Film CFR South East Asia

LLDPE GP CFR South Asia

LLDPE GP CFR Far East Asia

LLDPE GP CFR South East Asia

LDPE CFR Far East Asia

LDPE CFR South East Asia

PLATTS INTERNATIONAL PRICES

China Domestic (YUAN/MT EX-WORK) :

Price Change on Week

June 24 (WK 25)

June 17 (WK 24)

Week 25 June 24, 2015

- All prices are in USD/MT CIF India (Nhava Sheva)

Week 25 June 24, 2015

HDPE w.e.f 18-June-2015

Producer (Ex Works)

LDPE HEAVY DUTY

* Prices are in INR/MT (inclusive of excise duty)

LLDPE w.e.f 18-June-2015

Week 25 June 24, 2015

Note: All prices are in INR/kg levels.

Currency rates equivalent to 1 US Dollar :

Indian Rupees (INR)

Japan Yen (JPY)

Indonesia Rupiahs (IDR)

Malaysia Ringgits (MYR)

Singapore Dollars (SGD)

South Korea Won (KRW)

Thailand Baht (THB)

Saudi Arabia Riyals (SAR)

Taiwan New Dollars (TWD)

United Arab Emirates Dirhams (AED)

Pakistan Rupees (PKR)