This Weeks Highlights:

Asian EDC/VCM: EDC flat, VCM $5/mt lower on thin trade

Asian PVC: Drops $5/mt on lower offers

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INDEX:

Platts International Prices

Polymerupdate Indian Domestic Producer Price

Platts Polymer Shipping Costs (USD/MT)

Polymerupdate CIF India Prices

Polymerupdate Indian Open Market Price Table

Polymerupdate Indian Producer Posting Price Comparison

Heard in PVC Market

Platts International Market Commentary & Analysis

Polymerupdate - PVC Market Supply Scenario

Platts Price Analysis Of PVC Chain Processing Margins

Currency Rates

Crisil Research Macroeconomics & Currency Monthly Analysis

Point of Contact

Polymerupdate - About us & Copyright

Platts - About us & Copyright

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Week 25 June 24, 2015

POLYMERUPDATE

PLATTS INTERNATIONAL PRICES (USD/MT)

Product
India Crude basket:
Naphtha:

(USD/b)

(MOP West India)

June 17
(WK 24)

June 24
(WK 25)

61.72

62.37

+ 0.65

537.43

536.98

- 0.45

INDIA DOMESTIC PRODUCER PRICE - RIL (Ex Hazira)

Price Change
on Week

Product

Suspension
364-366

364-366

CFR South East Asia

371-373

371-373

CFR Far East Asia

689-691

684-686

- 05

CFR South East Asia

744-746

739-741

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PVC :

MU

- 05

849-851

- 05

874-876

- 05

PVC Suspension CFR China

854-856

849-851

PVC Suspension CFR SEA

854-856

PVC Suspension CFR India

879-881

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

China Domestic

(YUAN/MT EX-WORK)

Ethylene Based

6240-6260

6140-6160

- 100

Carbide Based

5740-5760

5640-5660

- 100

INR/KG

USD/MT

INR/KG

USD/MT

65.50

922

65.50

922

Price Change on Week

INR/KG

*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.

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VCM :

- 05

June 24 (WK 25)

PVC Grade

EDC :
CFR Far East Asia

June 17 (WK 24)

PLATTS Polymer shipping costs (USD/MT)

From:

To:
East China
South China
India
Southeast Asia
NW Europe
Turkey
US Gulf
Latin America

Middle East
25 100 MT
20 25
15 25
45 50
30 35
55 65
50 70
130 140
165 175

Middle East
> 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.

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
WK 24

WK 25

June 17

June 24

Suspension
Emulsion

Thailand
Price Change
on Week

880

880

1060

1060

Taiwan

WK 24

WK 25

June 17

June 24

900

900

--

--

--

Price Change on Week

--

WK 24

WK 25

June 17

June 24

920

920

1070

1070

Price Change on Week

- 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.

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POLYMERUPDATE - Indian Open Market Price Table

Product
Ethylene Based PVC

Mumbai

Delhi

73 - 73.5

77 - 77.5

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Note: All prices are in INR/kg levels.

Kolkata

Bangalore

Indore

Chennai

Ahmedabad

Hyderabad

76 - 77

73 - 74

76 - 77

76 - 77
(Incl. of VAT)

80-81

79 - 80

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POLYMERUPDATE - INDIAN PRODUCER POSTING PRICE COMPARISON (GRADE WISE)

PVC SUSPENSION K-67 w.e.f 11 June -2015
Producer

Grade No.

*INR/MT

USD/MT

RIL

67GER01 (Ex-Gandhar)

65500

922

RIL

67.01 (Ex-Hazira)

65500

922

RIL

57GER01 (Ex-Gandhar)

67000

944

RIL

57.11 (Ex-Hazira)

67000

944

*Domestic Indian producer prices are quoted in INR/MT 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)
- 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)

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

Currency rates equivalent to 1 US Dollar :
Countries

Currency Rates

Countries

Currency Rates

Indian Rupees (INR)

63.59

Japan Yen (JPY)

Pakistan Rupees (PKR)

101.72

Indonesia Rupiahs (IDR)

13,274.94

China Yuan Renminb (CNY)

6.20

Malaysia Ringgits (MYR)

3.74

Bangladesh Taka (BDT)

77.78

Singapore Dollars (SGD)

1.34

Sri Lanka Rupees (LKR)

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

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Heard in PVC MARKET

Platts:

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PVC: Domestic Chinese Carbide-based PVC offer heard at Yuan 5,500-5,800/mt, L/C at sight, 100-500 mt
PVC: Domestic Chinese Ethylene-based PVC trade levels heard at Yuan 6,100-6,300/mt, L/C at sight, 100-500 mt

MU

123.95

Polymerupdate:
23-6-2015: Taiwan producer offers PVC Suspension at $ 900/mt in India
(CIF Nhava Sheva Port basis)

PVC: July loading cargoes heard bid at $870/mt CFR India, L/C at sight, 100-500 mt

PVC: July loading cargoes trades heard at $850/mt CFR China, L/C at sight, 100-500 mt
PVC: July loading cargoes heard offered at $860/mt CFR Southeast Asia, L/C at sight, 100-500 mt, Northeast Asia origin
PVC: July loading cargoes heard offered at $910/mt CFR India, L/C at sight, 100-500 mt, Korea origin

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

PLATTS INTERNATIONAL MARKET COMMENTARY & ANALYSIS

Asian EDC/VCM: EDC flat, VCM $5/mt lower on thin trade

Asian PVC: Drops $5/mt on lower offers

- EDC flat in thin trade

- Formosa starts offering for July

- VCM $5/mt lower as buyers hold back

- Thin trades as buyers hold back

Asian ethylene dichloride prices were assessed flat this week amid thin activity. US producers were heard
offering deep-sea EDC cargoes at $300/mt FOB USG, to little interest. August arriving deep-sea cargoes
were seen to be tight in Far East Asia. Buying ideas were heard below $350/mt CFR Far East Asia, little
change week on week."There is currently a gap of around $30-35/mt between selling and buying ideas
due to high feedstock ethylene prices in Far East Asia," noted a market participant. "Buyers were not
keen to buy at the moment due to weak downstream PVC, and were looking to lower operation rates
instead," said a trader. Meanwhile, the CFR Southeast Asia EDC price was assessed flat at $372/mt this
week, in tandem with the steady Far East Asia market. Feedstock ethylene fell $5/mt over the same

Taiwan's Formosa Plastics started offering for July-loading cargoes Tuesday, at $910/mt CFR India and
$860/mt CFR Southeast Asia, both down $10/mt from last month; and $860/mt CFR China, down
$20/mt from June, and $820/mt FOB Taiwan, flat from last month's offer. The CFR India marker
dropped $5/mt week on week to be assessed at $875/mt Wednesday. Offers for ethylene-based PVC
were heard at $910-920/mt CFR India, against thin buying interest at $870/mt CFR India. Trading
activity was slow this week as buyers were on the sidelines looking out for further price reductions.
Amid lower domestic prices and high inventory levels, buyers were holding back. Sellers expect

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period to $1,415/mt CFR Northeast Asia and was unchanged for the CFR Southeast Asia marker at

$1,430/mt Thursday. Asian vinyl chloride monomer prices fell $5/mt week on week due to the bearish
downstream PVC market. The CFR Far East Asia marker was assessed at $685/mt Thursday. Offers for

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July loading cargoes were heard at $690-700/mt CFR Far East Asia against buying ideas at around
$680/mt CFR Far East Asia, but no trades were heard. Participants were seen to remain on the sidelines

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in anticipation of new monthly PVC spot offers next week before starting discussions for July cargoes.
The CFR Southeast Asia VCM price was assessed down $5/mt at $740/mt Thursday, in consideration of
tradable levels heard at around $740/mt. Ethylene accounts for 29% of EDC feedstock costs and 49% of
VCM feedstock costs.

inventory to gradually deplete over the next two months, and demand to firm ahead. The CFR China
marker was assessed $5/mt lower at $850/mt. Offers were heard at $860/mt. Domestic China ethylenebased PVC was assessed at Yuan 6,150/mt, and carbide-based PVC was assessed at Yuan 5,650/mt,
both down Yuan 100/mt from last week. Prices in the Chinese domestic market had dropped in line with
lower offers for imported cargoes to maintain buying interest. The CFR Southeast Asia marker was

assessed down $5/mt this week at $850/mt, as sentiment softened on lower offers.
RATIONALE:
The CFR India marker was assessed at $875/mt Wednesday, down $5/mt week on week. No trades
were confirmed as July offers had just emerged Tuesday, but notional trade levels were heard at $860890/mt for Northeast Asia origin cargoes. The CFR China marker was assessed at $850/mt, down $5/mt

RATIONALE:
EDC: The CFR Far East Asia ethylene dichloride market was assessed flat week on week at $365/mt

from last week. Trades were heard at $850/mt CFR China this week, below offers heard at $860/mt.

Thursday. Deep-sea cargoes were heard offered at around $300/mt FOB USG, to little interest. Buying

The CFR Southeast Asia marker was assessed down $5/mt week on week at $850/mt after offer levels

ideas were heard below $350/mt CFR Far East Asia, comparable to the week before. Meanwhile, the CFR

fell. Notional deal levels were noted at $850/mt CFR Southeast Asia. Domestic China ethylene-based

Southeast Asia EDC price was assessed flat at $372/mt Thursday, in tandem with the steady FEA market.

PVC was assessed down Yuan 100/mt at Yuan 6,250/mt, while carbide-based PVC was assessed flat at

VCM: The CFR Far East Asia vinyl chloride monomer market was assessed down $5/mt from last week at

Yuan 5,650/mt, unchanged from last week. Delivered cargoes for ethylene-based PVC were heard

$685/mt Thursday. Offers for July loading cargoes were heard at $690-700/mt CFR Far East Asia against
buying ideas at around $680/mt CFR Far East Asia, but no trades were heard. The CFR Southeast Asia

traded mostly at Yuan 6,100-6,300/mt. Delivered cargoes for carbide-based PVC were heard traded at
Yuan 5,500-5,800/mt.

VCM price was assessed down $5/mt at $740/mt Thursday, in consideration of tradable levels heard at
around $740/mt.

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 - PVC MARKET SUPPLY SCENARIO

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PVC plant restarted by Yidong

Group Dongxing Chemical
Yidong Group Dongxing Chemical has
restarted its polyvinyl chloride (PVC)
plant
following
maintenance
turnaround. The plant has restarted on
June 11, 2015 for maintenance
turnaround. The plant was shut for
maintenance turnaround. Located in
Inner Mongolia, the plant has a
production
capacity
of
300,000
mt/year.
PVC plant shut by Junzheng
Chemical
Junzheng Chemical has taken offstream its polycinyl chloride (PVC)
plant for maintenance turnaround. The
plant was shut early this week. It is
expected to remain off-stream for
around one month. Located at Wuhai
in Inner Mongolia, the plant has a
production
capacity
of
320,000
mt/year.

PVC plant planned to be shut by

CGPC
CGPC is in plans to shut its polyvinyl
chloride (PVC) plant for maintenance
turnaround. The plant is likely to be shut in H2 July, 2015. It is likely to remain off-stream for around two weeks. Located in Linyuan, Taiwan, the plant has a production capacity of 170,000 mt/year.
PVC plant likely to be shut by Yili Nangang
Yili Nangang Chemical is likely to shut a polyvinyl chloride (PVC) plant for maintenance turnaround. The plant is planned to be shut on June 25, 2015. It is likely to remain off-stream for around one month. Located in
Xinjiang, China, the plant has a production capacity of 120,000 mt/year.

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Week 25 June 24, 2015

PLATTS Price Analysis of PVC Chain Processing Margins

Naphtha to Ethylene

Naphtha to PVC

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Typical North East Asian $/mt margin for producing ethylene

from naphtha using a conversion cost of $350/mt

Ethylene to PVC

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Premium or discount of CFR FE Asia PVC prices over naphtha

PVC : VCM Ratio

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Premium or discount of CFR FE Asia PVC prices compared to ethylene

CFR FE Asia PVC prices as a ratio to VCM

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Week 25 June 24, 2015

CRISIL Research Macroeconomics & Currency Monthly Analysis

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.

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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.

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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 month-on-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.

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Week 25 June 24, 2015

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.

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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

POLYMERUPDATE

PLATTS

Editorial Contact:

Global Editorial Director, Petrochemicals: Simon Thorne

Director, Editorial: Jwalant Oza

Managing Editor: Prema Viswanathan

Senior Editors: Harsh Nadkarni, Feroz Khan

Singapore Editors: Gustav Holmvik, Ng Bao Ying, Michelle Kim, Heng Hui, Genevieve Soong,
Maithreyi Ramdas, Pamela Sumayao, Jennifer Lee

Sales Contact:
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Tokyo Editors: Fumiko Dobashi, Anton Ferkov

About Polymerupdate: Polymerupdate is a destination for global players seeking plastics and petrochemical intelligence. We are a world renowned provider of real time news and price alerts spanning a whole spectrum of
products including Crude oil, Naphtha, Aromatics, Olefins, Polyolefins and Petrochemical Intermediates.

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Credible, neutral and regular reporting has attracted over a thousand subscribers who include most of the regions leading resin producers, processors, distributors, traders, consultant firms, investment bankers, credit rating
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