Indian Polymer Markets Begin November with Broad Price Increases, PVC Leads

India’s domestic PP, PE and PVC markets started November with notable price hikes, as major producers issued upward revisions effective November 1. Suspension PVC (S-PVC) recorded the most substantial increase, while polypropylene (PP) and several polyethylene (PE) grades also saw prices rise. The adjustments followed October’s crude oil rally and were aimed at supporting producer margins.

PVC Increases Exceed Market Expectations

The latest domestic PVC price announcements were stronger than anticipated. Market participants had generally expected increases of INR2,500–3,500/ton ($28–39/ton) late last week, reflecting higher import replacement costs and firm feedstock indicators. However, major domestic producers announced an INR4,000/ton ($44/ton) increase for S-PVC resin, exceeding the top end of expectations by INR500/ton.

Leading private and regional manufacturers issued price lists incorporating the full increase, while some other domestic producers delayed formal announcements to assess demand-side acceptance. Distribution channels quickly adjusted their replacement values, although import market sentiment remained constrained around four-digit price levels.

A Mumbai-based PVC trader noted that the market was also considering preliminary recommendations for countervailing duties on Chinese S-PVC, ranging from $83.72 to $143.82/ton. These measures are expected to discourage lower-cost carbide-based imports and strengthen the pricing position of domestic producers.

PP and PE Grades Also See Upward Revisions

Domestic PP producers raised prices by INR2,000/ton ($22/ton) across all grades. Deemed export prices, which apply to converters producing export-oriented goods under advance licensing, were increased by a larger INR5,000/ton ($55/ton). This adjustment reflects rising import parity levels, with Middle Eastern and Chinese offers increasing by $30–70/ton over the previous week.

PE price revisions varied by grade, reflecting differences in supply and demand conditions. LLDPE film prices increased by INR4,000/ton ($44/ton), while drip-irrigation grades rose by INR6,000/ton ($66/ton). Roto-moulding and selected high-flow grades received smaller increases of INR1,000/ton ($11/ton).

Within HDPE, pipe and injection-moulding grades were raised by INR4,000/ton ($44/ton), supported by steady infrastructure demand. Blow-moulding and yarn grades remained unchanged.

LDPE prices saw selective increases ranging from INR4,000/ton to INR10,000/ton ($44–111/ton), amid tight regional availability. Extrusion-coating and injection grades led the increases, while film grades were kept unchanged as packaging demand slowed following the seasonal peak.

Falling Crude and Diwali Slowdown Challenge Price Hikes

Despite the strong price announcements, producers may face challenges in securing acceptance from converters. Global crude oil prices declined sharply on Monday, November 2, giving back part of Friday’s gains as Qatar-mediated discussions involving Iranian and regional officials eased concerns over supply disruptions. January Brent futures fell nearly 3%, trading close to $110/bbl.

A New Delhi-based trader said the decline in crude prices, combined with the approaching Diwali holiday period, could keep buyers focused on short-term purchases. Processors across northern and western India are preparing for temporary plant shutdowns and are delaying forward resin bookings.

The trader added that lower-priced import cargoes already arriving at domestic ports, along with signs of weakness in upstream energy markets following reduced geopolitical tensions, are making converters reluctant to accept higher replacement premiums. As a result, market liquidity remains subdued despite the latest domestic price increases.

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