This Weeks Highlights:

Asian Propylene: Falls to nine-month low on thin demand, supply glut

Asian PP: Prices edge up $5/mt in China, restocking in SEA, S Asia

R
A
S

INDEX:

Platts International Prices

Polymerupdate Indian Domestic Producer Price

Platts Polymer Shipping Costs (USD/MT)

Polymerupdate CIF India Prices

MU

Polymerupdate Indian Open Market Price Table

Polymerupdate Indian Producer Posting Price Comparison

Heard in PP Market

Currency Rates

Platts International Market Commentary & Analysis

Polymerupdate - PP Market Supply Scenario

Platts Price Analysis Of PP Chain Processing Margins

Crisil Research Macroeconomics & Currency Monthly Analysis

S
A
D

Point of Contact

10

Polymerupdate - About us & Copyright

10

Platts - About us & Copyright

10

Week 38 September 23, 2015

POLYMERUPDATE INDIAN DOMESTIC PRODUCER PRICE RIL (Ex-Hazira)

PLATTS INTERNATIONAL PRICES (USD/MT)

Sept 16
(WK 37)

Sept 23
(WK 38)

44.83

46.01

+1.18

419.80

428.99

+9.19

FOB Korea

629-631

509-511

- 120

CFR China

694-696

644-646

- 50

CFR South East Asia

644-646

594-596

- 50

1049-1051

1049-1051

974-976

979-981

PP Injection South East Asia

1029-1031

1029-1031

PP Raffia South Asia

1049-1051

1049-1051

974-976

979-981

PP Raffia South East Asia

1029-1031

1029-1031

PP IPP Film South Asia

1069-1071

1069-1071

994-996

999-1001

+ 05

PP IPP Film South East Asia

1049-1051

1049-1051

PP Copolymer South Asia

1099-1101

1099-1101

PP Copolymer Far East Asia

1024-1026

1029-1031

+ 05

PP Copolymer South East Asia

1069-1071

1069-1071

PP BOPP South Asia

1064-1066

1064-1066

984-986

989-991

1049-1051

1049-1051

7580-7620

7630-7670

+ 50

Product
India Crude basket:
Naphtha:

(USD/b)

(MOP West India)

INDIA DOMESTIC PRODUCER PRICE - RIL (Ex Hazira)

Price Change
on Week

Product

Poly propylene :
PP Injection Far East Asia

PP Raffia Far East Asia

PP IPP Film Far East Asia

PP BOPP Far East Asia

PP BOPP South East Asia

0
0

UD

+ 05
0

+ 05

USD/MT

INR/KG

Raffia

77.73

1061

79.73

1089

+ 02

Injection

76.77

1048

78.77

1076

+ 02

TQ Film
Homopolymer

79.97

1093

81.97

1121

+ 02

Block Copolymer

79.86

1091

81.86

1119

+ 02

Random Copolymer

84.39

1155

86.39

1183

+ 02

BOPP Homopolymer

82.10

1123

84.10

1151

+ 02

*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.

China Domestic (YUAN/MT EX-WORK) :

PP Raffia

Price Change on Week

INR/KG

AR

S
S
A

+ 05

Sept 23 (WK 38)

USD/MT

PP Grade

Propylene :

PP Injection South Asia

Sept 16 (WK 37)

INR/KG

PLATTS INTERNATIONAL PRICES

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

Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

Week 38 September 23, 2015

PLATTS Polymer shipping costs (USD/MT)
From:
To:
East China
South China
India
Southeast Asia
NW Europe
Turkey
US Gulf
Latin America

Middle East

Middle East

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 main ports in Brazil, Chile, Uruguay.

POLYMERUPDATE (CIF INDIA PRICES)

R
A
S

CIF INDIA BY ORIGIN (Nhava Sheva Port)

South Korea

Singapore

Price Change
on Week

WK 37

WK 38

Sep 16

Sep 23

Raffia

1100

1110

+ 10

Injection

1100

1110

+ 10

TQ Film Homopolymer

1110

1130

+ 20

Block Copolymer

1140

1150

+ 10

Random Copolymer

1160

1170

+ 10

BOPP Homopolymer

1100

1130

+ 30

PP Grade

AS

WK 37
Sep 16

WK 38

Sep 23

D
U
M

Price Change
on Week

1070

+ 10

1060

1070

+ 10

1090

1100

+ 10

1110

1120

+ 10

1140

1150

+ 10

1070

1075

+ 05

1060

Thailand

Saudi Arabia
Price Change
on Week

WK 37

WK 38

Sep 16

Sep 23

1080

1090

+ 10

1080

1090

+ 10

1100

1110

+ 10

1110

1120

+ 10

1130

1140

+ 10

1100

1110

+ 10

Price Change
on Week

WK 37

WK 38

Sep 16

Sep 23

1050

1060

+ 10

1050

1060

+ 10

1070

1080

+ 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.

POLYMERUPDATE - Indian Open Market Price Table

Product
PP Raffia
PP Film
PP Injection

Note: All prices are in INR/kg levels.

Mumbai

Delhi

Kolkatta

Banglore

Indore

Chennai

Ahmedabad

Rajasthan

Kanpur

Hyderabad

Punjab

Kerala

90 - 90.5

90 - 91

90 - 91

90 - 90.5

91 - 92

87 - 88

93 - 94

90 - 90.5

90 - 90.5

92 - 92.5

95 - 96

89 - 90

95 - 96

94 - 95

96 -97

94 - 94.5

95 - 96

92 - 93

96 - 97

93 - 93.5

93 - 93.5

96 - 96.5

98 - 99

91 - 92

89 - 89.5

89.5 - 9.5

90 - 91

90 - 90.5

92 - 93

89 - 90

93 - 94

90 - 90.5

88 - 88.5

92 - 92.5

93 - 94

89 - 90

Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

Week 38 September 23, 2015

POLYMERUPDATE - INDIAN PRODUCER POSTING PRICE COMPARISON (GRADE WISE) w.e.f 18-Sept-2015
INJECTION MOULDING (MFI 8-11)

BOPP
Producer

Grade No.

*INR/MT

USD/MT

Producer

Grade No.

*INR/MT

USD/MT

RIL (Ex-Hazira)

H029SG/H035SG

84100

1151

RIL (Ex Works BC/NC)

AM120N

77230

1054

HALDIA (Ex-Works)

F103

85700

1174

RIL (Ex-Hazira)

H110MA

78770

1076

HALDIA (Ex-Works)

M110

80000

1093

FIBRE FILAMENTS
Producer

Grade No.

*INR/MT

USD/MT

RIL (Ex-Hazira)

H350FG/H200FG

82080

1122

Grade No.

*INR/MT

RIL (Ex Works BC/NC)

MI3535

85930

RIL (Ex-Hazira)

B030MG/B120MA

81860

HALDIA (Ex-Works)

M304

86000

USD/MT

MU

DA

1177
1119
1178

Producer

Grade No.

*INR/MT

USD/MT

RIL (Ex-Hazira)

R019MZ

86390

1183

AR

SS

IMPACT COPOLYMER
Producer

RANDOM COPOLYMER

RAFFIA
Producer

Grade No.

*INR/MT

USD/MT

RIL (Ex Works BC/NC)

SS35N

79040

1080

RIL (Ex-Hazira)

H030SG

79730

1089

HALDIA (Ex-Works)

R103

87100

1193

INJECTION MOULDING (MFI - 3)

TQ FILM

Producer

Grade No.

*INR/MT

USD/MT

Producer

Grade No.

*INR/MT

USD/MT

RIL (Ex-Hazira)

H033MG

79230

1082

RIL (Ex-Hazira)

H100EY

81970

1121

HALDIA (Ex-Works)

M103

82600

1130

HALDIA (Ex-Works)

F110

83800

1147

*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)
- 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: BOPP = Biaxially-Oriented Polypropylene, MFI = Melt Flow Index,
- 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)

Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

Week 38 September 23, 2015

Heard in PP MARKET

Platts:

Polymerupdate:

PP Raffia/Injection: Oct offers heard at $1040-1050/mt CFR SE Asia, Reliance origin

N. A.

PP Raffia/Injection: Oct deals heard at $1030/mt CFR SE Asia, Reliance origin

PP Raffia/Injection: Oct offers heard at $1060/mt CFR S Asia (Pakistan), Reliance origin
PP Raffia/Injection: Oct tradable level heard at $970-980/mt CFR FE Asia
PP IPP Film: IPP Film vs PP Raffia spread at about $20/mt CFR S Asia
PP BOPP: BOPP vs PP Raffia spread at about $15/mt CFR S Asia
PP Block Copol: Block Copol vs Raffia/Injection spread about $50/mt, CFR S Asia

R
A
S

PP IPP Film: IPP Film vs PP Raffia spread at about $20/mt CFR SE Asia

S
A
D

PP BOPP: BOPP vs PP Raffia spread at about $15/mt CFR SE Asia

PP Block Copol: Block Copol vs Raffia/Injection spread about $50/mt, CFR SE Asia
PP Raffia/Injection: Oct tradable level heard at $1020/mt CFR SE Asia
PP Raffia/Injection: Oct bid heard at $1020/mt CFR SE Asia

MU

PP IPP Film: IPP Film vs PP Raffia spread at about $20-30/mt CFR SE Asia

PP Raffia: Domestic East China price heard at Yuan 7,600-7,700/mt, ex works

PP Raffia/Injection: Oct offers heard at $1,000/mt CFR FE Asia
PP Raffia: Domestic East China price heard at Yuan 7,650/mt, ex works
PP Raffia/Injection: Oct offers heard at $1,000/mt CFR FE Asia, APC origin
PP Raffia/Injection: Oct deal concluded at $980/mt CFR FE Asia, Reliance origin (sold by trader), 100-300 mt
PP Raffia/Injection: Oct offer heard at $1050/mt CFR SE Asia, Reliance origin
PP Raffia/Injection: Oct offer heard at $1040/mt CFR SE Asia, Sumitomo origin

Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

Week 38 September 23, 2015

PLATTS INTERNATIONAL MARKET COMMENTARY & ANALYSIS
Asian Propylene: Falls to nine-month low on thin demand, supply glut

Asian PP: Prices edge up $5/mt in China, restocking in SEA, S Asia

- China's Aug PP-homo imports up 3.35% on month

- CFR China price lowest since December 2014

- Caixin flash China PMI at 47.0 for September

- End-users secure requirements for October

The CFR Far East Asia polypropylene marker edged up $5/mt Wednesday after plunging $15/mt last week, while

Asian propylene sank to its lowest level in about nine months Friday as buying activity fell with

restocking in Southeast Asia and India kept CFR Southeast Asia and CFR South Asia markers unchanged on week.

most end-users having secured their requirements for October. CFR China was assessed at

In China, domestic prices were assessed up Yuan 50/mt on the week at Yuan 7,650/mt on Wednesday -- about

$645/mt, down $50/mt from Thursday last week. Prices were not assessed on Friday last week

$962/mt on an import parity basis. End-users booked PP-raffia cargoes at $980/mt CFR China level throughout the

due to a holiday in Singapore. The last time the CFR China marker was lower was on

week, ahead of the week-long October holidays in China. "August and September were supposed to be peak

December 24, 2014, when it stood at $625/mt. Towards the end of the week, offers fell to deal
superseded by offers at $650/mt CFR China with buying ideas at $640/mt CFR China. In a
bearish market, South Korea's propylene exports in August rose 10% from July to 112,929 mt.

AS

But in Taiwan, customs data showed that the country's propylene exports stood at 29,100 mt

in July, down 14.1% from June. In downstream news, South Korea's S-Oil plans to build a

UD

705,000 mt/year propylene derivatives plant as part of an upgrade project of the Onsan
refinery at Ulsan. The plant will have a production capacity of 405,000 mt/year of
polypropylene and 300,000 mt/year of propylene oxide.

RATIONALE:
Asia propylene was assessed Friday at $645/mt CFR China, down $20/mt from Thursday and
$50/mt lower from Thursday last week. Offers stood at $650/mt CFR China for H2 October

demand months for PP in China, but we are not seeing the volumes we expected," one China-based trader said.

R
A
S

levels as buyers retreated from the spot market. On Thursday, a $650/mt CFR China deal was

Chinese customs data showed that PP Homo imports rose 3.35% on month in August to 278,704 mt, although this
represented at 5.28% drop on year. PP block copolymer imports rose 1.63% on month and 3.13% on the year to
105,528 mt in August. In Southeast Asia, restocking continued to generate firm trades. But PetroVietnam, which
traditionally exports to ASEAN countries and China, was forced to find domestic buyers amid ample supply in both
markets, sources said. An end-user in Malaysia said that restocking and stable crude were keeping PP buying
sentiment strong this week, but worried that the slowdown in China could adversely impact Southeast Asia
sentiment next month. On Wednesday, the Caixin Flash China Purchasing Manager's Index came in at 47 for
September, down from 47.3 in August, signaling continued weakness in the Chinese manufacturing sector. India
and South Asia PP demand continued to be firm this week as end-users restocked amid stable crude.
RATIONALE:

cargoes while buying ideas stood at $640/mt CFR China. FOB Korea was down $25/mt at

Polypropylene raffia edged up $5/mt on the week to $980/mt CFR Far East Asia on Wednesday. Deals were heard

$595/mt. Freight between South Korea and China hovered around $50/mt.

concluded at the $980/mt by China-based traders. The CFR Southeast Asia PP raffia marker was assessed at
$1,030/mt, unchanged on the week, taking into consideration deals concluded at $1,030/mt by end-users. The
CFR South Asia PP raffia marker was assessed at $1,050/mt, unchanged on the week reflecting deals heard
concluded at that level.

Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

Week 38 September 23, 2015

POLYMERUPDATE - PP MARKET SUPPLY SCENARIO

R
A
S

S
A
D

MU

PO plant restarted by Dongying Huatai

Dongying Huatai Chemical has restarted its propylene oxide (PO) plant following a maintenance turnaround. The plant resumed production in mid-September 2015 and is currently operating at 85% of production
capacity rates. The plant was taken off-stream in early-September 2015. Located in Dongying, Shandong province of China, the PO plant has a production capacity of 80,000 mt/year.
S-Oil to build propylene derivatives plant
S-Oil is in plans to build a propylene derivatives plant. The company is in plans to setup a new propylene derivatives plant. The derivatives plant includes a polypropylene (PP) plant with a production capacity of
405,000 mt/year and propylene oxide (PO) plant with a production capacity of 300,000 mt/year. The company will also build a residue hydrodesulfurization unit with a processing capacity of 76,000 bpd. The
company is likely to invest approx USD 410 million over the next three years. Located at Ulsan, South Korea, the propylene derivatives plant will have a total production capacity of 705,000 mt/year.
Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

Week 38 September 23, 2015

PLATTS Price Analysis of PP Chain Processing Margins
Naphtha to Propylene

Propylene to Polypropylene

R
A
S

S
A
D

Typical North East Asian $/mt margin for producing propylene

from naphtha using a conversion cost of $250/mt

Polyproplene : Naphtha ratio

CFR FE Asia PP homo injection prices as a ratio of naphtha

MU

Typical $/mt margin for producing PP homo injection in Far East Asia
from propylene using a conversion cost of $150/mt

CFR China Vs SEA Propylene

CFR China propylene premium or discount to CFR South East Asian propylene prices

Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

Week 38 September 23, 2015

Currency rates equivalent to 1 US Dollar :
Countries

Currency Rates

Countries

Currency Rates

Indian Rupees (INR)

65.95

Japan Yen (JPY)

Pakistan Rupees (PKR)

104.31

Indonesia Rupiahs (IDR)

14,633.29

6.37

Malaysia Ringgits (MYR)

4.30

Bangladesh Taka (BDT)

77.66

Singapore Dollars (SGD)

1.41

Sri Lanka Rupees (LKR)

140.73

South Korea Won (KRW)

1185.84

Thailand Baht (THB)

36.07

Saudi Arabia Riyals (SAR)

3.75

Taiwan New Dollars (TWD)

32.90

United Arab Emirates Dirhams (AED)

3.67

China Yuan Renminb (CNY)

120.08

R
A
S

CRISIL Research Macroeconomics & Currency Monthly Analysis

S
A
D

MU

Overview: The commodity blessing

The global downturn, particularly the sharp slowdown in the resource-intensive Chinese economy, has depressed the prices of
many commodities. The decline is broad-based, including metals, oil and agricultural commodities. Although there are pockets of
stress within India due to low commodity prices, the overall economy stands to gain as the country is a net importer of a
majority of these commodities. The recent depreciation of currency has pared some gains from the drop in commodity prices.
Yet, decline in commodity prices has been much sharper than currency depreciation. Net-net, imports are cheaper. The fall in
international commodity prices, especially of crude oil, has helped improve India's key macroeconomic parameters, such as fiscal
deficit, current account deficit and inflation. Low crude prices have also provided an opportunity to reform the fuel subsidy
regime. Industries dependent on oil, such as auto, also get a boost from lower fuel prices. Lower international prices of edible oil
have proved a blessing this year. However, weak monsoons are expected to take a toll on acreage, yields and output of oilseeds.
A drop in international non-coking coal prices will reduce input costs for sectors such as power. India is a significant exporter of
agricultural products and is trade surplus in the segment. The exports include 11.6% of total rice production, 4% of total wheat
production and also cotton. The slump in global prices hurts the export income of farmers already reeling under consecutive
monsoon failure. Metal companies also stand to lose, particularly given a drop in aluminum and steel prices.

Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

Week 38 September 23, 2015

IIP splutters in July as factory wheels jam
Industrial production growth moderated to 4.2% in July from 4.4% in June. On a month-on-month basis also growth remained weak. The picture
for manufacturing was also less positive with growth slowing to 4.7% in July. That said, the numbers did throw up a bright spot - for one, the
capital goods sub-index rose 10.6%. It was disappointing to see the consumer-oriented sectors lose momentum seen in July (1.3%), signalling
that consumption demand remains fragile. Unseasonal rains early this year and the weak progress of monsoon so far are telling on demand. As a
result, low capacity utilisation is a key challenge faced by most industrial sectors.

Inflation resists a drop in August

Consumer price inflation (CPI) stood at 3.7% in August, unchanged from the previous month. July inflation was revised down from 3.8% released
earlier. In August, core inflation continued to ease, but a further fall in overall inflation was contained by a pick-up in the food and fuel related
inflation. Food inflation, at 2.2%, was 10 basis points (bps) higher than in July, whereas fuel inflation (fuel and light), at 5.7%, was up 30 bps.
Wholesale price index data continued to be in the negative zone, but the extent of decline slowed. Meanwhile, with rising rainfall deficiency, food
inflation in some commodities is firming up, and if not contained, can lower some gains from falling fuel prices. Core inflation (CPI excluding food
price index, fuel and light, and petrol and diesel) fell to 5.2% in August, down 10 bps over July - its second consecutive monthly decline. Much of this
fall came from lower inflation in health, personal care effects and education. The continued decline in core reflects sluggish demand conditions in the
economy.

R
A
S

S
A
D

MU

FII outflows drag rupee under

The rupee lost ground against most major currencies in August as foreign institutional investors made a beeline out of the emerging markets
following a devaluation of the yuan. China devalued the yuan by 4%, announcing a change to its peg against the US dollar. The move, coming at a
time when the Chinese economy is in the throes of a slowdown, pulled down commodity prices and created jitters in currency and stock markets
worldwide. The rupee hit a low of 66.7/$ on August 25 before recovering a tad (it has depreciated 3% since the announcement of the Chinese
devaluation). It averaged 65.1/$ for the month, weaker than 63.6/$ in July. Against the euro and the pound, it dropped on average 3.5% and 2.4%,
respectively.

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.

Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

Week 38 September 23, 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:
Marketing Managers: Reshma Jadhav, Tausif Siddiqi, Nilesh Shah

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.

R
A
S

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
agencies, as well as front runners in the international information services, news and media companies.
To further facilitate its readers, Polymerupdate recently launched the World's 1st Android & Blackberry Applications for daily polymer news & prices. Polymerupdate through it's daily alerts helps companies worldwide increase
their revenues and their profits, by providing them with real time, quality, valuable and business critical information. With its well appointed stringers and channel partners from across the world, Polymerupdate is rapidly
extending its reach within the industry, as it strives toward its goal of becoming the number one player in its space globally. Additional information available on http://www.polymerupdate.com .

S
A
D

MU

Copyright (C) 2014 Shalimar Infotech Pvt. Ltd. ALL RIGHTS RESERVED: Shalimar Infotech Pvt. Ltd. makes no warranties as to the accuracy of information, or results to be obtained from use. No portion of this
publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed without prior written authorization from Polymerupdate.com. Polymerupdate.com is a TRADEMARK of Shalimar
Infotech Pvt. Ltd.
About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing,
analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries
benefit from Platts coverage of the carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, and shipping markets. A division of The McGraw-Hill Companies (NYSE: MHP), Platts is
headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at www.platts.com .
Platts content copyright 2014: Copyright 2014 The McGraw-Hill Companies. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system or otherwise
redistributed without prior written authorization from Platts. Platts is a trademark of The McGraw-Hill Companies Inc. Information has been obtained from sources believed reliable. However, because of the possibility of human
or mechanical error by sources, McGraw-Hill or others, McGraw-Hill does not guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained
from use of such information. See back of publication invoice for complete terms and conditions.
About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011, its intention to separate into two companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial
markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financials leading brands include Standard & Poors Ratings Services, S&P Capital
IQ, S&P Dow Jones Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2011, the Corporation has approximately 23,000 employees across more than 280 offices in 40
countries. Additional information is available at http://www.mcgraw-hill.com/ .

Contact Details: 344, A to Z Indl. Estate, G. K. Marg, Lower Parel (w), Mumbai 400013, INDIA | Email: info@polymerupdate.com | Tel: +91-22-61772000 (25 lines) | Fax: +91-22-61772025

10