In Asia, prices of rubber have exhibited an increasing trend. Export offers from Thailand have gone up to USD 1,710/MT FoB. And, prices in China moved up to Yuan 17,566/MT.
Due to these factors, rubber prices in India could become higher in the near future.
Recent developments in international markets indicate the likelihood of rubber prices rising in India.
Styrene prices have moved up in China to around Yuan 8,847/MT due to rising crude oil prices. Also, natural rubber prices in China have gone up to around Yuan 17,357/MT.
As Styrene is imported in India, higher prices in international markets means higher landed costs of imports, increasing production costs for Indian rubber producers. As a result, they might increase their prices.
Currently, ex-works prices of NBR are within INR 209-219/KG.
Escalating crude oil prices have pushed up rubber prices in Asia. Rubber prices in Thailand have moved up to USD 1,700/MT FoB recently.
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With IOCL lining up a PTA plant project, among others, in Paradip of Odisha, things are heading in an encouraging direction. Due to the demand and supply imbalance in the country, such a plant is expected to play a significant role in increasing domestic supply.
Demand for PTA in India is at around 8,430 KTPA. Out of this, domestic production is at approximately 6,490 KTPA. The rest is catered to through imports of around 1,800 KTPA.
Public sector enterprise IOCL has disclosed plans to set up refinery units, a PP plant, and a MEG plant in Paradip. The company has already been setting up a PX-PTA production facility in the town. These projects are expected to transform the town into a competitive petrochemical hub.