India

Apr 2nd, 2010

Diamond prices expected to climb

Diamond prices are expected to climb higher in the short term as lower production runs up against increasing demand for the luxury stone, executives at Harry Winston Diamond Corp. told analysts. "Prices have now rebounded to almost the previous highs as demand has continued to expand in emerging economies led by China and India," chairman […]...

Jul 27th, 2009

Uralkali Shares Jump on India Potash Deal

* Uralkali (URKAq.L) to deliver 675,000 tonnes to India * Shares up 5.8 percent in London * Analyst says China now likely to pay $400-$430 per tonne Shares in Russian potash miner Uralkali soared after the company said on Friday that its Belarussian sales joint venture agreed to sell 675,000 tonnes of potash fertiliser to […]...

Jul 24th, 2009

Naphtha Prices in Asia at Two Week Highs

Approximately 1.7 mln tons of spot naphtha will be delivered to Asia next month from Saudi Arabia, Kuwait, Europe, the United States, Mediterannean and India, as against last month’s 1.4 mln tons of spot naphtha from the West, Kuwait and India for July deliveries. Despite a situation of oversupply in Asia, naphtha prices have touched […]...

Jul 22nd, 2009

Saudi Petrochemical Companies are to Oppose the Anti-dumping Duties (ADD) that China Will Impose on Saudi Methanol Imports.

China may recommend imposing ADD on companies accused of dumping methanol onto the Chinese market. Some media sources have claimed that the dumping margins will range between 30% to 60% depending on the origin of the product. Saudi Basic industries Corporation (SABIC) said that it is cooperating with the Saudi commerce ministry to solve the […]...

Jul 22nd, 2009

Govt Rejects Proposal for Duty Differential Between Naphtha & Polymers

Manufacturers of petrochemicals in India have been hankering for a duty differential between naphtha and polymers which was as good as nil in India, but stood at 6-7 percent in other parts of the globe. But the government has stood its ground by saying that there was no duty inversion when customs duty on naphtha, […]...

Jul 22nd, 2009

PhosChem Announces Increased Volume To Existing DAP Contract With Indian Customers

Phosphate Chemicals Export Association, Inc. (PhosChem) announced an increase in volume to its existing diammonium phosphate (DAP) supply contract with its Indian customers. The volume will be increased by up to 500,000 tonnes from the initial 1.25 million tonnes agreed to earlier this year. Under the terms of the original contract, the price will be […]...

Jul 21st, 2009

Asia Naphtha-India IOC Sees Premiums Slide

Indian Oil Corp (IOC) sold 15,000 tonnes of naphtha for lifting in August from Haldia at a premium more than two times lower than what it had fetched for a July cargo due to increasing supply, traders said on Monday. IOC sold the cargo by tender to Emirates National Oil Co (ENOC) for Aug. 3-7 […]...

Jul 20th, 2009

GAIL to Focus on Petrochem, Gas Network and Distribution for Future Growth

GAIL India has outlined natural gas (transmission), petrochemicals and city gas distribution (CGD) as focus areas of future growth, to achieve the revenue target of over Rs 50,000 crore by 2011-12. On the petrochemicals front, GAIL India is expanding the capacity of its petrochemical plant at Pata in phases, from the initial 5,00,000 tpa to […]...

Jul 16th, 2009

LANXESS India buys Gwalior Chemical

LANXESS India Pvt Ltd, the subsidiary of specialty chemicals group LANXESS AG, has signed an agreement to acquire the chemical businesses and assets of Gwalior Chemical Industries Ltd (GCIL) for Euro 82.4 million, including debt. “This is our first acquisition in India and a further milestone in our company’s long-term growth strategy in BRIC countries. […]...

Jul 14th, 2009

Polypropylene Industry to 2015

The Asia Pacific region has more than ten million tons of planned capacity additions accounting for more than 50% of the global planned capacity additions until 2015, as per Global Markets Direct. The demand growth in rapidly developing economies of China and India are the reasons for the rapid capacity build up in the region. […]...

Jul 13th, 2009

Bright AutoPlast: New Injection Moulding Plant in India

Indian automotive components supplier and plastics converter Bright AutoPlast (Ahmedabad, Gujarat; www.brightautoplast.com) is expanding production capacity in its home country. The company, part of Sintex Industries (Kalol / India) since 2008, recently opened its sixth Indian plant, at Chennai. The facility will initially manufacture injection moulded parts for under-the-bonnet applications, and later also blow-moulded components. […]...

Jul 9th, 2009

Indian Plastics Processing Industry Appeals Against ‘Unjust’ ADD Recommended on PP Imports

Indian plastics processing industry represented by several trade associations and bodies associated with plastics industry recently appealed to the Hon. Prime Minister, Dr. Manmohan Singh and Hon. Finance Minister, Shri. Pranab Mukherjee, not to implement the recently recommended anti-dumping duty on polypropylene (PP) imported from Saudi Arabia, Singapore and Oman into India. In a recently […]...

Jul 8th, 2009

Saudi Cautions India of Possible Action Against Increased Tariffs on PP Exports

Saudi Arabia has warned India of possible action against India for levying upto 50% customs tariffs on its polypropylene exports. The resultant action could be similar to what the Kingdom plans against China after it introduced tariffs on Saudi Arabia’s petrochemical exports with the aim of protecting its own products. Saudi Arabia has also urged […]...

Jul 8th, 2009

Machino Polymers to Expand its Сapacity in India by 10,000 tpa

Machino Polymers plans to expand its Polypropylene compounding facility by 10,000 tpa from the current 40,000 tons with the setting up of two new units at Chennai and Pune. Machino expects to get its plant in Chennai operational by December 2009, while the Pune unit would be ready by Q2-10. The company is investing over […]...

Jul 6th, 2009

India’s Hydrocarbon Profile Sees a Sea Change

Daily gas production has already crossed oil production figures. India’s hydrocarbon profile is on the cusp of a major change — the country is becoming more of a natural gas producer than a crude oil producer. Consider this: While India’s current oil production is around 660,000 barrels a day, that of gas has touched 676,000 […]...

Jul 6th, 2009

Fertilizer Subsidy Method To Be Modified

The government of India has plans to change the method of subsidizing fertiliser prices. This will be done by shifting to a “nutrient based subsidy regime” from the current “product pricing regime”. This was put forward by Finance Minister Pranab Mukherjee announced while presenting the Budget 2009-10 in parliament on Monday. Till now, the fertilizer […]...

Jul 1st, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL For the second consecutive week, crude oil prices have finished in the red, settling below US$70 in the week of June 29, 2009. Light sweet crude oil for August delivery settled at US$69.1, down by over one dollar for the week amid rough trading. The Energy Information Administration data indicated a 3.8 mln […]...

Jun 29th, 2009

Industry Expectations that Can Boost the Consumption of Petrochemicals in India

The growth potential of India’s polymer and petrochemical industry has not completely materialized largely due to the high excise duty rate on petrochemicals. To boost petrochem consumption to partially/fully offset the loss in revenue from excise duty, the industry has a few expectations that include: Import duty on two basic feedstocks naphtha and propane be […]...

Jun 26th, 2009

ABB Wins $52 Million Power Orders in India

ABB has won orders worth $52 million to provide power products and solutions for a super-critical coal-fired power plant in the southern Indian state of Andhra Pradesh. The contract was awarded by Tata Projects Ltd, the engineering, procurement and construction contractor for the Balance of Plant related to the 2×800 megawatt Krishnapatnam thermal power plant. […]...

Jun 26th, 2009

Petrochemicals: Hike Import Duty on Polymers

Petrochemicals are chemicals manufactured from petroleum feed stocks. Petrochemical manufacturing involves manufacture of building blocks by cracking or reforming operation; conversion of building blocks into intermediates such as fibre intermediates (Acrylonitrile, Caprolactam, Dimethyl Terephthalate/Purified Terephthalic Acid, Mono Ethylene Glycol); precursors (Styrene, Ethylene Dichloride, Vinyl Chloride Monomer, etc) and other chemical intermediates; production of synthetic fibres, […]...