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* The price correction, which had begun from early CY23, has shown visible signs of reversal since Jul’23.

* The last quarter saw subdued demand due to multiple factors like excessive dumping from China, global slowdown, inventory destocking, capacity addition for some chemicals, and weakening of sectors like agrochemicals, pigments, dyes, textile.

* Specialty chemicals prices were comparatively less impacted vis-a-vis commodity chemicals.

* PVC price recovery since July is the collective outcome of a demand uptick in China, import reduction, and sustained strong demand in domestic market resulting in spreads improving.

* Commodities like Chlorine & Caustic soda continue to grapple with a weak demand scenario.

* Inventory destocking in select industries like agrochemicals is likely to happen over two quarters.

* Phenol & Acetone prices have improved after a sharp drop in June although Phenol price is still below its average price. Chemicals (USD/MT) Jul-23 Jun-23 Jul-22

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