This Weeks Highlights:

Asian Propylene: Falls $21-27/mt as supply increases

Asian PP: Raffia falls $40-$50/mt on China market turmoil

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INDEX:

Platts International Prices

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Polymerupdate Indian Domestic Producer Price

Platts Polymer Shipping Costs (USD/MT)

Polymerupdate CIF India Prices

Polymerupdate Indian Open Market Price Table

Polymerupdate Indian Producer Posting Price Comparison

Heard in PP Market

Platts International Market Commentary & Analysis

Polymerupdate - PP Market Supply Scenario

Platts Price Analysis Of PP Chain Processing Margins

Currency Rates

Crisil Research Macroeconomics & Currency Monthly Analysis

Point of Contact

10

Polymerupdate - About us & Copyright

10

Platts - About us & Copyright

10

www.polymerupdate.com

www.platts.com

Week 34 August 26, 2015

POLYMERUPDATE INDIAN DOMESTIC PRODUCER PRICE RIL (Ex-Hazira)

PLATTS INTERNATIONAL PRICES (USD/MT)

Aug 19
(WK 33)

Aug 26
(WK 34)

India Crude basket: (USD/b)

48.00

42.56

- 05.44

Naphtha:

414.78

344.58

- 70.20

FOB Korea

811-813

709-711

- 102

CFR China

858-860

837-839

- 21

CFR South East Asia

803-805

782-784

- 21

PP Injection South Asia

1034-1036

994-996

- 40

PP Injection Far East Asia

1014-1016

974-976

- 40

PP Injection South East Asia

1024-1026

974-976

- 50

PP Raffia South Asia

1034-1036

994-996

- 40

PP Raffia Far East Asia

1014-1016

974-976

PP Raffia South East Asia

1024-1026

974-976

PP IPP Film South Asia

1054-1056

1014-1016

- 40

PP IPP Film Far East Asia

1034-1036

994-996

- 40

PP IPP Film South East Asia

1044-1046

994-996

- 50

PP Copolymer South Asia

1074-1076

1034-1036

- 40

PP Copolymer Far East Asia

1064-1066

1024-1026

- 40

PP Copolymer South East Asia

1064-1066

1014-1016

- 50

PP BOPP South Asia

1049-1051

1009-1011

- 40

PP BOPP Far East Asia

1024-1026

984-986

- 40

PP BOPP South East Asia

1044-1046

994-996

- 50

















7780-7820

- 300

Product

(MOP West India)

INDIA DOMESTIC PRODUCER PRICE - RIL (Ex Hazira)

Price Change
on Week

Product







Poly propylene :

- 50

8080-8120

USD/MT

INR/KG

Raffia

83.73

1142

80.23

1093

- 3.5

Injection

82.77

1128

79.27

1079

- 3.5

TQ Film
Homopolymer

85.97

1173

82.47

1124

- 3.5

Block Copolymer

85.86

1172

82.36

1123

- 3.5

Random Copolymer

90.39

1236

86.89

1186

- 3.5

BOPP Homopolymer

87.60

1196

87.60

1196

*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.

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

China Domestic (YUAN/MT EX-WORK) :

PP Raffia

Price Change on Week

INR/KG

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- 40

Aug 26 (WK 34)

USD/MT

PP Grade

Propylene :

UD

Aug 19 (WK 33)

INR/KG

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025

Week 34 August 26, 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)

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CIF INDIA BY ORIGIN (Nhava Sheva Port)

South Korea
PP Grade
Raffia

Singapore

WK 33
Aug 19

WK 34
Aug 26

1120

1090

- 30

Price Change
on Week

Injection

1120

1090

- 30

TQ Film Homopolymer

1150

1100

- 30

Block Copolymer

1160

1130

- 30

Random Copolymer

1180

1150

- 30

1090

- 30

BOPP Homopolymer

1120








WK 33
Aug 19

AS

WK 34
Aug 26

UD

Price Change
on Week

1050

- 50

1100

1050

- 50

1130

1080

- 50

1150

1100

- 50

1180

1130

- 50

1060

- 30

1100

1090

Thailand

Saudi Arabia

WK 33
Aug 19

WK 34
Aug 26

1110

1070

- 40

1110

1070

- 40

1130

1090

- 40

1140

1100

- 40

1160

1120

- 40

1090

- 40








1130

Price Change
on Week








WK 33
Aug 19
1040

WK 34
Aug 26
1010

- 30

1040

1010

- 30

1070

1030

- 40





--

--

--

--

--

--

--

--

--

--

--

--

Price Change
on Week

- 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

89 - 90

88 - 88.5

91 - 92

89 - 89.5

92 - 93

90 - 91

88 - 89

90 - 90.5

101 - 102

91 - 92

100 - 101

92 - 92.5

93 - 93.5

94 -94.5

93.5 - 94

96 - 97

93 - 93.5

92 - 93

95 - 95.5

104 - 105

95.5 - 96

103 - 104

95 - 96

89 - 90

88.5 - 89

90 - 90.5

89 - 89.5

93 - 94

89 - 90

98 - 99

90 - 90.5

100 - 100.5

91 - 92

98 - 99

104 - 105

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025

Week 34 August 26, 2015

POLYMERUPDATE - INDIAN PRODUCER POSTING PRICE COMPARISON (GRADE WISE) w.e.f 20-August-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

87600

1196

RIL (Ex Works BC/NC)

AM120N

77730

1058

HALDIA (Ex-Works)

F103

86200

1177

RIL (Ex-Hazira)

H110MA

79270

1079

HALDIA (Ex-Works)

M110

80500

1097

FIBRE FILAMENTS
Producer

Grade No.

*INR/MT

USD/MT

RIL (Ex-Hazira)

H350FG/H200FG

82580

1126

Grade No.

*INR/MT

RIL (Ex Works BC/NC)

MI3535

86430

RIL (Ex-Hazira)

B030MG/B120MA

82360

HALDIA (Ex-Works)

M304

86500

USD/MT

MU

DA

1180

1123
1181

Producer

Grade No.

*INR/MT

USD/MT

RIL (Ex-Hazira)

R019MZ

86890

1186

AR

SS

IMPACT COPOLYMER
Producer

RANDOM COPOLYMER

RAFFIA
Producer

Grade No.

*INR/MT

USD/MT

RIL (Ex Works BC/NC)

SS35N

79540

1083

RIL (Ex-Hazira)

H030SG

80230

1093

HALDIA (Ex-Works)

R103

87600

1196

INJECTION MOULDING (MFI - 3)

TQ FILM

Producer

Grade No.

*INR/MT

USD/MT

Producer

Grade No.

*INR/MT

USD/MT

RIL (Ex-Hazira)

H033MG

79730

1086

RIL (Ex-Hazira)

H100EY

82470

1124

HALDIA (Ex-Works)

M103

83100

1133

HALDIA (Ex-Works)

F110

84300

1150

*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)

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025

Week 34 August 26, 2015

Heard in PP MARKET

Polymerupdate:

Platts:
PP Raffia/Injection: H2 Sep offers heard at $990/mt CFR FE Asia, LyondellBasell and Braskem origin, normalized to LC30

N.A.

PP Raffia: Domestic East China offers heard at Yuan 7,800/mt, ex works

PP Injection: Injection vs Raffia spread is about $0/mt CFR FE Asia
PP BOPP: BOPP vs Raffia spread is about $5-10/mt CFR FE Asia
PP Raffia/Injection: H2 Sep offers heard at $1,000/mt CFR SE Asia, APC origin, normalized to LC30
PP IPP Film: IPP Film vs PP Raffia spread at about $10/mt CFR SE Asia
PP IPP Film: H2 Sep offer at $1,020/mt CFR SE Asia
PP IPP Film: H2 Sep bid heard at $990/mt CFR SE Asia
PP BOPP: H2 Sep offer at $1015/mt CFR SE Asia

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PP Raffia/Injection: H2 Sep offer at $990/mt CFR SE Asia, Reliance origin, normalized to LC30
PP Raffia/Injection: H2 Sep buying heard at $950/mt CFR SE Asia

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PP Raffia: Domestic East China offers heard at Yuan 7,900/mt, ex works

PP Raffia: Domestic East China offers heard at Yuan 8,100/mt, Sinopec origin, ex works
PP Raffia/Injection: H2 Sep offers heard at $980-1,000/mt CFR FE Asia

MU

PP Raffia: Domestic East China offers heard at Yuan 7,800/mt, ex works

PP Raffia/Injection: H2 Sep offer at $980-990/mt CFR SE Asia, Reliance origin

PP Raffia/Injection: H2 Sep offer at $1,000-1,015/mt CFR SE Asia, APC origin
PP IPP Film: IPP Film vs PP Raffia spread at about $20/mt CFR S Asia

PP Block Copolymer: PP Block Copolymer vs PP Raffia spread at about $50/mt CFR S Asia, LyondellBasell origin
PP Raffia/Injection: H2 Sep offer at $1,000/mt CFR SE Asia

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025

Week 34 August 26, 2015

PLATTS INTERNATIONAL MARKET COMMENTARY & ANALYSIS

Asian Propylene: Falls $21-27/mt as supply increases

Asian PP: Raffia falls $40-$50/mt on China market turmoil

- New China PDH plan offers first cargoes

- July PP homo imports fall 15% on year

- New S Korea PDH plant achieves on spec output

- India domestic producers lower offers again

Propylene was assessed at $838/mt CFR China Friday, falling $12/mt from the day before

The Far East Asia PP raffia marker fell $40/mt week on week to $975/mt Wednesday, continuing another a week of

and down $21/mt week on week, as supply increased on new plant startups and lower

market turmoil. The uncertainty caused by the 17% plunge of the Shanghai Composite index from Monday to

buying ideas. China's Yantai Wanhua Chemical last Friday started up its new propane

Wednesday effectively discouraging buying activities all week, sources said. China's customs data showed July PP

dehydrogenation plant in Shandong that can make 750,000 mt/year of propylene. A source

homo imports falling 15% or almost 50,000 mt year on year. PP block copolymer imports, however, rose 16% year

in China said cargoes from the new plant were being offered in the market this week.

on year in July, as importers deemphasized commodity-grade PP homo to focus on higher-value PP. The CFR

South Korea's Hyosung Corp. achieved on-specification production of propylene at its new

Southeast Asia PP raffia marker fell $50/mt to $975/mt this week because of competing offers from the Middle East

PDH last week, a source said this week. The plant in Ulsan can produce 300,000 mt/year of

and India while buyers sat on the sidelines. APC was heard offering into Vietnam at $1,000/mt earlier in the week,

propylene. The supply from these new plants did not fully offset an expected reduction in

the sharpest offer until Reliance came Tuesday at $990/mt. The CFR South Asia polypropylene raffia marker fell

operating rates by Japan's Mitsui Chemicals, which plans to cut rates at its Sakai steam

$40/mt week on week, assessed at $995/mt Wednesday, as Middle East offers competed amid poor buying

cracker to 85% in early September for one week for "minor maintenance". The FOB Korea

sentiment, according to industry sources. India's polypropylene producers have cut offers in the domestic market for

propylene marker was assessed at $798/mt, down $12/mt from Thursday and down

the third time in August while extending a new price protection scheme for customers until August 31, citing weak

$27/mt from last Friday.

demand. Reliance Industries, Indian Oil Corp. and other major producers announced new domestic PP offers late

RATIONALE:

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August 19 for September-loading cargoes, at around Rupee 80,230/mt ex-plant, equivalent to $1,101/mt on an
import-parity basis, down Rupee 800/mt from August 13.

Propylene was assessed at $838/mt CFR China Friday, down $12/mt from Thursday and
down $21/mt from the week before. The bid level was heard around $800/mt Friday, with

RATIONALE:

a sell idea heard around $840/mt the day before. A CFR China deal was heard Friday to

Polypropylene raffia was assessed $40/mt lower week on week at $975/mt CFR Far East Asia Wednesday. Offers

have traded at $840/mt the day before. The FOB Korea propylene marker was assessed at

were heard at $990/mt range from LyondellBasell and Braskem, with little buying appetite. The CFR Southeast Asia

$798/mt, down $12/mt day on day and dropping $27/mt week on week as CFR China

raffia marker was assessed at $975/mt, down sharply $50/mt on the week taking into consideration offers heard at

prices fell. The spread between CFR China and FOB Korea widened to $40/mt from $34/mt

$990/mt Reliance origin cargo, amid no buying interest. The CFR South Asia PP raffia marker was assessed at

last Friday.

$995/mt, plunging $40/mt week on the week reflecting a confirmed offer from APC at $1,010/mt, again, with little
buying interest.

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025

Week 34 August 26, 2015

POLYMERUPDATE - PP MARKET SUPPLY SCENARIO

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RFCC planned to be restarted by

CPC
CPC Corp is in plans to restart a
residual fluid catalytic cracker
(RFCC) at its Dalin refinery following
an unplanned shutdown. The cracker
had planned to resume production
by early this week. It was shut in
Mid-Aug 2015 owing to technical
issues. Located at Dalin in Taiwan,
the RFCC has a propylene capacity
of 400,000-450,000 mt/year.
PDH plant shut by Zhejiang
Shaoxing Sanyuan
Zhejiang
Shaoxing
Sanyuan
Petrochemical has shut its propane
dehydrogenation (PDH) unit. The
plant was shut on August 19, 2015
owing to power issues. The plant is
likely to be restarted by the end of
this week.
Located in Shaoxing,
Zhejiang province of China, the unit
has a propylene capacity of 450,000
mt/year.

Tosoh
to
undertake
maintenance at naphtha cracker
in Q2, 2016
Tosoh is in plans to shut its naphtha cracker for maintenance turnaround. The cracker is planned to be shut in April 2016. It is likely to remain off-stream for around one month. Located in Yokkaichi, Japan, the
cracker has an ethylene capacity of 530,000 mt/year and propylene capacity of 316,000 mt/year.
PP plant operated by Japan Polypropylene at full rates
Japan Polypropylene is operating its polypropylene (PP) plant at full rates. The PP plant is presently operating at 100% of production capacity rates. The full rates are a result of strong sales recorded in the domestic
markets. Located in Kashima, Japan, the plant has a production capacity of 300,000 mt/year..

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025

Week 34 August 26, 2015

PLATTS Price Analysis of PP Chain Processing Margins

Naphtha to Propylene

Propylene to Polypropylene

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Typical North East Asian $/mt margin for producing propylene

from naphtha using a conversion cost of $250/mt

Polyproplene : Naphtha ratio

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 FE Asia PP homo injection prices as a ratio of naphtha

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

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025

Week 34 August 26, 2015

Currency rates equivalent to 1 US Dollar :
Countries

Currency Rates

Countries

Currency Rates

Indian Rupees (INR)

66.17

Japan Yen (JPY)

Pakistan Rupees (PKR)

103.95

Indonesia Rupiahs (IDR)

14,097.92

119.66

China Yuan Renminb (CNY)

6.41

Malaysia Ringgits (MYR)

4.21

Bangladesh Taka (BDT)

77.72

Singapore Dollars (SGD)

1.40

Sri Lanka Rupees (LKR)

134.08

South Korea Won (KRW)

1187.95

Thailand Baht (THB)

35.50

Saudi Arabia Riyals (SAR)

3.75

Taiwan New Dollars (TWD)

32.58

United Arab Emirates Dirhams (AED)

3.67

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CRISIL Research Macroeconomics & Currency Monthly Analysis

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MU

Overview: Counting the missing drops by DRIP

As we approach the end of this monsoon, the IMD appears set to be vindicated on its 12% rain deficiency call. From a surplus in
June, rainfall was down to 6% below the long period average as of July 31, falling further to 10% by August 16. Distribution too
has been short of normal, in terms of both time and geography.Not all is bad though, and progress on sowing offers hope.
Bountiful rains in June in several parts of India ensured sowing till August 14 was 3% higher than last year and only 1% below
normal. The good news is that the area under pulses - currently witnessing high inflation - is 12% more than last year and also
more than the normal. The next 45 days are crucial for ensuring reasonable yields for crops that have been sown as more than
half of the arable land in India is unirrigated and therefore remains vulnerable to monsoon shocks. The mention of shock and
vulnerability brings us to CRISIL's DRIP (Deficient Rainfall Impact Parameter) which captures the interaction between
vulnerability and weather shocks. DRIP, developed in the drought year of 2002, helps identify crops and regions hurt more by
weak rains. On the basis of rainfall till August 12, DRIP highlights Bihar, Karnataka, Maharashtra, Uttar Pradesh and Odisha as
the most adversely impacted states this year. Coarse cereals, soyabean, tur, maize and cotton are crops hit the most by
monsoon deficiency this year. We maintain our overall GDP growth forecast of 7.4% for fiscal 2016 with agriculture growing at a
sub-trend rate of 1.5% on a weak base of last fiscal. IMD expects the second half of the monsoon season to beworse than the
first. Any positive surprise on rainfall over the next 45 days can create some upside to ourgrowth outlook.

ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025

Week 34 August 26, 2015

IIP: Indicates industry growth on the positive
As expected, IIP growth picked up to 3.8% in June from 2.5% (revised down from 2.7%) in May. Overall growth was supported by manufacturing
activity (at 4.6% versus 2.0% in May). Other components, both mining & quarrying (-0.3%) and electricity (1.3%), recorded softer growth. Monthon-month SA (seasonally-adjusted based on Tramo method) growth, though, contracted 0.2% in June while the manufacturing sector signalled
positive streaks - rising 0.2% on m-o-m basis. Manufacturing index gained steam with a pick-up in consumer-oriented sectors such as textiles
(1.1%), tobacco products (8.7%), wearing apparel (27.6%), wood products (21%), and furniture. On the other hand, industrial- and investmentoriented sectors recorded slightly lower growth at 3.3% versus 4.2% in May.

Inflation drops in July

Consumer price inflation (CPI) fell to 3.8% in July from 5.4% in June. The sharp
fall was mainly due to a strong base effect. In July last year, a surge in fruits and vegetable prices had pushed the overall CPI index up 2.1%
month-on-month (m-o-m) and 7.4% year-on-year (y-o-y). If not for this category, inflation this July would have fallen by only 60 bps. The decline
in inflation came from the food price index, while fuel inflation also softened due to lower global oil (-48% y-o-y) and commodity prices (steel was
down 31% and aluminium was down 16%). The food price index fell to 2.2% in July from 5.5% in June. Within the food index, fruits & vegetables
inflation was -5.3%, but other commodities including cereals and most protein-related items - milk, eggs, meat and fish and, oils and fats - too
saw a decline. The only commodity where prices remained firm was pulses - where inflation rose to 22.9% in July from 22.2% in June. Core
inflation fell to 4.8% in July, down 40 bps over June - its first decline in five months. Much of this fall came from lower inflation in personal care
effects, education and transport and communication segments. Excluding the transport and communication segments, which includes petrol and

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diesel prices, core inflation was down about 10 bps.

MU

Rupee strengthens slightly in July

The rupee gained against most major currencies on a monthly average basis in July. It averaged 63.6/$, slightly strongerthan 63.9/$ in June.
Against the euro and the pound, it was up 2.2% and 0.3%, respectively.The local currency, however, remained choppy during the month. In the
first three weeks of July, it averaged 63.5/$, andweakened to 64/$ in the last week. Supporting a strong rupee in the first half were positive
developments in Greece,which reduced jitters over a possible default in debt obligations and led to investors purchasing emerging market
assets.Towards the end of the month, rupee lost some ground due to persistent dollar demand from importers and banks.

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.

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Week 34 August 26, 2015

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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.

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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 .

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headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at www.platts.com .
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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
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ContactDetails:344,AtoZIndl.Estate,G.K.Marg,LowerParel(w),Mumbai400013,INDIA|Email:info@polymerupdate.com|Tel:+912261772000(25lines)|Fax:+912261772025

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