Increase in Import Price of Propylene Glycol in India

Increase in Import Price of Propylene Glycol in India

In March 2023, the import price of propylene glycol in India reached $1,376 per ton, showing a slight increase of 3.9% compared to the previous month. However, the import price experienced a significant decline overall. From April 2022 to March 2023, average import prices were at a record high of $2,667 per ton, but then decreased to a lower figure from May 2022 to March 2023. The price of propylene glycol varied depending on the country of origin, with Singapore having the highest price at $1,584 per ton and Saudi Arabia having one of the lowest prices at $1,019 per ton. Singapore showed a notable decrease in prices from March 2022 to March 2023 (-3.6%), while other major suppliers experienced a decline in prices. In terms of imports, the volume of propylene glycol imported to India increased by 24% to 7.6K tons in March 2023, marking the second consecutive month of growth after two months of decline. Overall, total imports showed a buoyant growth rate of +6.1% per month on average from March 2022 to March 2023. There were noticeable fluctuations in the trend pattern throughout the analyzed period. The value of propylene glycol imports in March 2023 reached $10M, according to IndexBox estimates. The import trend remained relatively flat, with the highest growth rate recorded in April 2022 when imports increased by 71% month-to-month. The main suppliers of propylene glycol imports to India were Singapore, Saudi Arabia, and China, accounting for 77% of total imports. South Korea and Thailand were also significant suppliers, contributing a further 19%. Among the main suppliers, South Korea showed the highest growth rate in purchases with a CAGR of +8.0% from March 2022 to March 2023. In terms of value, Singapore, Saudi Arabia, and South Korea were the largest suppliers to India, collectively representing a 75% share of total imports. South Korea also had the highest growth rate in import value with a CAGR of +2.8%, while other leading suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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