Bearish raw material prices stabilized the prices of Formaldehyde in India
In India, the prices of Formaldehyde were observed to be stabilized as the prices of raw material Methanol is dropping down. The Methanol prices in India was slipped to INR 32000/ton Ex-Mumbai. However, the price of Natural Gas in India stabilized to upper end with INR 296700 per 1000 MMBtu Ex-Hazira. Shares of a few chemical manufacturers responded to the Union Budget 2022's proposed decrease in custom obligation on critical chemicals. Stocks of companies that utilize the critical chemicals as raw material flooded, while organizations that produce the chemical compounds saw a decline. The chemicals that will see an obligation decrease incorporate methanol, acidic acid and weighty feed stocks for oil refining. The stocks of organizations that use the chemicals as a raw material and subsequently, are probably going to profit from the duty cut acquired, while producers of the chemicals fell. Gujarat Narmada Valley Fertilizers and Chemicals Ltd. fell over 3%, the steepest intraday d...