Indian Benzyl Chloride Prices Gain Momentum in February 2023

New Delhi (India): The Energy and the Oil and Gas industry rose in the Indian region by 3.1% and 1.5% respectively with an increase in the earnings of the company and subsequent profits are also increasing. The traders reported more sales being generated by the companies and investors are more optimistic about the oil and gas refining and marketing industry which is trading above its 3-year average of Price to Earnings ratio of 21.7 times.

The costs of Benzyl Chloride elevated during March in the Indian market with prices ranging at INR 127625/ton CFR JNPT as per ChemAnalyst Research Team Data. The RBI hiked the interest rates by 25bps to 6.5%, which is the sixth-rate hike in a row amid easing inflation. The fluctuations in the production and operating rates pressurized the prices of Benzyl Chloride impacting the downstream pharmaceutical and dyestuff sectors.

Although on daily basis the exchange rate of Indian currency is somewhat moderate to stable there is a slight elevation in the currency fluctuation on a month-to-month average. Foreign Institutional Investors and Domestic Institutional Investors' activities in the Specialty Chemicals sector have highly impacted the stock market and have influenced the prices of Benzyl Chloride.

Despite declining Feedstock Toluene prices in the Asian market, it did not have much impact on the prices of Benzyl Chloride. The prime logistic company in India, the All-Cargo is up by 4.2% with revenues growing up by 27% this year.

The marginal demand for Benzyl Chloride from downstream pharmaceuticals, dyestuff and lubricants improved and the supply chain situation was moderate in the region, although, lowering the stocks and inventories of the product.