With other markets not getting South Korean supplies, they may turn to China instead, the trader added.įurthermore, South Korean producers may not have the capacity to supply to India at the moment, a producer in North Asia said. Supplying to India may mean sacrificing on other export markets such as the US or Europe, a trader in South Korea said.
While the Indian market may seem a lucrative option, some suppliers in South Korea are not too excited with the prospect of catering to India's PTA demand. "Seems like lots of Korean traders are hearing inquiries from India," a PTA producer in South Korea said. With China out of the race for now, India may have to turn to South Korea to fill in the gap for its PTA supplies, sources said. Suppliers in several other countries such as Taiwan, Indonesia, Thailand and South Korea have procured the certification, sources said.
India had deferred the deadline for implementation of mandatory import certification for n-butyl acrylate and toluene by six months, S&P Global Commodity Insights reported earlier.Ĭhina has been one of the largest suppliers of PTA to India as domestic demand in the country continues to grow with local production unable to cater to the increasing consumption trends, traders said.įrom January to April 2023, India imported around 543,060 mt of PTA of which 336,953 mt, or around 62% was from China alone, data from India's Department of Commerce website showed. "QCO is imposed, there won't be any notice further as if there was an extension then we see notice otherwise not," a source in India said referring to the absence of any notice on the Department of Chemicals and Petrochemicals website.
In the run up to the deadline, market participants were expecting an extension to be granted given the large volumes of PTA sourced from China. The BIS norms for PTA set in from June 22 after the Indian government did not extend the deadline for import certification, traders said. Receive daily email alerts, subscriber notes & personalize your experience.
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