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IDBI Capital Report
Majority of the chemicals witnessed healthy uptick in pricing in August. We note that certain chemical prices are exhibiting smart recovery in prices owing to demand recovery, abating of intensity in dumping by Chinese players (owing to unsustainability of such low prices), rise in crude prices and hopes of strong stimulus measures in the Chinese economy.
We expect pricing support for commodity chemicals at this juncture.
Companies with long term contracts which have price variation clauses embedded in them will fare better owing to better revenue visibility and margin protection.
Companies who are higher up the specialty chemicals value chain such as SRF Ltd. and Navin Fluorine International Ltd. stand to benefit immensely from a longer term perspective.
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