Reliance notes rubber gains on India automotive recovery
ERJ staff report (PR)
Mumbai, India - Reliance Industries Ltd (RIL) has noted signs of life in the Indian rubber market, though demand for butadiene “remained muted” during the first quarter of its 2015 financial year.
After nearly two years, automotive sales in India witnessed demand recovery in May-June 2014, RIL reported. This, forecast the Indian petrochemicals major, will have a positive impact on synthetic rubber demand in India.
Meanwhile, Asian butadiene prices improved towards end of the quarter, the company added in its quarterly statement. The trend was supported by firm butadiene prices in North America due to plant outages.
Reliance has recently commissioned a swing polybutadiene rubber (PBR) plant at Hazira, India, with a capability to produce nickel and neodymium grade PBR. The new plant has raised its total PBR capacity is now at 115 kilotonnes per annum.
In April 2014, RIL synthetic rubber business unit Relflex Elastomers inaugurated a new elastomers customer support centre at its petrochemicals complex in Vadodara.
This initiative is in line with a company aim to provide "technical support to its customers and play a catalytic role in helping them grow their business, increase value additions and reduce import dependence.”