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Hmm interesting!
PI Industries- AJC stands by its previous forecast. This year we see margins to remain subdued (~20-23%). Pyroxasulfone has taken major hit (read our previous reports). Overall export volumes & pricing to also remain bearish. Visibility in terms of the next big thing is missing; pharma will take sweet amount of time to pick up.
AJC Ground check from a garmenter⏬
Process houses had lined up a ~10% hike citing dyes, chemicals & coal.
But garmenters and retail-facing brands say: no margin left to absorb it.
Now crude is sliding → coal follows → the hike may never get passed on.
Watch this: the textile value chain's pricing power is thinnest exactly where input costs are rising.
Dye & chemical makers selling into process houses should read the room before pencilling in Q3 price increases.
H acid: why the "doubling" only shows up from Oct'26
India H acid contracts were locked quarterly. Through Q2 (Jul–Sep), several Indian producers honoured old contracts at INR 800–900/kg even as spot ran away.
New contracts kicked in from Oct'26 at INR 1,400–1,500/kg. China is already at INR 2,000–2,200/kg.
Q4: further hikes expected.
Novo Nordisk didn't come to India for a discount. Neither did Novartis.
What the Laurus, Anthem and Navin Fluorine deals actually signal is not in any headline yet.
We've been tracking it for months.
AJC Sector Scan: Indian CRDMO (Life Sciences). Later this month.
LiPF6 prices have come down below RMB 100,000/ MT ( $15/kg) in China for the first time in 2026. Long term contract prices have fallen to lowest in current year to RMB 95,000/ MT levels.
AJC sees further downward spiral in pricing to RMB 85000 levels.
Navin Fluorine- AJC is more bullish on their C(r)DMO business going forward than on the ref gas business.
Our new capsule note will be out today.
Interesting! Let the peace prevail.
The election is over. The market called it hours ago.
Objectively, it's an undisputed Democrat "sweep" all the way across the board.
The Republicans have lost control of both the House and Senate.
Meanwhile, Texas' US Senate and Governor races are set to flip blue for the first time since 1988 and 1990, respectively.
The defining issue for voters? Affordability.
The ongoing energy crisis has further fueled the affordability crisis, renewed interest rate hikes, and accelerated the K-Shaped economy.
US oil prices have now traded above $100/barrel for 46 days in 2026.
Tonight marks a major shift in the American political landscape.
Good for Acutaas & Navin (its CDMO intermediates partners for Darolutamide aka Nubeq).
Venus Remedies: ripe for revolution or ripe for trouble?
AJC Company X-Ray on Venus Remedies out on 15 November.
Methanol: November/December shipment offers have dried up due to possible middle east escalation. Most cargoes from ME in October got diverted to China.
Downstream sectors in India may face serious price & supply pressure.
We had already altered to our manufacturing clients about this earlier.
