Thirumalai recent credit rating report
With regard to supply, the market dynamics change significantly based on the production and consumption in key markets such as China, Korea and South East Asia. Though TCL has medium to long-term contracts with many customers, the product realisations are volatile. Imports of PAN had moderated to 94,250 MT in FY2023 from 1,21,211 MT in FY2022 due to trade protection measures on imports from several regions. Going forward, as domestic demand is higher than the domestic capacity, the offtake risk for producers like TCL is low at present and is likely to remain so in the near term. However, domestic PAN companies are undertaking significant capex. Hence, once the capacities are stable, PAN is expected to be exported for a period of 1-2 years before domestic demand matches the increased supply.
Subscribe To Our Free Newsletter |