The month of April 2026 saw the prices for all the chemicals in our coverage registering a de-growth, with some chemicals such as isopropyl alcohol declining by 46% MoM. While the effects of the Iran-US war have not fully subsided, the prices have begun to rationalize. With the Strait of Hormuz blockade, the Chinese supply lines have been disrupted, which has proved beneficial for the American chemical players. However, this effect is expected to be short-lived and we expect the chemical prices to return to rational levels by the end of CY26. Ref-gas prices continued to firm up, even as there was demand softening...