02 April 2008 08:36 [Source: ICIS news]
SINGAPORE (ICIS news)--Indian producers said on Wednesday they have raised domestic prices of polypropylene (PP) and polyvinyl chloride (PVC) for April cargoes by up to 3.9% from March levels on rising naphtha feedstock costs.Indian producers' margins have been hit by the proposal to re-introduce the 5% import duty on naphtha for polymer production announced in the 2008-2009 budget. PP prices were raised for the fourth time this year by Indian rupee (Rs) 1/kg ($0.03/kg) to Rs68.10-71.60/kg EXW (ex-works) excluding taxes, while PVC prices were hiked for the third time by Rs2/kg to Rs52.50/kg EXW.
"We decided not to raise PE prices as there was a bit of overselling in March resulting in relatively high customer inventories," a producer said.
Major polymer producers in India include Reliance Industries, Haldia Petrochemicals, Gail India, Finolex Industries and Supreme Petrochem.
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