16 June 2011 09:44 [Source: ICIS news]
SINGAPORE (ICIS)--Producers in ?xml:namespace>
Reliance Industries Limited (RIL), GAIL (India), Indian Oil and Haldia Petrochemicals cut the list prices for their LLDPE film by rupee (Rs) 1/kg (Rs1,000/tonne, $22.3/tonne), while their prices for LDPE film were cut by Rs4/kg
This is the second price reduction for the two products this month.
The new PE prices are at Rs74/kg
The price protections for all local PE purchases resumed on Thursday, after it was terminated on 2 June.
“We have to boost our customers’ confidence, otherwise they will not want to book new material,” a source close to GAIL said.
“There is price competition with imported material as well and to ease our high stock level, we have to introduce further price reduction,” a source close to Indian Oil said.
Discussions for imported LDPE, LLDPE and HDPE film on Thursday were heard at $1,520-1,600/tonne (€1,079-1,136/tonne) CFR (cost & freight) Mumbai, $1,270-1,300/tonne CFR Mumbai, and $1,300-1,340/tonne CFR Mumbai respectively, according to market sources.
($1 = Rs44.8, $1 = €0.71)
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