22 July 2011 05:00 [Source: ICIS news]
SINGAPORE (ICIS)--Indian Oil and Haldia Petrochemical (HPL) have raised their domestic list prices for polypropylene (PP) for the third consecutive week because of short supply of spot material, sources close the companies said on Friday.
The price increment was announced at Indian rupees (Rs) 1/kg, effective 20 July, the sources said.
The new PP prices are now at Rs85.00-86.50/kg ($1.91-1.95/tonne) ?xml:namespace>
Reliance Industries, meanwhile, just rolled over its PP list prices from last week, a source close to the company said, without stating the reason.
“Tight supply in the local market is the key reason for the bullish sentiment. And this is likely to lengthen to August,” a source close to Indian Oil said.
Traders and converters are still scrambling to secure material from the Indian domestic market amid low-to-negligible inventories and as offers for August imports will only be out next week.
“We have to buy some [PP] to start building our inventories before the prices shoot up significantly,” a local converter said.
Spot domestic prices are heard at Rs86-87/kg DEL New Delhi, while spot import prices were discussed at $1,540-1,570/tonne (€1,078-1,099/tonne) CFR (cost and freight)
($1 = €0.70 / $1 = Rs44.40)
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