19 August 2011 08:39 [Source: ICIS news]
SINGAPORE (ICIS)--Indian major Reliance Industries Ltd (RIL) has lowered its list prices for linear low density polyethylene (LLDPE) and low density PE (LDPE) with effect from 18 August on prevailing soft prices in China, a source close to the company said on Friday.
RIL announced a decrease of Indian rupees (Rs) 2/kg ($43/tonne) for LLDPE film and Rs1/kg for LDPE film.
LLDPE film prices now stand at Rs77.00-79.00/kg DEL (delivered), while LDPE film prices are at Rs89.00-89.50/kg DEL, inclusive of a 10.3% excise duty.
The price adjustment was the first decrease after weeks of PE price hikes since the beginning of July.
The list prices of HDPE film were at Rs78.50-81.00/kg DEL.
“As the international LLDPE market has been softening, we have to make adjustments accordingly to keep our long-term competitiveness,” a source close to RIL said.
Import prices in China have slipped to close to $1,300/tonne (€910/tonne) CFR (cost & freight) from last week, on the back of ongoing price falls in the LLDPE futures market.
On 19 August, offers of Saudi material by local traders were heard at $1,420-1,440/tonne CFR Mumbai, but there were no takers.
The equivalent import parity for RIL prices are at $1,620/tonne CFR Mumbai for LDPE film, $1,400/tonne CFR Mumbai for LLDPE film, $1,750/tonne CFR Mumbai for LDPE lamination, $1,450/tonne CFR Mumbai for HDPE film, $1,430/tonne CFR Mumbai for HDPE blow moulding, $1,420/tonne CFR Mumbai for injection and $1,500/tonne CFR Mumbai for HDPE yarn.
($1 = Rs45.72, $1 = €0.70)
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